As expenses rise in the global logistics space, the most successful operators will be those who find ways to generate new revenue and create efficiencies. New technologies are forcing the global supply chain to grow through change. Consumers are adding to the expectations — They are relying more on eCommerce in their purchasing habits, want products faster, and they expect greater transparency in the process.
Operators along all steps of the supply chain will discover they can meet growing expectations and set their companies up for future growth by investing in breakthrough technologies like data analytics and automation.
This is a four part series, here is the first trend in the logistics space that deserves your attention.
Trend #1: Rising Demand for Predictive Analytics
Big data algorithms deliver smarter analytics. The result? Greater efficiency, shortened delivery times, better accuracy, and happier customers. Predictive analysis is a step up from this process because it uses historical data to present different outcomes depending on various algorithms. This gives you and your customers a stronger understanding of costs — Not just where to trim for savings, but which outcomes are best according to delivery time and distance, which is especially important for shipping long distances around the globe.
Predictive analysis also uses internal and external data to forecast potential breakdowns in your system. Operators no longer will feel the threat of surprise interruptions to their process because they can prepare by making pre-emptive fixes or make sure their inventory is stocked in advance. Analyzing current disruptions to forecast at what point in the supply chain risks may take place, operators can use predictive analytics as an early warning system to guard against potential losses.