Companies run on data. The amount of information in the world continues to grow. Every kind of business, from small organizations to huge enterprises, is using analytics to interpret customer demands and ensure the goods and services they offer are fulfilling industry needs.
Every sector knows about the importance of having the right kind of information on hand to improve operations – the transportation industry is certainly no exception.
Sources of data in the transportation sector
As companies come to rely more on insights gained from collecting and analyzing data coming in from all parts of their supply chains, it’s helpful to take a look at where all of this information originates. Here are only a few of the places data is being collected throughout the supply chain:
- The IoT: The sensor-enabled objects that make up the Internet of Things are everywhere throughout the supply chain. Inbound Logistics contributor Udaya Shankar noted that radio frequency identification technologies and GPS tools are already transforming how things move through the supply chain and creating greater visibility.
- Invoice data: According to Parcel contributor Jesse Gates, one of the biggest – and most important – sources of data within the transportation sector comes from invoices, which are primarily used for audit purposes. This information can come from an automated system or from a physical paper trail – but no matter the format, audits of these materials ensures accurate shipping rates and identify cost variances when compared with data from other parts of the supply chain.
- Carrier data: Gates also mentioned that third-party logistics and carrier data is another source of information. This can become complicated, because organizations often utilize the services of more than one carrier.
With transportation data coming in from all corners of the global supply chain, how do companies keep it all straight?
TMS systems to the rescue
The amount of data within the transportation sector continues to grow along with every other industry. This is generally a good thing: With more data, companies have better insights into how their supply chains are performing and can accommodate customer demand as the global economy fluctuates. It’s all a matter of how the data is collected, stored and analyzed in order to bring out these key insights.
To that end, transportation management systems offer a way to collect and organize supply chain data from disparate sources in service of finding an appropriate use for the information. TMS solutions are becoming more popular as logistics managers contend with increasingly complex supply chains. In fact, according to MarketsandMarkets, the value of the TMS vertical is expected to increase at a compound annual growth rate of 15.6 percent during the period from 2015 to 2020, eventually reaching a total of $19.03 billion.
As an Oracle platinum partner, Inspirage can help you leverage Oracle Transportation Management solutions. By implementing these kinds of tools, organizations can cut shipping and freight costs, achieve return-on-investment goals and, in general, manage a more cohesive supply chain.
For more information about how implementing TMS solutions in your global supply chain, get in touch with the experts at Inspirage today.