The freight forwarding industry is constantly evolving. However, the industry has been facing many disruptions for the past few years. The pandemic being one of them has resulted in a sharp increase in customer demands accelerating the use of technology in the industry. Port congestions around the world currently has forced the industry into a bottleneck.
The disruptions in the industry have made it mandatory for freight forwarders to analyse real-time data.
Data plays a crucial role in the freight forwarding industry. By using real-time data to track and analyse these data, freight forwarders can optimize the supply chain to respond and react accordingly. It can be overwhelming to be operating in a hyper digitizing industry, however, using technological platforms that provide this information will give you an added advantage. This is how real-time data and analytics can help you transform your operations;
1. Risk management
Real-time data will provide visibility along the supply chain allowing freight forwarders to identify where risks could happen and take necessary steps to mitigate these risks. This will allow freight forwarders to ask the right questions to improve operations within the business. Anticipating risks based on real-time data will give freight forwarders a competitive advantage. Real-time data and tracking allows freight forwarders to communicate promptly with suppliers, customers, and employees and establish effective communication and avoid any miscommunication. Especially with the current situation in the industry, proactively communicating will allow to ensure customer satisfaction and streamline the supply chain. This could simply be achieved by sending notifications, gaining updates in real-time and constantly keeping the clients updated.
2. Performance management
By tracking any data that is available, freight forwarders can improve inefficiencies along the supply chain. The acquired data can be used to optimize the resources available. Real-time data will help to allocate the available resources accordingly and also improve delivery times.
With worldwide port congestions and increase in customer demand, using tools available that provide real-time data will allow freight forwarders to avoid delays. This can be done by;
- Analysing where exactly the necessary containers are
- shortage of drivers
- shortage of available containers
Analysing the above will help reduce overheads. Freight forwarders can ensure resources move from point A to point B smoothly.
3. Improve visibility
Worldwide consumer demands are rapidly increasing and are expected to keep increasing. With the pandemic, the customer expectations to receive goods on time has also drastically increased and has now become an essential factor. Not only the end customer but also stakeholders in the industry expect visibility as a main factor. Most tools available in the market now allow to track and view exactly where shipments are across different modes of transportation.
This real-time visibility into the supply chain allows freight forwarders to become more efficient and reliable. Real-time visibility will provide constant updates on movements and minimize many challenges faced by freight forwarders. If a disruption is to occur, proactive decisions can be made to minimize costs and expect which decisions are to be made. Available tools in the market allow real-time communication on damaged cargo, delayed cargo, etc. This is not only vital to the end customer but also vital to all the stakeholders in the supply chain.
4. Productivity improvement
Real-time data allows visibility into the entire process allowing freight forwarders to ensure employees’ work are assigned accordingly. With labor shortages, the insight gained through data acquired will undoubtedly help to increase operational efficiency. The data collected will provide freight forwarders insight into anticipated customer demand, global pricing, and other external factors which affect operations.
Having transparency throughout the channels will enable to improve the operational process allowing to streamline business operations. Acquiring these data will allow to make space for more value-adding tasks and gain new orders.
It is vital that freight forwarding switch to technological tools that allow to streamline the operational process. Although technological advancements may be overwhelming, freight forwarders should adopt technology that gives them access to real-time data.
5. Operations transformation
Tools that provide insight into these data will help freight forwarders to manage operations transforming the supply chain. Technology enables prompt decision making and helps streamline processes. Freight forwarders and stakeholders have the visibility to be updated every step of the way.
Getting real-time updates from pricing to routing and cargo delays will allow freight forwarders to redesign operational processes. Switching to automated technologies will provide freight forwarders with the necessary data to get ahead of the competition.
According to Gartner operational costs of organizations will be reduced by 30% by combining hyper-automation technologies with redesigned operational processes. It is evident that with the acceleration of technological advancements in the industry freight forwarders need to take the first step towards adopting technology. There are several tools such as SFL Insights that can help you take this first step.
How can SFL Insights help your business?
SFL Insights is a white label web/mobile app solution for freight forwarders to provide your clients shipment visibility. SFL Insights allows freight forwarders to let their customers view shipment related data in real-time through any device, anywhere and anytime.
A new way to display shipment visibility, tracking, analytics, notifications, and updates that include document viewing, uploads, and display of shipment milestones.
What are you waiting for?
Download our brochure to get to know more. Visit our website or email us at connectwithus@softfreightlogic.com for more info.
