Using data to drive decisions can help brands keep their logistic costs under control during a crisis.
A recent Gartner survey found “cost management” is among the top three obstacles organisations face while trying to achieve their supply-chain goals and objectives. Taking a data-driven approach toward logistics can help companies make informed decisions and reduce unnecessary expenses.
Companies should use benchmarking and market intelligence platforms to monitor rapidly changing market conditions and conduct lane rate benchmarking before conducting contract negotiations. These platforms can help supply chain leaders gain transparency and establish justifications for potential contract rate increases. It can help businesses make informed business decisions and control costs during a challenging situation.
Organisations must also conduct performance benchmarking internally and focus on driving waste out of operations. They should eliminate unnecessary expedited shipments and take measures like reducing intercompany transfer costs and reduce inventory repositioning costs.
[4 minute read]