08/04/2020 by Christine Griffith
Chemical manufacturers collect and use a lot of data in their supply chain. They deal with data on their products, customers, transportation, storage, operations and more. Acquiring that data is not hard but managing and utilizing that information to be able to analyze your business is the challenge. Taking advantage of a Managed Services solution can assist in better managing and using your data in your chemical supply chain.
Managed Services is when you outsource your freight and logistics processes to a third-party logistics (3PL) provider, such as Trinity Logistics. You can find ways to manage your data in one place using a 3PL’s Transportation Management System (TMS). By better managing, using, and analyzing your data, an organization can reduce costs, improve margins, generate revenue, and make smarter business decisions. How does a TMS offer you all this?
A TMS can provide visibility into your supply chain data in many ways. Best-in-class TMS’s, such as Trinity Logistics’, can provide better insight into your logistics processes.
Executives can combine this improved visibility with robust reporting to help guide their decision making. You can also provide system access to your outside supply chain members such as suppliers, carriers, and vendors. Each partner can better plan for their part, having the potential to reduce expensive production costs, limit excessive accessorial charges, and improve customer service.
Freight spend visibility has many benefits within itself. By analyzing freight spend by lane, companies can learn which of their lanes are not profitable based on transportation costs. Identifying company-wide shipment volumes and rates can provide you leverage when negotiating your carrier contracts.
Not all TMS’s can generate the reporting you may need. Most generate basic reports that summarize your transportation information. Examples of basic reports include freight spend totals, shipment statuses, and shipment volume reports. But a best-in-class TMS can generate advanced reports that go into specific logistics metrics. Advanced reports can include accountability, analyzed freight spend, lane analysis, and carrier performance to name a few. The reports are dynamic, and you can filter, summarize, or graph information based on what you want to see.
The above-mentioned offers:
Accountability reports offer companies the opportunity to hold core members of their supply chain accountable for controlling costs. For example, with carriers you can view costs of carriers used, late fees accrued, any unnecessary detention charges and more.
Analyzed freight spend reports allow a company to track their freight spend based on parameters. Having the ability to track it in this way ensures that potential causes of lost profits are identified and addressed right away.
Analyze changes in rates by lane and predict trends in your freight costs with a lane analysis report. You can prepare for changes up front or try to prevent them altogether through carrier rate negotiations.
Carrier performance reports can help you identify which carriers are best meeting your transportation needs.
Reports are an important tool to use to find areas of successes and setbacks. Once identified, companies can take advantage of this information by adjusting their practices. They can find ways to create more successes and overcome shown setbacks. Yet, most companies don’t have the technology needed to analyze their processes in such a manner. Money is often wasted on unknown and unnecessary expenses.
When choosing to work with Trinity’s Managed Services team, you gain a relationship with a specialist. Our Team analyzes, produces, and presents Quarterly Business Reviews (QBR), making it easier for you to digest your data. We help you understand what is working, what is not, and what can be done to further escalate your company’s growth.
The importance of data doesn’t revolve around how much data you have, but what you do with it. Managing and analyzing your data effectively is what will take your chemical company even farther. Take it from one of our largest chemical customers, Albaugh;
““We have had tremendous growth over the last 3-4 years. This would not have been possible without the level of service and expertise Trinity Logistics provides. They are a true strategic partner in a very dynamic environment.”
Click here to read our case study on how Managed Services helped Albaugh with their growth.
When you combine your data with our Managed Services solutions, you can,
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