The rise in the e-commerce market has revolutionized the parcel delivery industry. Some reports have predicted an increase in the parcel delivery market. With digitalization, the delivery sector has undergone many technological advancements. As customer expectations rise, businesses focus on technology. New technologies enhance operational efficiency.
Innovations and AI are powering the logistics ecosystem. Businesses use wireless devices and IoT systems to track shipments in real time. It ensures the safe movement of goods and triggers alerts when errors arise. Some logistic companies have also used drones for their last-mile delivery of goods. Using drones in the future will cut shipping costs and speed up delivery time.
Shipping data allows logistic companies to optimize their shipping operations. Towards this end, shipping analytics tools gather and analyze data to identify mistakes. Further, shipping reports provide insights into parcel spend management. We have covered reducing shipping costs with shipping reports on this blog before.
This article gives an overview of parcel shipping analytics and the necessity of shipping reports.
Parcel shipping analytics
Shippers face the challenge of cost-effective and fast delivery of packages to satisfy customers. In addition, they have to deal with supply chain challenges that increase delivery time and costs. Parcel shipping analytics involves data analysis. Data analytics can identify patterns related to shipment delivery on time and other shipping metrics. It gives business intelligence tools to companies for streamlining their processes. Further, shipping analytics tools provide intelligent shipping reports to help in business growth.
Features of shipping analytics
Shipping analytics tools sift through data relevant to improving business finances. The features of shipping analytics include:
Data normalization
It is the process of eliminating inconsistencies in data and reorganizing data in a database. Data standardization occurs across the entire system. Shippers can run quicker queries through the massive data collection during shipping with data normalization. The chances of data duplication and errors decrease, thus unlocking business potential.
Forecasting
Businesses get insights into future supply and demand patterns with forecasting and predictive analytics. It helps shippers to plan inventories, manage warehouses, schedule shipments, and order fulfillment. Further, it aids businesses to understand customer demand, purchase behavior, and preferences.
Route optimization
Technology simplifies shipment route optimization. Artificial intelligence (AI) and machine learning can optimize routes with data from trackers on vehicles, real-time traffic updates, weather reports, etc. Moreover, data from different sources allows shippers to deliver time-sensitive goods, update the route in real-time, and improve customer experience.
Predicting shipping locations and time
Predictive analytics gives shippers and customers the shipping time estimation of goods. The companies and customers will know when and where the shipped goods will arrive. The information helps shipping carriers plan their routes and the ports for offloading the goods.
Shipping analytics tools help analyze data and generate shipping reports.
Shipping reports
Parcel or freight shipping analytics information is present in easy-to-understand shipping reports. Businesses can analyze their shipment performance with user-friendly shipping reports. Searching, sorting, and selecting the criteria in each shipment in detail helps shippers.
Multiple shipping reports can narrow the data to a particular time or date. For instance, companies can filter shipping reports by date, service level, carrier, customer, and more. Customized shipping reports help shippers monitor shipping rates and carrier performance.
The calculation of shipping costs is possible with the help of the shipping reports. For example, fees will vary for delivering goods to Zone 2 from that of Zone 8. Shippers can opt for 3PL for last-mile delivery of goods.
Shipping reports provide real-time shipping information that assesses painful points for better operational excellence. They also contain outbound or inbound goods in transit or delivered to the customer. Further, they provide information on old pending bills and time-sensitive shipments. Shipping reports are created based on a company’s needs. Shippers may require personalized reports for quick reference.
Our previous blogs gave insights into the shipping reports offered by Audintel. We also have highlighted four critical shipping reports aiding spend management.
Importance of Carrier Performance Analysis
Shipping reports also help businesses in choosing shipping carriers based on their performance. Shipping analytics tools do a carrier performance analysis. Important factors help assess various shipping carriers’ performance. One of the factors includes ranking shipping carriers on their on-time performance and invoice accuracy.
Further, shippers will get information about the actual cost in the invoices rather than the planned cost. Companies use alternate shipping carriers if the shipping carrier rates affect their profit margins. It will allow businesses to choose the shipping carriers best suited to their needs..
How to analyze real-time shipping performance data
Shippers can monitor and track real-time shipping performance data with data analysis. Intelligent solutions can analyze the shipping data to save money. Factors like order accuracy, inventory tracking (including returns), delivery time, etc., are shipping performance indicators. Better visibility of real-time data gives businesses a clear overview of missed or late deliveries, thus enabling them to take action. In addition, shippers can ensure that the shipping carriers are sticking to their carrier contract agreements.
Shipment automation for optimization
Shipment automation helps in the optimization of business operations. Automating shipping processes can reduce the risk caused by manual processing. Further, it can minimize the costs for re-shipments or returns. Customized cloud-based applications can help businesses track and manage shipments. Automated processes in the supply chain can reduce lead times, optimize inventory control, and improve customer services. Automation can process orders quickly and ensure faster delivery to customers.
Shipping analytics gives insights into supply chain management. Shippers improve their customer experience by understanding historical performance accessible in one place. AI tools can reduce the risk of overstocking while managing inventory levels. It can lead to faster processing time and lessen delays in the supply chain. Shipping reports provide insights to improve the performance of shipping operations.
Audintel: Experts in shipping analytics
A cloud-managed Transportation Management System (TMS) is essential for automating shipping operations. Audintel provides advanced TMS services to its clients. Our consulting and technology services help optimize routing networks and reduce transportation costs. We help shippers manage carrier contract negotiations to get the best deals.
Audintel provides comprehensive reporting solutions to its clients. Our shipping reports give easy access to shipping data for businesses. Shippers can improve their operational efficiency and reduce shipping spend considerably. In addition, shipping reports are user-friendly and provide cost-effective shipping solutions. We also give customizable shipping reports to our clients to help their businesses thrive. Further, our intuitive dashboards give data, thus allowing our clients to make informed decisions.
Concluding remarks
Leveraging shipping data is transforming the supply chains of many companies. Effective use of data can help bring vast profits to businesses. Shipping reports provide a comprehensive overview of shipping data to shippers. It gives visual insights into your shipping profile and the carrier’s daily delivery performance. Further, shipping reports provide details of your orders by volume, service levels, delivery time, and more. Automation helps businesses streamline their shipping processes.
Audintel has the expertise to help businesses streamline their shipping processes. We will help you understand the complexities of shipping data through your easy-to-use shipping reports. For a free demo and other consultations, contact us at +1 (619) 354 8539 or visit our Audintel website.