The new year brings about new changes in strategy for many shippers. This isn’t always because January is a time for a change, but because logistics strategists now have another year’s worth of data to compare to previous years in order to make predictions about the future.
If you’ve been using logistics software to track any number of key performance indicators, you should have a wealth of data that can be used to form new insights for the new year. Here’s how you can put your 2017 shipping data to use in 2018.
If your business does not have a substantial amount of data to work with, you are often forced to make educated guesses regarding your shipping strategy. It’s a bit of guesswork that is necessary in order to gather data on what works and what is not as optimal for performance. In time, the data you gather will help to eliminate this guesswork and replace it with a sound, evidence-based strategy that can move your business forward.
The shipping data you collect can help you predict:
- Trends in fuel prices
- Applicable accessorial charges
- Carrier rates at different times of the year
- Lane performance
- Delays due to a variety of causes (weather patterns, storm seasons, peak seasons, etc.)
- Common causes of freight damage and claims
Understanding customer trends
While the supply and delivery sides of the equation is important to shipping strategy, it’s also worth looking into the end game for the supply chain: the customer. Understanding what your customers want is essential to formulating a strategy that is centered around customer satisfaction and securing future sales.
Some customers trends that you should look out for based on the data you have collected are:
- Geographic locations
- Order quantities
- Frequency of orders
- Items purchased
Understanding where your customers are and what they are buying can lead to better LTL optimization, route and carrier selection, warehouse locations and many other decisions that will drive down the costs and shipping times of items.
Goals to reach for in 2018
What’s the purpose of analyzing the data you have? It’s all about two things:
- Providing better service to your customers
- Reducing the costs and work involved in your logistics
To help you optimize your data gathering and analytics, King Solutions has created MyGameChanger® a specialize add-on for your shipping software that helps you better organize, review and share your data across your entire organization. Visit our system overview page to learn more about how easy it is to use.