How Does Real-Time Freight Data Boost Competitive Advantage?

MercuryGate Blog - Technology Category

Data holds great value within supply chain management, and the amount of data grows exponentially through everyday operations. Moreover, most companies still rely on outdated metrics and KPIs, using outdated data. However, The application of real-time freight data opens the door to a better understanding of transportation management and insights into ways to unlock added value.

According to FreightHub, “the reason behind the application of data is immense. Fifteen of the U.S. economy’s 17 sectors, reports McKinsey and Company, generate and store more than 235 terabytes of data, which is more than the sum of information contained in the Library of Congress. Every customer interaction, movement in the supply chain, and activity becomes an invaluable data asset that freight forwarders can use to refine transport cost-effectiveness and improve their customers’ supply chains.” Shippers and logistics service providers need to understand how outdated data restricts competitive advantage and how real-time data propels your business forward.

The Challenges of Maintaining Competitive Advantage With Outdated Information

The costs of using the wrong data are significantly higher than not using data at all in supply chain management. Depending on the industry, maintaining a competitive advantage is not the only issue. For example, in the health industry, relying on outdated supply chain process data can literally cost lives, as well as push patients to other facilities. As explained by Lisa Zerten of Becker’s Hospital Review, more than half of all health supply chain administrators feel manual inventory management leads to delays in providing care, less chance of treatment success, and even additional troubles in finding expired or recalled products.

Those same issues exist within retail and food supply chains. Outdated data makes tracking foodborne illness outbreaks difficult at best, and without data, can retailers really know if their products are authentic or counterfeit? Meanwhile, what happens in the actual movement of freight—are truckers reporting status accurately and adjusting the schedule to best optimize the process?

Real-Time Freight Data Enables Intervention and Proactive Management

The risks of outdated freight data are the Achilles’ heel of modern, efficient, and successful supply chain management. The application of real-time freight data can boost competitive advantage. Instead of relying on what was likely to happen, shippers and LSPs apply advanced analytics to understand what was going to happen, what might happen, what should happen, and what else can be accomplished to achieve the best possible outcome. It is a continuous cycle of improvement. Clearly, access to real-time data enables timely intervention when things go wrong and helps supply chain leaders proactively handle such issues.

How to Apply Real-Time Freight Data to Increase Value

Finding the best way to apply real-time data is also an expansive process. Instead of trying to catch everything, shippers should focus on these top applications of real-time data to increase brand value.
  • Continuously optimize the use of multimodal transportation.
  • Use real-time big data analytics to understand short-term impacts on freight rates.
  • Integrate real-time data alerts to increase transparency to customers.
  • Eliminate data silos by integrating supply chain systems through a connected, web-based platform.
  • Use sensors to collect and share data throughout the supply chain.
  • Visualize data through graphics to provide a better view of the supply chain.
  • Track supply chain analytics metrics to understand logistics performance.

Deploy MercuryGate Total Transport LeverageTM to Reap Real-Time Freight Data Value Now

Total Transport LeverageTM is the driving force of MercuryGate, relying on the best technology and resources to help companies succeed. In today’s age, external and internal influences may shatter plans, and a new strategy may be necessary. The only way to enable any semblance of future-proof supply chain planning and execution lies within the access to and application of real-time data.

Find out more about how MercuryGate empowers shippers and LSPs with real-time freight data by requesting a demo online today.

Phil Melton
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