In a world where business is constantly changing, the process of benchmarking becomes essential for the company's success, but it also proves to be even more challenging. Therefore, rethinking forecasting methods, what data should be collected and analyzed, and planning new scenarios can help make benchmarking more efficient, especially when historical data is not predictive.
The integration of transport networks, infrastructures, technologies and employees make logistics processes extremely complex, and this is reflected in the way each company ships its products, which makes the simple comparison of data captured by competing companies a misguided process, mainly because it does not consider trends or predictive modeling.
Until recently, benchmarking was faithfully based on a future projection of historical performance. But along the way, the pandemic arrived, making the data captured in recent years less reliable. This forced companies to redesign their processes.
McKinsey research showed that 91% of executives surveyed agree that forecasting methods need to be different. Transforming these methods, the data analyzed, scenarios and drivers makes the benchmarking process more accurate and agile.
Greater operational efficiency
The report Third-Party Logistics Warehouse Benchmarking showed that more than 80% of the companies interviewed state that they should use the Big Data for greater competence in their supply chains.
With the large amount of data available, companies in the logistics sector have had to find new ways to increase operational efficiency. Classifying and organizing this information is crucial for companies to understand how data analysis directly impacts logistics operations. After all, making safe decisions based on data is the best recipe for success.
In this way, the company can reduce costs while making its processes more efficient and without compromising resources. Integrating the Big Data With predictive analytics, it gives companies the knowledge to make predictions and overcome obstacles that could cause disruptions throughout the supply chain.
For example, with the entire delivery process of a product recorded, from the truck leaving until the customer's signature upon receipt, this data is captured and analyzed to optimize this process and reduce possible bottlenecks.
Sensors, traffic and weather information, maintenance schedules and other information can be captured and analyzed to generate insights for business and optimize a logistics operation.
Integrating predictive analytics into benchmarking
Having the ability to leverage data is fundamental to business, and collecting relevant data is critical for companies to make safer and more accurate decisions. This requires adopting systems that transform this information into truly useful insights for the business and that help to:
- Identify opportunities;
- Improve performance;
- Make risk management more efficient;
- Allow the use of innovative technologies.
Despite the benefits, the number of companies adopting predictive analysis is still incipient, precisely because of the difficulty in identifying reliable data sources to support the generation of these data. insights.
To avoid this problem, integrate information from sales (such as transaction records) and marketing (with behavioral and business data) feedback of customers) with logistics, among information captured from other sectors and locations, allows the company to gain a 360° view of its operation.
Furthermore, integrating internal historical data with external information, such as macroeconomic fluctuations and even data on customer behavior, is essential for the analysis to be more accurate.
Therefore, implementing predictive analysis in logistics processes directly impacts operational performance, allows for more efficient planning, reduces risks and costs and, consequently, increases revenue.
Get global data for your business. The COSTDRIVERS platform offers thousands of indicators related to macroeconomics, commodities and other industrial, operational and production costs in more than 40 countries. Get in touch and learn about our platform.