Managing freight forwarding services and transportation logistics are complicated even in the best of situations. Implementing optimized business intelligence management practices among freight forwarding companies can help ensure customers get the information they want while freeing up team members to have time to focus on customer relationships. Everything from deliveries to shipping processes to customer service impacts forwarding services and the relationships involved from start to finish. According to a report from project44, 85% of marketers claimed delivery important to their customer experience and brand. In addition, a Crowdstrike study found that 45% of organizations experienced at least one supply chain attack in 2021. One of the most significant challenges forwarders face is addressing the question of what business intelligence is and how it can improve forwarding services and operations.
What Is Business Intelligence in Forwarding
What is business intelligence in the freight forwarding industry? Team members use Business Intelligence with forwarding services and logistics management to manage the volume of data generated, collected, and utilized within the company. Data analysis and application are critical to business growth and success, especially during difficult market volatility and stiff competition. In addition, optimized business intelligence processes allow greater control of the operation and freight visibility in forwarding and strategic decision-making procedures. Therefore, improving business intelligence management and effectively applying the actionable insights it generates is critical for freight forwarding success.
The Challenges Giving Rise to a Need for Business Intelligence Management in Global Forwarding
The need for business intelligence management continues to rise. Intelligence, insight, analytics, and adaptability provide a distinct advantage, especially during economic and market demand or instability. Understanding how to make the most of the data on hand and applying it effectively and productively can help forwarders answer the question of what business intelligence is.
- The growing complexity of global trade and demand for commercial intelligence.
- Lack of integration between systems, dashboards, tools, and technologies.
- Rising transportation costs with a focus on how business intelligence works in action.
- Inability to adapt to meet changing demands of e-commerce freight forwarding.
- Random carrier selection criteria and lack of business intelligence management.
- Poor understanding of why business intelligence helps streamline processes.
- Limited invoice data access and poor visibility into the business intelligence process.
- Lack of insight into forwarding activity and impact on forwarding services.
Benefits of Business Intelligence in Forwarding
When forwarders have the ability to college, analyze, and apply logistic data and insights and can define applications and processes within the supply chain, the benefits can be far-reaching. Answering the question of what is business intelligence and it can improve end-to-end processes within the freight forwarding and transportation services today brings the following benefits:
- Increased precision in decision-making power with commercial intelligence and insights.
- A clear understanding of why business intelligence drives competitive advantages.
- Ability to boost throughput and improve overall efficiency and productivity.
- Lower transportation costs with a clear view of how business intelligence works.
- Improved business intelligence process, transparency, and visibility in the network.
- Better services aimed at customer service, experience, loyalty, and investments.
- Greater adaptability and visibility with business intelligence management insights.
Tap the Value of Automated Business and Commercial Intelligence With Cargologik and Answer the Question What is Business Intelligence
Understanding business intelligence involves bringing together services and options to identify and manage delivery exceptions within freight forwarding processes and services. A lack of intelligence insights and applications can increase the risk of attacks from cyber threats. What is business intelligence? The answer requires forwarders to look at their existing business intelligence management processes and reconsider how business intelligence works today. Contact Cargologik today to learn how to optimize business intelligence processes.