With the growth in digital technologies the companies are now able to collect huge amount of data but apparently, they also need to make some sense out of that data.
As that data can let us is development and generation some of the useful insights like placement as well as pricing and strategy of the product. With the adoption of analytical tools, we can be future ready by which we will have an edge over our competitors. Analytics can help in predicting accuracy along with increasing product life cycles and fluctuating customer demands have been driving the global logistics industry. Apart from this the growing concern of security of data and lag in deployment may hinder the growth at a global level. The analytics could be of three levels:
- Descriptive-Means what has really happened.
- Predictive-Means what could happen.
- Prescriptive-Means what should happen.
This is the sole reason that analytics has turned out to be a necessary tool for the organizations in order to efficiently penetrate into the market.
Suppose a truck carrying some perishable goods has to reach a location by covering a distance of 100kms in next 5 hours failing to which is going to lead to damage of goods. So, using the predictive analytics by historical trends our system will give the advice the accordingly that which route should be followed with the help of Sensors on delivery trucks, weather data, road maintenance data, fleet maintenance schedules, real time fleet status indicators, and personnel schedules resulting in saving the different types of costs.
Companies use analytical tools for logistics in the following ways:
- Industrial Procurement
- Predict supply and demand.
- Improved personalization for B2B.
- Transportation management systems.
Our company gains an extra edge by overcoming these obstacles efficiently. However, using the analytical tools, we can optimize our order delivery as we know it beforehand that for fulfilling an order what are the resources that we are going to require eliminating the risk of late delivery as well as well as taking necessary management decisions.
Benefits of Analytics:
- Optimization of Sales Funnel: Analytics helps in bringing clarity about every stage in a buyer’s journey. We get better insights about the client’s consumption and choices based on his past transactions
- Increased efficiency and productivity: By using data insight to pinpoint the best opportunities to pursue, you can also help your sales team respond to the most promising sales leads.
- Identify the areas of growth: The dynamics of business can sometimes make it difficult to recognize opportunities for market development. Sales analytics are designed to give deep views into sales data to uncover unmet needs and identify opportunities for growth.