3 Ways Data Analytics is Impacting the Logistics Industry
The importance of collecting data from different sources in any business today has gained huge importance thanks to the different Data Analytics & Visualization Platform and technological penetration in every sector. The logistics and supply chain industry are no different and the domain-wide adoption of data analytics is a testament to the possibilities the technology possesses. Until recent times, the sector was lagging due to old machines and manual processes but today, over 90% of the business owners feel that analyzing data is going to be a critical success factor going forward.
It is important to use technology to make sense of the data and analyze the trends and patterns to make informed business decisions. This is where a robust data visualization platform is playing a key role in empowering logistics businesses by virtue of a data revolution. In today’s article, we will look at how data analytics tools can be leveraged by logistics and supply chain businesses to unlock hidden insights that the data possesses.
Predictive Analytics
One of the biggest advantages of being a data-driven business is the ability to analyze the data to predict as accurately as you can. With inter-connected machines capturing data in real-time, stakeholders can study behavioral patterns and leverage them to fix any stop-gaps in the processes. With the supply chain industry dealing with transportation, organizations are relying on predictive analytics to determine the possible impact of factors such as weather and find newer ways to reduce it. With data visualization software like ITLytics, any registered users can quickly create charts and reports that showcase hidden insights.
Optimizing Supply Chain
Data analytics software is also being used to manage everything about physical assets such as machines, vehicles, and the data collected from this internet-abled machinery is holds key to better supply chain performance. Businesses are adopting technology to track the performance of the machines, products, and last-mile delivery vehicles. By monitoring the actions and analyzing the hurdles, businesses have successfully managed to improve on-time delivery and shipment cycles.
Order Processing Optimization
A lot of data is collected by organizations from the ERP systems to streamline their sales operations. With a large amount of data, it may become difficult for users to make sense of numbers. With a powerful business analytics tool, data can be easily imported into the system to accurately analyze order processing patterns. Knowing where the sales cycle is taking a longer time than need and finding innovative ways to fix the issues has a huge impact on the business revenue in the long-term.
ITLytics is a dynamic data visualization platform that aims to empower business in the logistics and supply chain domain to become successful data-driven organizations. It knows more, you can contact ITCube for a demo and know how the product can give your company a competitive advantage.
