Talking Better Data with Execs at Logistics & Supply Chain Forum
RateLinx once again attended this year’s Logistics & Supply Chain Forum, and just like in years past, we had some very meaningful conversations with senior supply chain executives who are trying to solve difficult problems at their companies.
Better Data to Solve Tactical Exceptions
The recurring theme we heard at this year’s fall conference revolved around the need for better data to solve tactical exceptions. Many companies we met with are using one of the major freight payment companies and are getting stuck in tactical invoice issues. Their biggest complaint was around the manual exception process their teams are currently saddled with. We also heard from Logistics & Supply Chain Forum attendees about their issues with a lack of reporting and KPI intelligence.
We talked with the executives from these companies and explained how they can leverage our Intelligent Invoice Management’ (IIM) to automate data cleaning and standardizing instead of having to manually resolve the same issue repeatedly. This is possible through our 3D approach of diagnosing the real problem, developing a long-term strategy, and deploying the strategy to resolve the issue. The 3D approach allows the company to streamline their processing and change their conversations with carriers from tactical to strategic. This ultimately leads to becoming a shipper of choice which has many benefits.
Lack of the Right Data Keeps Companies from Solving Issues
Companies often struggle to see why they can’t solve their logistics issues once and for all. They are focused on a specific problem and they can’t see that it’s really a symptom of a bigger problem that is causing most of their pain. Once we explain how the RateLinx solution provides a data foundation that can be used to fuel their logistics strategies, they understand why they haven’t been able to solve their issues. That’s when the executives realize that in order to be a data-driven organization, they not only have to collect data, but make sure that it’s the right data. The right data must be clean, standardized, and normalized, which is what IIM provides. It’s very difficult if not impossible to use data before it is standardized and integrated. The time and effort to do this manually makes the process either too costly or by the time it is integrated, the data is too old to be helpful. That’s why automating the process with IIM is so valuable.
We talked with these executives about how integrated data is the solution to all the exception problems they are experiencing. Once the data is properly integrated, it can be used to reduce the need for manual processes and provides the missing intelligence around a company’s logistics.
I am amazed at how acceptable it is to throw bodies at problems in the hopes of solving an issue. I was taught as an Engineer that hope is not a strategy, but it seems to be used by a lot of companies today.
If you would like to talk further about how to solve your logistics problems with better data, please send me a note.