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