The tools available to the average business today are staggering when compared to what was possible even a decade ago.
With so much focus on data and the search for actionable information, it’s necessary to have a smarter way to interpret the numbers that result from collecting so much intel. Data mining the old fashioned way can be time-consuming and exhausting, and frankly, doesn’t guarantee you’ll even find the information you need.
That’s where Business Intelligence comes into the picture. Fulfillment services are great for putting BI applications to work, there’s plenty of data and questions that need answered!
Business Intelligence is More Than Basic Data Reporting
Business Intelligence is a relatively new specialty within data-based information technology, but it’s one that can make your entire warehousing and distribution run more smoothly and with less waste, resulting in net gains across the board.
BI encompasses three main functionalities: reporting, dashboards and benchmarking:
- Reporting provides useable information that’s formatted as a scorecard. These reports are customizable for your needs, but can include metrics like on-time delivery and capacity, for example. They’re a good tool to help you have more productive discussions with your supply chain partners or your 3PL and provide actionable data that can help to improve processes.
- Dashboards create a daily overview of what’s happening in the supply chain. You can see at a glance where your packages are, which ones are running behind schedule and so forth. Because what you’re seeing is basically in real time, you’ll be able to make quick decisions that can improve your order fulfillment.
- Benchmarking helps you compare data against your company’s peers, so you can see how you’re doing. You might check your freight rates, for example, against the marketplace averages to see if you need to try to renegotiate your contracts or note that your packages have a lower on-time delivery percentage than the competition.
Data is the key to success in the world of fulfillment. From the very vital stats related to the merchandise in your warehouse to numbers along the long road to delivery, new ways of doing things using Business Intelligence can revolutionize your logistics experience.
It’s easier than ever to find out why certain geographical areas are notorious for having late deliveries, allowing you to work out the bugs or send merchandise along a different route or via a different carrier to improve on-time delivery rates company-wide.