Just a few short decades ago, it was nearly unimaginable that we could ever turn vast amounts of data into actionable information for logistics providers around the globe. But fast forward to today, and data has become the cornerstone of any modern logistics operation. Improved operational efficiency, last-mile and real-time route optimization, strategic network and capacity planning, customer service improvement and more product innovation are just a few of the major benefits now easily produced by a data-driven business.
There are both pros and cons that come with this access to massive quantities of information: While this data has the potential to inspire exciting business transformation, it’s often more difficult for logistics organizations to sort through it to discern what’s useful and what’s not. If your company has piles of data in various formats and systems which aren’t being used to create actionable insights, its storage will only become useful when a data-driven solution is implemented later on. This is why many organizations are starting to rely on industry data standards, which dictate how data should be recorded, stored, and shared. Standards may vary by industry, but the governing principle is that any crucial information must be exchanged in a common format that makes collaborating and extracting insights simple and straightforward.