Identifying Data Issues in Freight Procurement Operations
Due to the digital transformation push that stemmed from the COVID-19 pandemic, more freight procurement teams are using data than ever before. However, while many companies are boosting their efficiency and performance as a result of the data revolutions they have undertaken, many are still struggling to make the best use of all of this new data that they have at their fingertips. The good news is that many of these issues generally have easily addressable root causes.
With that in mind, here are a few of the biggest issues that freight procurement teams tend to run into when it comes to driving data success.
Transparency is “public enemy #1” when it comes to the issues shippers face when trying to leverage data and glean insights. Freight procurement is one of the most dynamic parts of the entire supply chain, so it is imperative that shippers have a 360-degree data view of the freight procurement landscape. However, with brokers and other third-party partners offering scant insights it is impossible for shippers to make sophisticated and agile decisions when it comes to sourcing carriers. Therefore, before doing anything else in terms of data ops, shippers need to find a way to generate the most transparent insights possible. A first step might be to ask your carrier providers to share 100% data transparency.
Although many shippers are working hard to become data-savvy, a vast majority are trying to do so with outdated on-premise infrastructure. This approach can have a myriad of consequences, but arguably the biggest one is that it significantly limits their ability to collaborate and have easy access to their master data repository. However, by adopting more innovative solutions, such as the cloud, shippers can eliminate these silos and create a much more efficient data infrastructure to fuel their growing organization.
Coping with Data Volume
There are an estimated 2.5 quintillion bytes of data generated every day. And with even the most sophisticated data brands having their hands full trying to wrangle and make sense of all of the insights coming their way, it can be downright overwhelming and disheartening for organizations that are newcomers to the data game. But don’t be discouraged. There are a ton of tools and methodologies that can be deployed to help shippers make sense of this data deluge; shippers just need to be willing to be a bit more progressive in terms of technology adoption.