The Importance of Real-Time Data in Freight Procurement
When operating in the freight procurement market today it’s imperative for shippers to have access to real-time data in order to make the best decisions possible. Luckily, thanks to modern-day innovations, access to real-time data insights is now readily available. Yet, many shippers still rely on outdated technology that doesn’t provide immediate access to the data they need. And, 3PL middlemen still don't share important freight rate data points, which means shippers are missing vital pricing information. With that said, here are few reasons why shippers need to adopt more sophisticated data science tools, and partner with data transparent middlemen, so they are empowered with real-time decision capabilities:
Adaptability and Agility
Perhaps the biggest advantage of having real-time data is the ability to adjust when a situation changes or something goes wrong. Without real-time data, shippers can be completely unaware of unforeseen developments, which can waste valuable time and money. Whether it’s a supply chain disruption or a sudden market shift, real-time data makes it possible to adapt on-the-fly.
The most accurate view into the market
With truckload capacity fluctuation happening all the time, having access to real-time data is an effective way to keep tabs on the current market landscape. The freight market is so dynamic that things change minute-to-minute, which means true market cost to haul freight can change minute-to-minute. Slow responses to market shifts can cause shippers to overpay by some 30% when hauling freight. Therefore, having dynamic oversight is a must for shippers looking to remain as budget-conscious and competitive as possible.
Not only do sophisticated data tools make it possible for shippers to make better decisions in the moment, but these tools are hugely important in improving an organization’s overall intelligence. For example, “old-school” methods, such as Excel spreadsheets and manual calculation, result in wasted data and missed insights. On the flip side, by using advanced tools, such as AI, shippers can capture real-time data, and add this data into their repository for future use. This means shippers will have historical data to establish real benchmarks to better project future outcomes.