Challenges such as increasing compliance complexities, growing competition, volatile fuel costs, and constantly evolving consumer demand have made it difficult for companies to sustain profitability, let alone expand their market presence. This has taken the tension between maximizing profits and cost-cutting to a new fever pitch. With the increasing competitive pressure, companies in the transport and logistics industry have been forced to walk the tightrope of delivering a consistent brand experience and balancing price competitiveness. However, growing material and labor costs coupled with market volatility have made it difficult for companies to sustain profitability. This has compelled leading companies in the transport and logistics industry to focus on leveraging the benefits of business intelligence solutions for developing effective strategies for growth.
At Infiniti Research, we understand the impact that business intelligence and analytics can have on your transport and logistics business. And to help companies in the transport and logistics industry excel in the competitive market landscape, our team of experts has highlighted the key benefits of business intelligence solutions for companies in the transport and logistics industry.
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Benefits of Business Intelligence and Analytics
Benefit #1: Business intelligence solutions help reducing labor costs
One of the most tangible benefits of business intelligence applications is their ability to reduce human effort and time to produce several separate reports, daily, weekly, or monthly. It reduces the number of hours spent on extracting data in spreadsheets. Reducing labor costs is considered to be one of the most concrete benefits of business intelligence. This is done through:
- The automated data collection process
- Automatic generation of reports
- Reduction in training time as reports are no longer done in excel/word
- Report designing in most business intelligence tools are simplistic and allows for quick report designs
Benefit #2: Business intelligence and analytics reduces information bottlenecks
One of the most significant benefits of business intelligence solutions is that it reduces the necessity to ask the staff to extract data and prepare reports. It reduces information bottlenecks in many ways. Some of them include:
- Users can build individualized operation-specific dashboards that are relevant to their operational area
- Providing KPI and other related information
- Autonomous reports
- Data can be analyzed without IT assistance
- Users can create dashboards based on their specific needs if required
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Benefit #3: Business intelligence and analytics provides actionable data
Most businesses use a huge amount of human resources to put together reports in various formats, sometimes involving more than two resources for completing one report. Unfortunately, some of these reports only arrive or are looked at long after the time they were most relevant. Human resources also tend to be overwhelmed by the amount of detail and eventually the prepared reports are looked at without being used for the required purposes. One of the most remarkable benefits of business intelligence solutions is their ability to make data useful and purposeful. Business intelligence tools make data more actionable by:
- Providing information through one data model to allow the prevention of conflicting definitions and incomparable report data
- Reports and information can be provided in real-time to show the state of the business at the moment and not as a reactive historical view
- Users can design reports themselves based on how they need them and prevent reports from being built by other staff who do not always understand the specific operational need
- Data is showed in context, e.g. KPI actual achievements are showed against desired benchmarks
- Data can become collaborative so that relevant and applicable information can be shared with other staff
- Relevant data can be delivered to a specific user in a role-based environment
- Trends allow users to spot issues and drill down to detail data in a top-down manner
Benefit #4: Facilitates better decision making
Businesses make decisions, every day, that may vary in seriousness and quality and naturally have varying impacts. One of the most useful benefits of a business intelligence system is its ability to allow for better decision making since:
- Up-to-date real-time information is available, allowing the user to react in real-time
- A detailed investigation can be done through the drilling down functionality
- It facilitates faster decision making by combining different data sources in a single dashboard, saving users time
For more information on our portfolio of business intelligence solutions and how to gain a competitive advantage in any market – Request more info.