Effective freight management 2020 initiatives will help supply chains stay relevant and competitive with Amazon and the big box retailers. As the world watches the coronavirus’ epidemic spread, the time for rethinking existing freight management 2020 strategies has arrived. More importantly, shippers must recognize that the use of data could solve this crisis and those yet to come. As explained by FreightWaves, the notion of effective freight management goes back to a common need for the use of data and the endless potential for improvement through its proper analysis and use:
“The only thing better than reacting quickly to customer orders is reacting proactively to customer orders. Many of the freight technologies written about in this article lend themselves well to the idea of serving customers from distributed inventories and strategically placed fulfillment centers. This isn’t anything new.
However, what’s new is that predictive analytics tools are more accessible than ever to smaller and mid-sized freight and warehousing companies that rely on them.
In 2020, they will continue to add value to distributed inventory models by using data from a variety of sources, like real-time demand and historical trends, to help plan where in the country or world key merchandise is staged and which freight companies receive shipments. Among other things, this is how pharmaceutical companies keep allergy medicines in stock around the world.”
To differentiate your business and ensure competitive advantage throughout the year, shippers need to know what they’re getting wrong, how effective freight management requires the use of data in several trending ways and a few best practices for applying such technologies effectively.