Logistics is big business and this fact holds true at an international level. IBIS World reported that the global logistics market had a revenue of $212 billion in the year 2022. We’re seeing a rapid growth in the logistics industry, which means that large amounts of data are being produced from various sources. Data is an invaluable resource in freight forwarding and it’s connected to every department responsible for managing logistics. The data management landscape is transforming as the world moves from manual to digital methods of operation in freight forwarding.
The digital shift affects every single area run by freight forwarders and they’re quickly adapting to new technologies. Anyone who’s slow to catch up to changing trends in the freight industry risks getting left behind the competition. Fortunately, the current data analytics landscape focuses on user-friendly tools that reduce training time and save the time of your employees. Sustainability is another advantage of going digital, which remains a top priority in supply chain management. Saving resources, decreasing carbon emissions, improving efficiency, and lower costs are all perks of a modern data landscape.
You’ll find two different levels of handling data through tools and global platforms dedicated to sharing data in logistics. When you look at the big picture, you see data from supply chain management at a macro level. Taking a closer look at the internal reports from your company reveals micro-level data that’s specific to your processes.
Micro-level data management landscape
Security comes first in managing data and it’s not just about the integrity of your business, but also the safety of the information of those associated with your company. Your customers’ data must remain secure and the best way to ensure its safety is to have an efficient data management system no one outside your administration has access to.
Logistics forecasting
A central component of the data analytics landscape, logistics forecasting transforms your risk management program. Foresight gives you a major edge in supply chain management and the more accurately you can predict outcomes, the more powerful the results. Depending on freight forwarding software to produce forecasting data guarantees data precision. The minimization of human error leads to highly accurate predictions through your forecasting, which affects route management. Planning the ideal routes for shipping and switching them in time to avoid hurdles becomes easier with a data landscape powered by analytical tools. You can gather data from different sources on a central platform that creates forecasting reports for your team.
Data sharing
Whether you need to send data to teams within your company or stakeholders who demand regular reports, you’ll benefit from an analytical approach to handling logistics data. Visualization of data related to various operations in freight forwarding decreases the time taken to absorb the insights gained from that batch of data. Different kinds of charts and infographics make it easy for your employees, teams, and customers to understand what’s going on. When someone reads your conclusions and recommendations based on that data, they can refer to the visual elements of your report that back up your claims. The data management landscape of logistics is becoming visually complex and makes data sharing quick and easy.
Data organization
The number of warehouses around the world is expected to rise to 150.6k by 2025 according to Statista. G2 reports that 87% of those making decisions in logistics say that they’re going to expand their warehouse space by 2024. You can just imagine the speed at which the logistics industry is growing globally and the amount of data freight forwarders will be handling in the coming years. It’s becoming increasingly important to upgrade the data analytics landscape for improved organization. Analytical tools are essential for arranging data in the correct categories and restricting access for higher security.
Extracting insights
The human mind is limited in its ability to process data, which is why artificial intelligence (AI) combined with a centralized freight forwarding system is gaining popularity. You can save your employees’ time and energy while giving them more suitable tasks than sifting through large amounts of data. Once you enter the commands necessary, freight software and analytical tools can draw up reports containing valuable logistics insights. The contemporary data landscape in the freight industry is quick, efficient, and relies on software to find patterns in data bundles. Besides finding interesting new insights about your business and competitors, freight software enables convenient interpretation through visual reporting.
Real-time tracking
Speed is a prominent feature of freight forwarding software, streamlining your operations through a steady flow of real-time data from different sources. You can track your active shipments in all modes and click on one to view its details. Having a map in front of you to show you the progress of your shipment along the route makes shipment tracking convenient. The current data management landscape contains an entire chunk of real-time tracking data that freight forwarders find helpful. Supply chain management becomes more efficient and reliable when combining real-time shipment tracking with logistics forecasting.
Responsiveness
You can respond to your customers quickly and with more confidence when you have accurate data to build your responses on. Customer service is another area that’s changing for the better thanks to the speed and precision of the modern data analytics landscape. Your customers are happier than before because you don’t have to spend hours collecting data, organizing data, extracting insights, and sharing reports. Freight software shortens your response time, strengthening the trust your customers have placed in your services. Getting feedback from your customers and spotting trends is much faster with the current data setup.
Macro-level data analytics landscape
Those who want to stay updated on what’s going on in the freight industry in other countries can depend on DAT Freight and Analytics; FreightWaves SONAR; and CSCMP’s Annual State of Logistics Report. These three sources of data give you a clear picture of global logistics trends and operations, allowing you to stay on track with the rest of the world.
DAT Freight & Analytics
Since 1978, DAT Freight and Analytics has established itself as a leader in providing accurate insights into the world of logistics. They want you to be confident in your claims, removing any uncertainty you might be struggling with in the data landscape. Trucking’s largest on-demand marketplace has RateView Analytics and opens doors for your business through precise data management.
FreightWaves SONAR
A price reporting agency you can depend on for the best rates worldwide, FreightWaves SONAR applies to all modes, including, air, land, ocean, etc. SONAR StakUp is a premier benchmarking tool for truckload carriers around the world. Get access to high-frequency data to optimize your data management landscape and maintain your operations at a global level. Analyze data with ease and make better decisions with forecasting tools.
CSCMP’s Annual State of Logistics Report
Produced on an annual basis by a consulting firm known as Kearney, the CSCMP’s Annual State of Logistics Report has the approval of key players in the freight industry. You can learn about the connection of the logistics industry to the US economy among other insights. The annual report shows you what’s happening in supply chain management locally and globally. You can learn how the data analytics landscape is transforming every year.
Take advantage of the digital transformation of the data landscape in the logistics industry. Freight forwarders, shippers, and other key industry players can get the information they require within a few clicks. Gather, organize, and share your insights at a micro and macro level with data analytics.
