BLOG

Four Ways Logistics Management Software Will Improve Your Bottom Line

With the advanced technological trends disrupting the logistics management in a progressive direction, the need for software solutions in the field of supply chain is indispensable. 

Whether you're an e-commerce giant or a delivery services firm, having a logistics planning software with robust features can be of immense help in cutting down costs and improving your business' productivity. While software solutions with data analytics tools are making processes more efficient, Internet of Things (IoT) enabled tools are helping make the tracking of goods in the supply chain much simpler. 

Here we are discussing four ways a logistics management software solution can help you improve your bottom line-

1. Enhanced Inventory Management

One of the critical aspects of logistics and supply chain is managing inventory. Right from the time goods arrive at the warehouse to their storage, labeling, packaging, and processing, the entire management process needs to be done seamlessly. Apart from this, knowing the status of inventory is important, so that it can be replenished on time.

In maximum cases, the most common issues with inventory management occur due to simple human error. However, advanced logistics planning software can help you automate most of the tasks and vastly reduce the chances of human error. It ensures smooth order processing and seamless inventory management to meet new consumer demands. It also allows you to avoid delays, errors, and other similar issues that may otherwise stall your logistics strategy in any way.

2. Intuitive Data Collection And Analysis

Managing data can be a cumbersome task when using heterogeneous data sources. Further, it can get extremely challenging to come up with a solution using one system and data derived from another. As soon as there is a system shift, data reliability begins to take a hit, and it becomes difficult to maintain the integrity of data.

Logistics planning software can be useful in such a scenario where integrated and chunked information is systematically broken down, making the process of data extraction much simpler. It also ensures that the data extracted is completely reliable with deeper insights into the system.

3. Seamless Transportation

Managing transportation is the key to a successful logistics and supply chain strategy. If the goods aren't delivered to the warehouse and to the end-users in an efficient and seamless way, you run the risk of incomplete orders with a sharp decrease in your order fulfillment rate.

A robust and efficient transport management system is a part of your logistics planning software. Apart from allowing you to pick the best routes and avoiding traffic jams, it will also help you monitor the status of vehicles and drivers to ensure that your goods reach customers on time. It is an excellent way to maintain a good fulfillment rate for the business and achieve high customer satisfaction.

4. Leveraging Emerging Technologies- AI And Blockchain

The use of emerging technologies such as Blockchain, Machine Learning (ML), and Artificial Intelligence (AI) is another significant trend in logistics and supply chain. 

A study by Technavio also predicts that the global blockchain technology market in logistics has hit a whopping growth rate of around 83 percent in 2019, and is expected to further grow to $7.68 billion by 2022 from just $411.5 million in 2017.

Apart from automating specific tasks, logistics planning software solutions with these technologies help in various other areas such as gesture recognition and autonomous delivery via self-driving vehicles.

Opting for a logistics management software solution is one step closer to simplifying the logistics and supply chain cycle of your business. It can guarantee much better efficiency and control over the logistical and supply chain operations run by the business.

Riding on the wave of digital transformation, companies can leverage the logistics management software to be more cohesive and enable quick decision making, leading to an efficient system and satisfied customers.

FarEye is empowering businesses across the globe to optimize logistics operations, reduce costs and drastically shrink delivery turn-around-time. Signup for a quick demo here to understand how we can help your business enhance core logistics processes.