Business landscape has become extremely complex. Today, there is an unprecedented rise in the volume and velocity of data. Apart from the traditionally data-driven industries like bank or insurance agency, even non-conventional businesses like logistics and transportation are also harnessing the power of business-data to unlock market insights.
While in past, operations managers, logistics & supply chain professionals or logistics coordinators, used to rely heavily on the data captured by simple routing or item-tracking devices, the advent of modern technology has caused a major shift in the industry.
Nowadays, a logistics companies captures and collects enormous amount of data from various sources. This includes traditional paper-based documents, along with information captured by modern device like RIFD, on-board sensors, AIDC, barcode scanners and many more. Since, the data is captured randomly and from different sources, it is likely to be unstructured and incoherent, making no sense at all. Therefore, it becomes important that this information is collected and processed regularly to extract valuable market insights and gain a 360 degree view of the prevalent trends.
Though, Warehouse & Logistics Managers and Logistics Coordinators have realized the importance of well-structured data-sets, it is quite sad that most of them fail to incorporate organized data, thus losing out on lucrative opportunities, as well. The rate at which the data is generated and captured, daily a new set of information gets added every few seconds. Lack of innovative data management practices often becomes a major hurdle which apparently results into underutilized information and insights getting buried deep inside silos.
It is here that a logistic company can rope in a professional data processing solution provider and get a broader perspective of the current market situation and other ground-realities. Equipped with the knowledge, logistics agencies can improve their business operations, mitigate (unnecessary) expenditures, augment their services and even leverage their profit margins.
Since, competition within the logistic space has become fiercer, operations is becoming complicated. It is important to have a panoramic view of the market, in order to survive and achieve an edge. With processed data, Warehouse Operations Managers can easily pull out the information and gain instant insights from the easy-to-access format such as graphs and charts.
In addition to this, with such deep insights, they can even optimize capital expenditure or CAPEX and operating expenditure or OPEX, improve service reliability and mitigate the risks. Besides, with augmented fleet performance, logistics companies can shrink the operational expenses, optimize delivery speed, and even enrich customer experience.
Furthermore, organized data-sets can also feed partner organizations like details about various production and distribution centers. This in turn helps them to get deep insights on transportation processes, and thus can make timely updates in the expected timeframes, based on the varying data values.
Enhanced asset management – Asset management forms an integral part of logistic operations. Transportation & Logistics companies require a complete overview of their fleet on real time basis. Updated and structured data and information, further ensures that goods are delivered on schedule and the package is not damaged, during the shipping process.
Moreover, comprehensive asset management even helps in monitoring important data, like total fuel consumption, traffic flow, peak hours, and average speed. This further ensures that the predicted delivery and shipment time tables are instantly adjusted based on changing information. This data monitoring, further enables companies to keep a track of overall health and performance report of various equipment and vehicles, within the fleet.
Invoice processing, forms processing, document archiving, OCR scanning and many more is what a data processing services provider helps you as a part of their document management services. They capture instrument data on your behalf, to help you in determining the operational efficiency and eliminate irregularities. By immediately identifying the missing or disparate data values, operations managers, further can determine the exact time of maintenance for the vehicle or equipment.
Therefore, in the wake of current scenario, it has become imperative to get equipped with accurate, updated and coherent data. This information helps you cruise through smoothly. A professional data processing service provider equips transport and Logistics Company, with relevant, updated and easy-to-consume information, providing valuable insights about the current market dynamics.
About Author: Ritesh Sanghani is a Director at Hi-Tech BPO for the past 10+ years. Ritesh has worked with several international clients and has executed BPO projects of varying scales and complexities.