Seamless, contactless, anytime-anywhere commerce is on the rise. Businesses want to compete with the best in this post-pandemic era. Consumers are loyal to brands with frictionless checkouts. So, shippers need to have faster delivery systems, thus giving excellent customer satisfaction.
With this in mind, analysis of shipping data is necessary for businesses. The assessment of shipping costs with shipping reports was a part of our earlier blogs. However, this blog will cover the importance of shipping analytics and reporting.
Shipping analytics and reporting-why is it essential?
Shipping data is analysed based on the demand for shipping products, shipping costs, unshipped orders, and on-time performance by carriers, fulfillment centres, etc. Hence, understanding a company’s Key Performance Indicators (KPIs) is critical in controlling costs. Shipping analysis of information increases savings with intelligent reporting across all regions. It helps in improving shipping performance and service.
Shipping analysis augmented by shipping reports
Analysis of shipping data gives companies a 360- degree view of their shipping profiles. Shippers stay updated on any shipping errors that occur during shipments. They get instant information about the on-time delivery of goods and any last-mile shipping costs. Shipping analysis involves a review of past shipping history data and its evaluation. Further, shippers can look for financial opportunities with the shipping analysis. So, companies receive all the above information through shipping reports.
What is a shipping report?
A shipping report gives an overview of a business’ shipping profile. It includes parameters such as the order number, order date, customer name and address, shipping items, quantity, etc. Shippers get regular updates about service changes made by shipping carriers like changes in tariff rates, discounts, and levy of surcharges. Analysts prepare various shipping reports that are simple to understand for businesses.
Kinds of shipping reports
There are various types of shipping reports that improve customer satisfaction. These reports are customized to make it easy for shippers to understand their shipping expenditures. Some of these shipping reports are
Shipping services report
This report provides shipping details about the shipping carriers and their services. Shipping services such as 1-day, 2-day, and overnight delivery by different carriers are evaluated and shared with the customer.
Shipping information report
Shipping information of parcel and freight shipping of each company is analysed based on the recent shipping activity. This report consists of the order number, order date, customer’s name and address, quantity shipped, weight description, delivery date, etc.
Freight shipment report
This report monitors and tracks freight shipment globally in real-time. It allows experts to analyse the shipping routes, locations, volumes, network of freight carriers, and more. In addition, shippers can make data-based, vital decisions on their freight shipments.
Logistics and supply chain reporting
Shipping analysis also includes logistics and supply chain reporting. The report monitors and optimizes KPIs and supply chain metrics. Further, supply chain metrics define and quantify supply chain performance. Examples of supply chain metrics include:
- Freight invoice accuracy
Freight invoices issued by the shipping carriers contain a description of the freight, port origin, shipper’s name, shipment weight, etc. However, most freight invoices do not match the final, original quotation. It leads to duplicate payments, errors in discounts, incorrect delivery addresses, and overpayments. Thus, checking the accuracy of freight invoices is vital for businesses to save money.
- Delivery time
Mentioning the precise delivery time improves the supply chain performance of goods. In addition, companies offer special delivery services to decrease delivery time. It improves customer satisfaction and attracts more orders from such companies.
- Pick and Pack Cycle time
The time to pick an item from the shelf and pack it helps in learning the efficiency of the supply chain. Hence, tracking any delays and rectifying them will help bring down any inefficiencies in the system.
Container shipping analysis
According to some reports, the global shipping container market will grow by 12% from 2020 to 2028. Hence, analysis of shipping containers on intuitive shipping software platforms benefits companies. The analysis reports provide a comprehensive overview of revenue forecast, company ranking, volumes shipped, growth opportunities, and more. In addition, the analysis offers companies competitive strategies to stay ahead. Further, it provides the means to sustain in fast-evolving markets.
Advantages of using shipping analytics and reporting
Audintel is your audit partner in the shipping industry. We analyse shipping billing errors and instantly notify our clients. It allows our clients to take the appropriate action where possible. We assess the delivery performance of the various shipping carriers daily. Audintel has customised many shipping reports that provide our clients with information at their fingertips. Our intuitive dashboards help our clients have visibility to their shipments. In addition, we customise our shipping reports according to our client’s preferences.
Final thoughts
Shippers require transparency about their shipping profile to save money and reduce costs. For this reason, shipping analysis is essential for uncovering shipping errors. Further, the analysed data is represented in shipping reports so shippers can make informed decisions. Audintel is the best auditing partner for your shipping needs. Our intuitive dashboards and easy-to-use shipping reports help shippers make profits in their businesses. We are there for you. Contact us for further information on +1 (619) 354 8539 or visit our Audintel website.