Business intelligence (BI) is quickly evolving the way people do business. As the world moves more into the digital age, the rate of globalization increases. Nowadays, anyone can do business with anyone in the world, thanks to the power of better logistics and delivery services.
But even as courier services improve and smaller brands reach worldwide markets, operating a business doesn’t get any easier. Take for instance how medical companies have procured supplies such as PPEs, masks, and disinfecting machines in bulk as the global demand has increased with the pandemic. In such cases, there are prevailing problems like finding the right supplier, monitoring delivery reports, and staying up to date on global trends. All these problems point back to one common denominator–the lack of up-to-date business information.
Today, innovators are creating various business intelligence tools and techniques to solve that problem. Now, with Business Intelligence tools like the up-and-coming cloud-based service Trademo, globalizing a local business and effectively delivering products now becomes possible. The tool helps companies fund buyers and suppliers, gain insights on their competition, and follow industry trends and news. The software’s features include product movement trackers, email alerts on important shipments, supplier management and search, product search, and many others. Overall, the tool helps companies make better logistics decisions by providing access to invaluable information.
Here are five ways that business intelligence software can help you optimize operations and logistics.
Get real-time access to shipment information
Up to 83% of organizations considered data to be an integral part of their business strategy. Data keeps us up to date and informed in various manners and ways. For instance, business intelligence can help provide shipment information that keeps suppliers and clients informed in business logistics. Some data that BI tools offer include a bill of lading numbers, shipment arrival date, importer details, exporter details, country of origin, and many others.
Business intelligence in global trading offers both importers and exporters more awareness on past and recent shipments movement, eliminating the guessing work.
Find the best buyers and suppliers
Through business intelligence solutions, businesses can gain access to analytics in transportation and logistics. Analysis of the data can provide a slew of data that influence operations and decision-making. One analysis that proves to be useful for companies is information around buyer and supplier contact.
Businesses entering the global market understand the importance of staying linked to a supply chain. Simply put, the key is to remain connected to suppliers and buyers if you want to succeed as a global business. Through business intelligence databases, you gain access to a filtered list of clients and suppliers based on your industry, location, budget, the volume required, and other factors. Using business intelligence to analyze buyer and supplier lists removes the strenuous work of sifting and contacting suppliers and clients one by one.
Understand how other players operate
Another way that technology is changing supply chains is it helps companies understand their competitors better. Various business intelligence tools help users learn the tricks that make their competition successful. They can show valuable insights, including their sources and all their information like country of origin, address, list of products, and so on.
By understanding how your competition behaves and who they’re working with, you can gain a better edge or advantage by niching up or learning what other products you can supply that your competition doesn’t yet.
Increase the customer lifetime value
Business analytics in logistics doesn’t only help a company understand their competition or suppliers more it also helps you understand your customers, especially in determining your customer lifetime value. Global trade in the new normal will depend significantly on your understanding of your customer and how you can meet their needs better.
Through business intelligence software, you gain access to predictive analytics in logistics that give you more insight into business volume and products from your existing customer’s source without having to ask them directly. You can also learn the frequency by which they trade and what prices they negotiate at to win more business when closing deals.
Understand your products’ global trends
Business intelligence is quickly becoming a priority among top leadership. A study by Deloitte shows that in companies where CEOs spearhead decisions based on data intelligence, it’s 77% more likely that the organization will achieve its goals. Through data-driven insights and analytics, c-level leaders and other stakeholders get a better understanding of where their industry is leading and what global trends their company can ride.
Through business intelligence, CEOs and other management and executive team members can gain insight into emerging new markets, recovering markets, and predictions on new innovations that could change the macro landscape of their respective industries. Empowered by this kind of knowledge, company leaders can steer their company into more strategically sound directions.
Using BI Software in Logistics and Operations
Business intelligence is moving towards more automated intelligence solutions. Nowadays, companies have access to a wide variety of tools that can help businesses by analyzing massive amounts of data within a matter of minutes or even faster. Check out this top business intelligence software list from FinancesOnline to check out all your options for BI tools and business intelligence tools comparison that will help you decide which tool is best for your company.
With today’s global trend, it’s vital to transform your operations into digital and leave messy, outdated workflows. Using today’s technology, you can empower your international trade to gain actionable insights into your business, products, and competition.
To start, you can check out a tool like Trademo. Get in touch to learn more.