With the revolutionary new data and cloud services, advanced analytics are changing the way supply chain and logistics providers operate. The need for increased visibility, optimized efficiency, customized routes, and a lower spend continues to grow, and advanced analytics are allowing for third party logistics providers (3PLs) to provide that to their clients. Thanks to capacity management, TMS operating systems, robotic technology, the Internet of Things, and customized routes advanced analytics can be utilized in every aspect of the supply chain and logistics process.
According to a study performed by McKinsey’s Global Institute, they estimated that retailers exploiting data analytics at scale could increase operating margins by more than 60 percent. If that’s not enough to get a 3PL thinking about advanced analytics, we aren’t sure what will get their attention. Advanced analytics does more than benefit the 3PL, it allows for the client to benefit in all the same ways that their 3PL does. At TOC Logistics, we stay on top of the cutting edge big data innovations that are regularly hitting the supply chain and use these innovations to build efficiency into our process.
By using advanced analytics, such as capacity management and the Internet of Things, we are able to increase our productivity, visibility, and collaboration, thus mitigating risk, increasing our efficiency, and reducing the overall supply chain spend. These increased efficiencies allow for us to build upon our relationship and reputation of providing our clients with customized services that meet all of their supply chain needs.
Similar to big data, supply chain innovations do not arrive to the industry in a “stop and start” fashion. In working with big data innovations rather than against them, 3PLs are able to promote timely and customized solutions to clients and solve problems before they arise, similar to what TOC Logistics has been doing since day one. At TOC Logistics, we embrace big data, new technology, and advanced analytics if they can help serve the bottom line of delivering effective supply chain solutions. This approach to data and advanced analytics is often referred to as a 3PL that seeks or uses a data-driven supply chain.
Data-driven supply chains help eliminate waste, reduce the cost-to-serve, increase visibility, and offer increased performance measurements, all thanks to advanced analytics and big data. Advanced analytics offer the insight into the potential additional costs and risks that can accompany transportation, production, and route changes and create opportunities to consolidate and thus offer lower-cost options. By measuring performance, advanced analytics offer the opportunity for 3PLs to see what is working, where there needs to be additional visibility, and how to increase the delivery speed.
These improvements decrease waste, decrease risk, and help improve the overall relationship with the client by ensuring that they’re always receiving supply chain services that serve their bottom line and meet their goals.
At TOC Logistics, we embrace innovation, which means that we use big data and advanced analytics to succeed in being client driven and solutions focused. Our effective, intuitive solutions allow us to exceed our clients’ expectations and positively impact their bottom line. Talk to us today about how we can find customized solutions to your supply chain needs.