Logistics analytics can be deployed to analyze massive unstructured data gained from multiple phases involved in the supply chain.
FREMONT, CA: Data and analytics are transforming many industries across the verticals, and logistics is not an exception. The complex structure of this sector, as well as the interdependency of the supply chain processes, allow logistics analytics to offer a perfect platform to the sector. Logistics involves a series of processes dedicated to supplying the products from the warehouse to the consumers or clients. According to a report, 93 percent of shippers and 98 percent of third-party logistics firms consider data analytics as a critical component involved in making intelligent business decisions. Logistics analytics is one of the most effective approaches that will transform operational practices in logistics.
Logistics analytics includes analytical procedures carried out by organizations to streamline the logistics operations in a timely and cost-effective manner. Technologies such as BI and big data can offer invaluable insights into the analytics efforts in logistics. Here are the ways in which firms can address the challenges involved in logistics.
· Improved Transportation Analytics
There are various vehicles and means involved in the transportation phase. The various sensors dedicated to individual vehicles can be integrated through a common platform. Such a platform will be of great assistance in activities and procedures such as managing transportation networks, reduce costs, planning future activities, and serve the customers better.
· Route Planning
Integrated data from scanners, vehicles, sensors, and traffic reports can be utilized to manage and deploy assets effectively. Machine learning (ML) and predictive analytics can also be used by the fleet managers for personal scheduling, rerouting, route planning, and supply chain optimization, thereby saving significant time and fuel.
· Inventory Optimization
Stocking up of inventory is an essential part of the supply chain cycle. However, the inventory managers must be updated with real-time insights into transportation systems to maintain adequate stockings. Logistics Analytics can be deployed to process these data and offer invaluable insights. Such insights will also enable an enterprise to better manage workforce, inventory, supply chain, and overstocks and spoilage.
Thus, combined logistics insights from aircraft, vehicles, ships, and other static data such as logistics organizations and schedules can be analyzed simultaneously to gain an overall understanding of the supply chain metrics. Logistics Analytics will ultimately save money, time as well as effort for the logistics departments.