We’ve all, at some point in our life had a dream that we could accurately predict the future. From picking the right team during the Super Bowl to winning this weeks Powerball drawing, the ability to foresee future events is a life changer. But what would you say if I told you that technology is already starting to achieve this feat of fortunetelling?
Well, get your rebuttals ready because you have stepped into the big wide world of predictive analytics.
Companies throughout the supply chain industry are beginning to see the value of upgrading their technology with predictive analytics software. And it is really no surprise as this cloud-based system allows companies to review real-time information, reports, and other useful bits of data.
By collecting and analyzing historical key data through this platform, a company can make better-informed decisions.
Predictive analytics is nothing new – it’s just been simplified thanks to emerging technologies. In this article, we will introduce you to the power that a predictive analytics software really packs for the logistics industry.
Predictive analytics solutions are software platforms that capture data in real time, review the data, and compile a report. This report contains a variety of key performance indicators and insights into future performance trends the company may face. However, equipped with this new knowledge, the company can then begin to structure their operations to account for these predictions.
Predictive analytics platforms use a system of highly complex mathematical algorithms, blockchain technology, and cloud-based servers. This well-rounded system permits the company to anticipate mistakes, adjust their business operations, or fine-tune their supply chain network to improve performance.
Also, predictive analytics allows companies to determine which carriers to use, the best modes of operation, the most efficient route, and the best time to prepare a shipment. All of this can significantly boost the resiliency of the supply chain and optimize on-road performance. It can even factor in unforeseen situations, such as construction delays, weather, or other things outside of their control.
In the end; this platform removes a pretty good majority of the guesswork involved in critical business decisions.
Predictive analytics has been used in several industries over the last decade. Some of these industries include finance, construction, manufacturing, and the military. However, predictive analytics platforms feature designs and tool specifically for logistics, as well.
When a supply chain takes the proactive effort of upgrading its technology with predictive analytics in mind, it can offer multiple benefits…
In sports, scoring more points than your opponent is the name of the game. If you score more touchdowns than the other team, victory is assured.
This is essentially the concept of last-mile logistics, where shippers spend most of their time and resources trying to find creative ways of improving the delivery experience – to score touchdowns with their customers. Predictive analytics was designed to discover inefficient operations, procedures, or performance; review the data, and recommend a series of changes.
This type of real-world information gathering is essential to improving last mile logistics. The software can even collect data from GPS systems on delivery vehicles, instant information from mobile devices, and input from the customer directly and analyze all this information and predict future performance.
We all understand that there are two sides to every story. But in the end, input from your consumer holds a lot of value. Predictive analytics platforms can create and review customer profiles, gather more insights about that customer, including their shopping trends, demographic data, and additional KPI’s that allow you to fine-tune your marketing, sales, and supply chain operations to suit their needs.
Shippers in every industry strive to improve the efficiency of their complete operations for better profitability. One of the most important areas of focus is on-road efficiency. Predictive analytics allows shippers and delivery companies to review their on-road performance in real time. It allows you to review this data in multiple, customized reporting functions, and make changes along the way.
Predictive analytics platforms have come a long way in recent years. And while they’re not the ultimate crystal ball, they do have a significant impact on business performance.
Overall, this type of software platform is an exceptional tool that helps anyone in logistics prepare for the future a bit better. If you have a company that would benefit from a powerful, yet easy to use software solution that arms you with a competitive advantage over your competitors, reach out to us today!