02 Oct 7 Key Benefits of Freight Data Analytics

Posted at 08:57h in Business Intelligence, Freight Audit, Freight Benchmarking, Freight Bill Auditing, Supply Chain Optimization by

Freight data analytics yield significant cost reductions and improved operational efficiencies to SSI customers. We want you to enjoy these same benefits and the many other advantages of data-driven decision-making.

As you may know, SSI performs automated, multimodal audits that meticulously comb through shipping bills across global supply chains. In addition to the sizable assets recovered from the audits, our process records millions of relevant supply chain data points which are unique to each of our customers.

By mining a vast storehouse of your historical data, our analytics technologies allow you to gather, organize, analyze, and interpret information to make strategic decisions to enhance supply chain operations.

In addition, our data-science team provides professional support and transforms your freight-audit data into easy-to-digest reports and clear data visualization dashboards. Also, SSI offers ongoing consultation services to help you filter, interpret, and analyze data so you can optimize your transportation and logistics network performance.

While the benefits you will derive are extensive, for the sake of brevity in this blog post, we have compiled a short list of 7 benefits of SSI freight audit data analytics.

7 KEY BENEFITS OF FREIGHT AUDIT DATA ANALYTICS

1. COST REDUCTIONS

Freight audit data analytics can provide you with significant cost savings as you monitor shipping, freight and parcel metrics along with relevant financial reports. You can pinpoint unnecessary expenses, optimize modes of transportation, identify inefficient routes, discover opportunities to consolidate shipments and more. Further, when unforeseen transportation or supply chain disruptions require you to pivot, you will be equipped with data so you can make agile, cost-effective adjustments.

2. IMPROVED OPERATIONAL EFFICIENCIES

Enhance your supply chain resilience by scanning executive dashboards to quickly absorb relevant intelligence pertinent to your own transportation and supplier networks. Freight data analytics allows you to streamline logistical operations and improve on-time delivery rates as you identify transportation modes and routes which are the most (or least) efficient.

3. ENHANCED VISIBILITY TO GLEAN ACTIONABLE INSIGHTS

24/7 access to your current and historical data provides a solid platform from which you may extract applicable knowledge for better planning. Analytics tools provide end-to-end visibility into your supply chain as goods move from your suppliers to your facilities and on to your customers. This transparency helps you consistently make data-informed decisions.

4. NEGOTIATING COMPETITIVE CARRIER FREIGHT RATES

Pinpoint which carriers are best meeting your needs and which are falling short. Plus, analyze how various carrier surcharges are taking a bite out of your transportation spend. By doing so, you may be prompted to discover new opportunities for local, regional or global transportation improvements. Armed with clear, real-world facts, you can negotiate carrier freight rates from a position of strength.

5. GAINING A COMPETITIVE ADVANTAGE

Customers that leverage their freight transport data analytics achieve a competitive edge by improving operational efficiencies, providing superior service, detecting emerging trends, and adapting quickly to changes in the marketplace or in their global supply chains. Continuous transportation and supply chain improvements can help you achieve superior results and differentiate your business from ill-informed competitors.

6. IMPROVED FINANCIAL MANAGEMENT

SSI customized cost-accounting logic supports any GL assignment scenario, providing the ability to create and run standard or custom reports with clear visibility of your expenses by business unit, region, mode of transportation, carrier, and product line. Plus, armed with accurate data, you will be better equipped to budget or provide financial forecasting.

7. PREDICTIVE ANALYTICS FOR MAKING PROACTIVE DECISIONS

Leverage your historical and current data to help you generate informed predictions of what will happen next. Make proactive decisions which will help you reduce costs, mitigate risks, and identify opportunities for improvement. Further, you may implement programs for long-term, sustainable supply chain optimization.

ABOUT SSI

A FedEx-certified freight bill audit & payment (FBAP) service provider, SSI serves the needs of supply chain, operations, logistics, shipping and finance executives.

We transform the complexity of global FBAP into cash savings and supply chain intelligence, providing actionable insights to maximize your profit potential.

  • Customizable solution scales with your growing and dynamic business needs.
  • Automated freight audit drives savings to your bottom line.
  • Over 30 years of experience in transacting international payments for our customers.
  • Fintech platform allows you to pay invoices in 150+ currencies, at favorable exchange rates.
  • Actionable business intelligence supports supply chain optimization and operational efficiencies.
  • Cutting-edge data visualization facilitates your analysis of data and trends.

Want to learn more? Our team is eager to help you save money. Contact SSI.

SSI blog post entitled: 7 Benefits of Freight Data Analytics