5 Ways Data Analytics is Changing the World: A Logistics Management Overview!
Logistics management has transformed itself in the past half of the decade backed by intense development in machine learning capabilities and data analytics. With the level of integration unleashed by Internet of Things, you can not only track the real-time location, speed, and fuel usage of your in-transit delivery vehicle, but also the calmness of the driver. Your real-time vehicle tracking can be covered by new-age routing and optimization software, whereas the calmness of the driver can be tracked through various wearable technology. All of this can be collated in one location with a singular dashboard view, where you can plan and execute your logistics management plan to perfection.
Data Analytics: The Magic 8-Ball of The New Generation
When it comes to data, comprehensiveness is never complete! Data Analytics sounds magical but it is more real than the click you made on a random but directed advertisement you cam across in your browser. Data collection and analysis is quite an old concept. In fact the collection, organization and use of data has been implemented ever since the first library was built! (think 5th century BC). Data analytics has helped in Ancient War Strategy as it helps in current customer acquisition. Data analytics can be the best friend of any developmentally inclined industry.
Why is There a Hype Around Data Analytics?
Data analytics helps you predict future growth, demands and needs which help companies improve their services. Simple right? For example, Google once proved that they could predict a flu outbreak based upon when and where people were searching for flu related terms. Imagine the kind of power that could be harnessed using simple, seemingly irrelevant information! Forget fortunetellers, data analytics is your new guy!
Banks to Social Media — Data Analytics is Everywhere!
The interesting part is that data analytics can be implemented in almost every industry. Industries like retail, e-commerce, pharma, telecom, banking & insurance, utilities, energy, transport, manufacturing, and construction have all adopted data analytics and have come up with groundbreaking results!
- Banks have some of the most valuable data in the world, and this data is being used to ensure customer loyalty. Credit card companies analyze multiple petabytes of data to detect and persecute credit card frauds. In the current world, it is almost impossible to go off-grid with your credit history.
- Retail and e-commerce industries use data analytics to predict product demand, consumer behavior patterns & supply chain mechanics. For example, data analytics can be used to analyze customer behavior and their buying patterns. This information helps retailers sell exactly what the customer needs!
Even social media and social interactions are influenced by data analytics.
Facebook, the world’s largest social network can predict the intelligence, political opinion, and emotional stability of its users, based on things like their status message and ‘likes’! This data helps Facebook provide a news feed that the user would be receptive to. Those ads you see on your homepage, as mentioned earlier, aren’t chosen at random, but are based on the data Facebook has collected on you.
There’s a very famous story of how Target (an American retailer) figured out a teenager was pregnant before her father did. A statistical model created by the guest marketing analytics team correctly inferred a teenage girl in Minnesota was pregnant using data they had collected over years. After thorough analysis, this data pointed to the fact that an increase in sale of unscented lotions, cotton balls and mineral supplements was either because someone was pregnant or had a nasty infection which is when they started sending her coupons for baby products!
Get Your Sunglasses Along! The Bright Future of Data Analytics
With the global competition at an all time high, companies are relying on data analytics to increase efficiency, meet demands and increase their customer base! In the new economy, intelligent business decisions are now based on data analytics, more than instinct. However, this is just the tip of the iceberg, with an expertise which is exponentially evolving, data analytics will transform the way we do business.
Data Analytics and Logistics Management: The Dynamic Duo of the New World
Data analytics, as you have seen, has become the central driving force between enterprise growth hacking. However, the most beneficial combination of data analytics lies with your logistics management software. Creating great products is one thing; the other ends of the spectrum is getting the product to the right customer at the right time. This is where logistics management comes in with last mile software and field service management integrations.
Companies can now make sure that they fulfill all customer interactions in terms of delivery handovers and service exchanges in the best way possible. Logistics management software utilizes data analytics to efficiently direct the field workforce and last mile delivery vehicles to their intended destinations in quick time while maintaining the quality of the delivery process.
This might be the right to jump on to the data analytics bandwagon with your logistics management system. The more time you spend on the analysis front, the more you derive for your company. Start now.
Cover Image Credit: MBS Group, Moira Benigson