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Top Import Markets for Digital Data Processing Machines

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Global Trade Daily, Technology

Top Import Markets for Digital Data Processing Machines

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In today’s digital age, the demand for digital data processing machines has been soaring high. These machines play a crucial role in various industries, from banking and finance to healthcare and manufacturing. As a result, countries around the world are constantly importing these machines to meet their growing needs. In this article, we will explore the top import markets for digital data processing machines and delve into key statistics and numbers.

1. Netherlands: Leading the Way

The Netherlands takes the lead as the world’s best import market for digital data processing machines, with an import value of $2.8 billion in 2022. The country’s advanced technological infrastructure, coupled with its strong focus on innovation, has propelled it to the top of the list. Dutch businesses heavily rely on digital data processing machines to optimize their operations and maintain a competitive edge in the global market.

2. United States: A Close Second

The United States follows closely behind the Netherlands, with an import value of $2.6 billion in 2022. The country boasts a robust tech industry and houses some of the world’s largest technology companies. With the ever-increasing demand for digital data processing machines in various sectors, the United States has become a major importer in this market.

3. Germany: Technological Prowess

Germany secures the third position with an import value of $1.3 billion in 2022. Known for its engineering excellence and technological prowess, Germany has established itself as a global leader in the manufacturing and machinery sector. The country’s efficient and advanced data processing systems rely heavily on imported digital data processing machines.

4. France: Embracing Digital Transformation

France ranks fourth on the list, with an import value of $711.2 million in 2022. The country has been actively embracing digital transformation across industries, which has increased the demand for digital data processing machines. French businesses are investing heavily in these machines to streamline their processes and enhance productivity.

5. United Kingdom: Tech-Savvy Market

The United Kingdom takes the fifth spot, importing digital data processing machines worth $563.1 million in 2022. The country has a thriving technology sector and is home to numerous tech startups. With a focus on innovation and digitalization, the UK has been witnessing an upsurge in the import of these machines to fuel its tech-savvy market.

6. Other Notable Import Markets

Some other notable import markets for digital data processing machines include Singapore, Italy, Brazil, South Korea, and Canada.

a. Singapore recorded an import value of $534.1 million in 2022. The country’s strategic location and well-developed infrastructure have made it an attractive hub for international trade.

b. Italy imported digital data processing machines worth $390.7 million in 2022. The country’s strong emphasis on technological innovation has contributed to the growth of its import market.

c. Brazil, known for its rapidly evolving economy, imported digital data processing machines valued at $353.9 million in 2022. The country’s increasing digitalization efforts have fueled the demand for these machines.

d. South Korea, one of the world’s leading technology powerhouses, imported digital data processing machines worth $343.1 million in 2022. The country’s focus on cutting-edge technology has led to a surge in imports in this sector.

e. Canada rounds up the top 10 list, importing digital data processing machines worth $338.5 million in 2022. The country’s strong industry sectors, including finance, healthcare, and manufacturing, drive the demand for these machines.

The statistics mentioned above are based on data from IndexBox, a market intelligence platform that provides comprehensive insights into global trade and market trends.

In conclusion, the import markets for digital data processing machines are thriving worldwide. Countries like the Netherlands, United States, and Germany lead the pack due to their technological advancements and strong industrial sectors. As the demand for these machines continues to grow, other countries like France, the United Kingdom, Singapore, Italy, Brazil, South Korea, and Canada also play significant roles in this market.

Source: IndexBox Market Intelligence Platform

 

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Global Trade Daily

Why is Data Analytics Important for Business

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Data analytics is incredibly powerful for businesses, organizations, and individuals. It is the process of collecting and analyzing data to extract useful information that can be used to inform decisions and identify patterns. 

By gathering and analyzing multiple metrics such as customer engagement, website visits, or marketing trends, data analytics helps to identify actionable insights that can inform strategic decisions. So whether you’re looking to improve customer service, analyze data-driven products, or drive more revenue with effective campaigns —data analytics offers a valuable advantage by giving you a detailed understanding of what works and what doesn’t.

Data analytics is important for business because it provides insights that enable informed decision-making, improves operational efficiency, helps businesses understand and predict customer behavior, and gives them a competitive edge. 

In today’s digital age, data analytics has become increasingly important, as businesses that do not use data analytics risk falling behind their competitors. 

By analyzing data, businesses can make more accurate predictions, optimize their operations, and create better products and services that meet the needs of their customers. Ultimately, data analytics is a key driver of growth and success for businesses in today’s economy.

Data Analytics Helps Businesses Make Informed Decisions

Data analytics is a powerful tool that can help organizations make informed decisions. Using data analytics, organizations can quickly analyze large amounts of data to identify trends and predict outcomes, helping them make well-informed choices. 

In addition, this data-driven approach to decision-making ensures that decisions are based on facts rather than individual subjective opinion. 

With data analytics, the potential to improve processes, identify potential opportunities, and increase profits is endless. However, as technology advances and more companies adopt data analytics as a normal part of their decision-making process, it will become ever more critical for organizations to stay ahead of the curve to realize the full value it can bring.

How can informed decisions positively impact a business?

Informed decisions are critical for any business to succeed. By considering the decisions you make in terms of their potential impact on your short- and long-term goals, you can ensure that each decision contributes positively to your business’s success and growth. 

This means considering both the environmental and financial factors of a situation before making a decision and understanding how it might impact not only yourself but also those who come after you. With this given information, an informed decision has a better chance of creating successful outcomes within the business model and confirming its position in the marketplace.

  1. Amazon: Amazon is one of the most prominent examples of a business that has benefited from data analytics. The company uses data analytics to track customer behavior, including purchasing patterns and product searches, to make personalized product recommendations and optimize its supply chain.
  2. Netflix: Netflix uses data analytics to understand what its subscribers are watching and what they might want to watch next. By analyzing viewing history, ratings, and other data, Netflix can suggest personalized recommendations to its users and make informed decisions about what shows and movies to produce.
  3. Uber: Uber uses data analytics to match drivers with riders, optimize routes, and set pricing. By analyzing data on driver availability, rider demand, and traffic patterns, Uber can make real-time adjustments to its service to provide its users the most efficient and cost-effective ride options.
  4. Walmart: Walmart uses data analytics to optimize its inventory management and improve the customer experience. By analyzing sales data and customer behavior, the company can predict product demand, optimize its store layouts, and adjust pricing to maximize sales and customer satisfaction.

Data Analytics Improves Operational Efficiency

Data analytics can improve operational efficiency by providing businesses with insights that enable them to identify inefficiencies in their processes, eliminate unnecessary steps, and streamline workflows. By analyzing data on factors such as production times, resource usage, and quality control, businesses can identify areas for improvement and implement solutions to reduce waste and increase productivity.

This can lead to cost savings, faster delivery times, and improved quality, which can ultimately benefit the business’s bottom line.

  • ASOS: uses data analytics to gain insights into customer behavior and preferences, including product search terms, customer reviews, and purchasing patterns. This data is then used to personalize product recommendations, optimize pricing, and improve customer experience. By leveraging data analytics, ASOS has increased customer engagement and loyalty, and drive growth in its business.

Data Analytics Helps Identify and Understand Customer Behavior

Data analytics can be used to identify and understand customer behavior by analyzing data on customer interactions with a business. This can include data on website traffic, purchasing patterns, social media activity, and customer feedback. 

By analyzing this data, businesses can gain insights into customer preferences, pain points, and buying behaviors, which can be used to optimize marketing campaigns, improve product offerings, and create a personalized customer experience.

  • Amazon: uses data analytics to track customer interactions with its website, including product searches, clicks, and purchases. This data is then used to provide personalized product recommendations, optimize pricing, and improve the overall customer experience. By leveraging data analytics, Amazon has created a highly personalized shopping experience for its customers, contributing to the company’s continued growth and success.

Data Analytics Can Help Businesses Stay Competitive

Data analytics can give businesses a competitive edge by providing insights that enable them to make data-driven decisions and stay ahead of industry trends. By analyzing data on customer behavior, market trends, and competitor activity, businesses can identify opportunities for innovation and optimization that can differentiate them from their competitors. 

This can lead to improved customer satisfaction, increased market share, and a stronger brand reputation, ultimately giving businesses a competitive advantage.

  1. Target: Target is a retailer that has used data analytics to gain a competitive edge. The company uses data analytics to track customer purchasing behavior and identify patterns that indicate life events such as pregnancies or moving. This information is then used to provide targeted marketing and product recommendations, which has helped Target increase customer loyalty and drive sales.
  2. Starbucks: Starbucks is another company that has used data analytics to gain a competitive edge. The company uses data analytics to track customer purchasing behavior and preferences, and to optimize its store layouts and product offerings. This has enabled Starbucks to create a personalized customer experience and differentiate itself from competitors in the crowded coffee market.

Data Analytics Is Essential for Businesses in the Digital Age

The digital age has made data analytics more important than ever because businesses now have access to vast amounts of data that can be used to drive growth and innovation. As more and more business processes move online, there is an increasing need for businesses to analyze data in real-time to make informed decisions and stay ahead of the competition. 

The rise of new technologies such as artificial intelligence and machine learning has also made it possible to analyze data at scale, enabling businesses to derive even greater insights and drive even greater value from their data.

How businesses that don’t use data analytics risk falling behind

Businesses that don’t use data analytics risk falling behind because they cannot make informed decisions based on data-driven insights, which can result in missed opportunities, wasted resources, and poor performance. In today’s digital age, where data is increasingly important for driving growth and innovation, businesses that do not use data analytics risk losing market share and becoming irrelevant.

  1. Kodak: Kodak is a company that famously fell behind due to a lack of data analytics. Despite inventing the digital camera in 1975, Kodak failed to capitalize on this technology and instead focused on its traditional film business. This failure to adapt to the digital age eventually led to the company’s bankruptcy in 2012.
  2. Blockbuster: Blockbuster is another company that fell behind due to a lack of data analytics. Despite being a dominant player in the video rental industry, Blockbuster failed to anticipate the rise of online streaming services such as Netflix and Hulu. By the time Blockbuster attempted to pivot to a digital business model, it was too late, and the company eventually filed for bankruptcy in 2010.

In Conclusion

Data analytics is increasingly becoming essential for businesses in the digital age. By leveraging data to gain insights into customer behavior, market trends, and competitor activity, businesses can create a competitive edge that will help them stay ahead of their competitors. 

Companies that don’t use data analytics risk missing out on opportunities and falling behind their competition. As the digital age continues to evolve, businesses must embrace data analytics as a key part of their strategy to remain competitive and successful.

 

3PL kale Logistics data analytics can provide an invaluable competitive edge to third-party logistics (3PL) providers. 3PLs face a rapidly changing market.
3pls, Archives, Global Logistics, Global Trade Daily

Third-Party Logistics Providers Need Data Analytics to Save Money

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Logistics data analytics can provide an invaluable competitive edge to third-party logistics (3PL) providers. 3PLs face a rapidly changing market. Supply chain disruptions and the rapid growth of e-commerce mean they must be ready to adapt if they want to continue providing high-quality services for their customers.

Data analytics allow 3PLs to uncover new insights to improve decision-making and provide cost savings.

How 3PLs Can Leverage Logistics Data Analytics

Today, businesses of all kinds have access to more information than ever and a range of analytics tools that can extract deep insights from large data sets.
Almost any business can benefit from data analytics, but 3PLs are in a particularly good position to use these tools. These companies can secure a few significant advantages by using them.

1. Improved Risk Management

Modern 3PLs face various risks. The right data makes it easier to take a proactive risk management approach, making better decisions regarding carrier selection, freight tenders and
the business partnerships the 3PL will establish.

Better data can also make it easier to identify potential risks and their potential impact. Identifying these threats can make a proactive risk management approach easier to implement and more effective potentially providing significant cost savings.

Some 3PL tools even utilize advanced technology like AI to improve supply chain resilience and risk management. 3PLs can use them to uncover insights that less advanced analytics technology wouldn’t be able to find securing a valuable competitive advantage.

2. Lower Transportation Costs

Data collected from the supply chain can make it easier to visualize and manage daily operations. 3PLs can use data dashboards and similar tools to centralize the information they gather and provide it in an easy-to-understand format for managers, supply chain specialists and key decision-makers.

3PL team members can then more easily track key KPIs — like cost per unit, order accuracy and processing time. Analytics tools will also help the 3PL identify relationships between business practices and these KPIs, making it easier to spot operational bottlenecks and
inefficiencies.

3. Stronger 3PL-Client Relationships

Data from the supply chain and logistics operations can make it much easier to analyze and respond to changes in the global supply chain market. This information can also make 3PLs a better business partner to their clients. The right shipping and logistics analysis allows a 3PL’s associates to secure a valuable competitive advantage.

One recent study of the 3PL market found that interest in robotics and data analytics is rising fast among shippers. More 3PLs are adopting data analytics technology, and these tools may become critical for strong client relationships. Clients may look elsewhere if a business can’t offer a tool its competition can.

Data Analytics Can Provide Major Cost Savings

Many of the advantages data analytics provide can help 3PLs save time and money. Managing risk reduces the chance that an unforeseen hazard will cost a 3PL significant resources.

Lower transportation costs can reduce one of the biggest expenses for a 3PL and allow the company to pass cost savings on transportation to its clients.

Better relationships with clients can provide steadier business for a 3PL, potentially decreasing costs associated with marketing and client relationship management.

3PL Data Analytics in Practice

Various 3PL data analytics approaches exist. These data analytics strategies offer benefits throughout an organization by providing workers with better information that can streamline operations or be passed onto business partners and clients.

Supply Chain Visibility and Transparency

Low supply chain visibility can make accurate predictions about availability, shipping times and processing speed much more difficult.

New data-collection and organization tools allow 3PLs to develop a much deeper understanding of how products are moving through the supply chain and how effectively current shipping partners are managing their operations.

Supply chain management tools may also lay the foundation for IoT-powered tracking and transparency. The right Internet of Things (IoT) tracking devices will let 3PLs monitor goods continuously as they move through the supply chain. These devices can provide information about a shipment’s current location, speed and shipping conditions.

This information can make it easier to track goods and predict shipping speed or delivery timing.

IoT supply chain monitoring may be especially valuable for 3PLs that offer cold chain management services. The same IoT device can track a shipment’s current location and temperature. It can immediately alert drivers and managers of an excursion, allowing them to respond quickly to prevent product spoilage.

Data-Driven Resource Planning

Enterprise resource planning (ERP) is an essential investment for any 3PL. It makes it much easier for managers to effectively understand and react to the business’s current resource
planning needs.

Resource planning tools along with software like warehouse management systems (WMS) and contact management systems (CMS) — can make managing essential business resources much easier.

These systems can also automate many administrative processes, like the generation of customer reports, helping to streamline client communication and business management.

KPI Dashboards and Data Visualizations

New data analytics tools allow 3PLs to centralize and organize information by using data dashboards. For example, KPI dashboards can provide managers and executives with a snapshot of current operations, performance and overall business health.

Strategic inventory dashboards can offer a real-time view of how inventory moves through the supply chain, making it easier to identify possible process issues.

Most logistics data analytics tools marketed to 3PLs offer a great deal of customization, so these tools can be adapted to fit the organization’s needs. They can provide information on different KPIs, prioritizing certain types of data and generating customized reports for clients, business partners or regulators as needed.

Using Logistics Data Analytics to Save Money in a Changing
Market

The right analytics tools allow 3PLs to streamline their operations, save money and build stronger client relationships. Data dashboards, supply chain visibility tools, and systems like
ERPs or WMSs can make it much easier to manage essential processes, automate work and make more informed decisions.

Early adopters of data analytics will secure a competitive advantage over other 3PLs, making them a more valuable investment for their clients.

logistics
3pls, Archives, Global Logistics, Global Trade Daily

Third-Party Logistics Providers Need Data Analytics to Save Money

Leave a comment

Logistics data analytics can provide an invaluable competitive edge to third-party logistics (3PL) providers. 3PLs face a rapidly changing market. Supply chain disruptions and the rapid growth of e-commerce mean they must be ready to adapt if they want to continue providing high-quality services for their customers.

Data analytics allow 3PLs to uncover new insights to improve decision-making and provide cost savings.

How 3PLs Can Leverage Logistics Data Analytics

Today, businesses of all kinds have access to more information than ever — and a range of analytics tools that can extract deep insights from large data sets.

Almost any business can benefit from data analytics, but 3PLs are in a particularly good position to use these tools. These companies can secure a few significant advantages by using them.

1. Improved Risk Management

Modern 3PLs face various risks. The right data makes it easier to take a proactive risk management approach, making better decisions regarding carrier selection, freight tenders and the business partnerships the 3PL will establish.

Better data can also make it easier to identify potential risks and their potential impact. Identifying these threats can make a proactive risk management approach easier to implement and more effective — potentially providing significant cost savings.

Some 3PL tools even utilize advanced technology like AI to improve supply chain resilience and risk management. 3PLs can use them to uncover insights that less advanced analytics technology wouldn’t be able to find — securing a valuable competitive advantage.

2. Lower Transportation Costs

Data collected from the supply chain can make it easier to visualize and manage daily operations. 3PLs can use data dashboards and similar tools to centralize the information they gather and provide it in an easy-to-understand format for managers, supply chain specialists and key decision-makers.

3PL team members can then more easily track key KPIs — like cost per unit, order accuracy and processing time. Analytics tools will also help the 3PL identify relationships between business practices and these KPIs, making it easier to spot operational bottlenecks and inefficiencies.

3. Stronger 3PL-Client Relationships

Data from the supply chain and logistics operations can make it much easier to analyze and respond to changes in the global supply chain market. This information can also make 3PLs a better business partner to their clients. The right shipping and logistics analysis allows a 3PL’s associates to secure a valuable competitive advantage.

One recent study of the 3PL market found that interest in robotics and data analytics is rising fast among shippers. More 3PLs are adopting data analytics technology, and these tools may become critical for strong client relationships. Clients may look elsewhere if a business can’t offer a tool its competition can.

Data Analytics Can Provide Major Cost Savings

Many of the advantages data analytics provide can help 3PLs save time and money. Managing risk reduces the chance that an unforeseen hazard will cost a 3PL significant resources.

Lower transportation costs can reduce one of the biggest expenses for a 3PL — and allow the company to pass cost savings on transportation to its clients.

Better relationships with clients can provide steadier business for a 3PL, potentially decreasing costs associated with marketing and client relationship management.

3PL Data Analytics in Practice

Various 3PL data analytics approaches exist. These data analytics strategies offer benefits throughout an organization by providing workers with better information that can streamline operations or be passed onto business partners and clients.

Supply Chain Visibility and Transparency

Low supply chain visibility can make accurate predictions about availability, shipping times and processing speed much more difficult.

New data-collection and organization tools allow 3PLs to develop a much deeper understanding of how products are moving through the supply chain and how effectively current shipping partners are managing their operations.

Supply chain management tools may also lay the foundation for IoT-powered tracking and transparency. The right Internet of Things (IoT) tracking devices will let 3PLs monitor goods continuously as they move through the supply chain. These devices can provide information about a shipment’s current location, speed and shipping conditions.

This information can make it easier to track goods and predict shipping speed or delivery timing.

IoT supply chain monitoring may be especially valuable for 3PLs that offer cold chain management services. The same IoT device can track a shipment’s current location and temperature. It can immediately alert drivers and managers of an excursion, allowing them to respond quickly to prevent product spoilage.

Data-Driven Resource Planning

Enterprise resource planning (ERP) is an essential investment for any 3PL. It makes it much easier for managers to effectively understand and react to the business’s current resource planning needs.

Resource planning tools — along with software like warehouse management systems (WMS) and contact management systems (CMS) — can make managing essential business resources much easier.

These systems can also automate many administrative processes, like the generation of customer reports, helping to streamline client communication and business management.

KPI Dashboards and Data Visualizations

New data analytics tools allow 3PLs to centralize and organize information by using data dashboards. For example, KPI dashboards can provide managers and executives with a snapshot of current operations, performance and overall business health.

Strategic inventory dashboards can offer a real-time view of how inventory moves through the supply chain, making it easier to identify possible process issues.

Most logistics data analytics tools marketed to 3PLs offer a great deal of customization, so these tools can be adapted to fit the organization’s needs. They can provide information on different KPIs, prioritizing certain types of data and generating customized reports for clients, business partners or regulators as needed.

Using Logistics Data Analytics to Save Money in a Changing Market

The right analytics tools allow 3PLs to streamline their operations, save money and build stronger client relationships. Data dashboards, supply chain visibility tools, and systems like ERPs or WMSs can make it much easier to manage essential processes, automate work and make more informed decisions.

Early adopters of data analytics will secure a competitive advantage over other 3PLs, making them a more valuable investment for their clients.

digital
Archives, Commentary, Global Trade Daily

Want to Bring Digital Transformation to Your Business? The Right Leadership is Key.

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When Under Armour ramped up its digital transformation efforts after the pandemic began, positive results soon emerged, and this year executives at the sportswear maker were able to report higher profit margins and a more seamless product-to-market pathway.

But Under Armour’s success story isn’t everyone’s success story. Plenty of companies spend lots of money on digital transformations, but only a small percentage achieve their desired outcome, says Sri Manchala, the ForbesBooks author of Crossing the Digital Fault Line: 10 Rules of Highly Successful Leaders in Digitalization (www.digitalfaultline.com).

That’s because digital transformation done right isn’t just about the money invested. It requires leadership of a particular kind, the kind that “methodical innovators” provide, says Manchala, CEO of the highly specialized digital transformation services firm Trianz.

“If heroic efforts, motivational speeches, and incentives alone worked, then more companies would be succeeding,” he says. “This battle requires intelligence, not superhuman efforts.”

In other words, he says, this is not a time to be a Marvel superhero.

“You are fighting to understand, control, and get ahead of a dynamic situation, not beat down an enemy,” Manchala says. “This is the time to think and act like a lead planner or the leader of a crisis-management center.”

After all, digital transformation entails more than building better intranets and websites, he says. It involves harnessing data to truly understand customer behavior in a digital world. It includes reimagining products and services. It concerns delivering high-velocity, digitalized experiences across the value chain to all stakeholders, even if that means discarding existing models.

The Methodical Innovator Persona

So just what kind of leaders are methodical innovators and why are they right for this moment? First and foremost, they are big-picture thinkers, Manchala says.

“They have an ability to connect the dots and boil down complex dynamics into simple, easy to understand root causes, dynamics and impact,” he says.

Methodical innovators also are exceedingly stakeholder-focused, whether those stakeholders are customers, suppliers, employees, partners or regulators.

Manchala says they also analyze data and develop their vision, strategy and priorities based on what the data reveals to them.

“Given their focus on outcomes, they are less emotional or attached to the past,” he says. “They are very willing to let go of prior business models and processes if the analytics support doing so.”

Also, instead of letting their egos get in the way of what they want to achieve, methodical Innovators practice a “no ego” approach, Manchala says. They quickly figure out just how big the problem is and just how little they really know about it, then they surround themselves with people who can make up for the knowledge they lack.

That may sound easy enough, but it’s not, he says.

Being Honest With Themselves

“It is incredibly hard for any leader to say ‘I don’t know’ in the corporate world,” Manchala says. “There is fear of being branded as ignorant, of being behind the curve, or of not being effective. A large percentage of leaders choose the tactics of ignoring, deflecting or deferring problems.”

But in the Digital Age, he says, you can run, but you cannot hide from what you don’t know.

That ties directly into what Manchala says is at the core of a successful leader’s character – an inherent honesty. For more than 100 years, study after study shows that the most important and admired quality in leaders is honesty, Manchala says.

“While we tend to think of honesty in transactions with others, methodical innovators are first honest with themselves,” he says. “In an environment of unknown forces, dynamics, pace and outcomes, they realize the importance of knowing what they don’t know. It is by acknowledging what they do not know that they begin the process of personal transformation.”

____________________________________________________________

Sri Manchala, the ForbesBooks author of Crossing the Digital Fault Line: 10 Rules of Highly Successful Leaders in Digitalization (www.digitalfaultline.com), is the CEO of Trianz, a highly specialized digital-transformation services firm headquartered in Silicon Valley and serving clients globally. Manchala shares data-driven insights on transformations and adaptive business leadership based on his two and a half decades in the technology industry, and leadership experience in the military and as a CEO. Manchala is a graduate of the National Defense Academy, an elite training academy for India’s Armed Forces officers, where he served in the infantry and Parachute Regiment (Special Forces). He is also an alumnus of the Marshall School of Business at the University of Southern California, where he is now a corporate advisory board member.

data
3pls, Archives, Global Logistics, Global Trade Daily

THE SOLUTION TO MITIGATING RISKS FOR TODAY’S 3PL COMES DOWN TO DATA

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Gaps in operations are not biased. Whether you are a warehouse manager navigating scheduling oversights or a fleet manager solving the next best approach to reducing costs, gaps in operations within the global logistics arena are inevitable. The real concern is how the modern-day 3PL provider can successfully mitigate risks while minimizing common gaps before they become a critical problem. 

Until one can jump to the list of solutions ranging from technology applications to hybrid work models, the most common (and possibly least talked about) gaps must be identified. Taking it a step further, 3PL providers should have a solid understanding of the why behind the what. In other words, they should ask themselves: Why are these gaps present within our operations and can they be resolved? Are these gaps common within the industry or are they unique to my company?

“One of the bigger gaps in the industry is the availability of timely and accurate data back to the shippers and to the community,” states Jason Carl, vice president of 4PL Solutions at BridgeNet Solutions. “3PLs are sitting on a wealth of data and information, and the ability to harness that effectively has always been a gap from my perspective. Delivering standardized timely information and data makes all the difference for a shipper in today’s environment.”

Carl has more than 15 years of experience in the logistics arena, ranging from ocean exports to operations. He originally started his career with Evergreen Line before moving on to BDP International for 13 years, managing operations for several multinational clients. He moved to BridgeNet two years ago to head the 4PL product.

BridgeNet Solutions, a wholly-owned subsidiary of BDP, provides sourcing, outsource sourcing procurement and managed transportation services focusing primarily on data analytics for more effective supply chain management.

BridgeNet’s cloud-based data solution, Xonar, is the company’s analytics and execution platform based on a foundation of accurate data collection combined with a robust analytics layer. Xonar enables BridgeNet to effectively collect and share critical information from shipper ERP systems, 3PL providers and freight payment companies. Carl cites this solution and the above capabilities as a game-changer for the company among competitors.

“Oftentimes what you find is that providers offering these solutions could be largely just software as a service or a technology company,” he explains. “At BridgeNet, we extend both the technology and the execution components to our customers, ensuring they can rely on an excellent integration hub paired with customizable technology based on the customer’s needs. We also offer a network of control tower operations based in Asia, Europe and the Americas to oversee that and to orchestrate the flow of information that’s moving through Xonar on a day-to-day basis.”

To be successful at identifying and eliminating common gaps in processes, the provider must consider the quality of the information coming in and going out. It is critical the provider understands where this information could be compromised–or even worse, completely missed. 

“3PLs need to understand the why,” Carl says. “Not just at the strategic level but also down to the desk level. It enables better decision-making on a day-to-day basis that really benefits shippers in ways that are often overlooked. The quality of the data can be a game-changer for planning processes and for decision-making overall. There is an increased recognition of that at least in the conversations I’m having.”

Beyond closing gaps in operations and day-to-day processes, Carl emphasizes the importance of looking at the big picture rather than just the result, citing innovative technology as a distraction for what is really going on layers deep within a data solution. 

“If the underlying data is not high quality, not standardized, not tightly controlled, then it’s not going to yield the results that providers want to achieve from that piece of technology. The value of that underlying information cannot be discounted. Before you go on the tech journey, providers should focus on the information that is going to fuel operations. This is where 4PLs can step in.”

As for the role of the 4PL provider, they are part of the bigger picture of where your data is coming from and what it all means. Data translation is equally as important as data collection. If a provider cannot identify the value from the data, the role of analytics becomes a moot point. That’s why Carl emphasizes the need to look and think outside of the box for solutions that are not only more cost-effective but add significant value to client needs. 

“4PLs can act as a translator or the intermediary to help provide data-driven insights to shippers by standardizing information from a multitude of 3PLs and then translate shipper’s needs and strategies for actionable change from the 3PL,” he says. “This bridge between the two entities can be a great help but it is not always the right fit for every shipper or for every supply chain. There are many situations where, now more than ever, a 4PL provider can provide a lot of value and support for 3PL operations and processes.”

Whether it is a pandemic or random disruption (think Suez Canal), the conversation of eliminating gaps in operations would be incomplete without addressing how the logistics industry has shifted looking back at the last year and a half. Buzzwords such as “agile” and “adaptable” might very well be accurate, but in what ways are 3PL providers being challenged to maximize their position in a competitive market? Carl points to letting go of the past as many companies still utilize lessons learned to affirm the success of the future.

“Gone are the days where the 3PL can rest on proverbial laurels and be complacent based on past success and relationships,” he warns. “The past 18 months have proven this. The existing network that 3PLs may have been operating for a customer for many years may no longer be sufficient in 2021. The needs are going to change, and it’s important that 3PLs are responding effectively to compete and be good partners for the shipping community.”

________________________________________________________________

Jason Carl is vice president of 4PL Solutions at BridgeNet, a BDP International company, where he oversees the development, performance and operations of the 4PL product and global control tower teams. He has more than 15 years’ experience helping customers improve and optimize complex supply chains through technology and process optimization. Carl holds an undergraduate degree in Economics from Austin College in Sherman, Texas, and an MBA in Strategy from Temple University’s Fox School of Business. He can be reached at jcarl@bridgenetsolutions.com. 

IT
Archives, Global Trade Daily, Software

Why Strategic IT Should be at the Top of Every Executive’s Priority List

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To say that technology has been important to business survival in recent years is certainly an understatement. In 2020, 70% of United States employees worked remotely, teams and customers relied on virtual tools to communicate, and a dispersed workforce led to additional concerns about cybersecurity. The result has been not only an increased use of technology, but also a heightened awareness of its role in driving strategic growth – and a long-overdue need for business leaders and executives to add strategic IT experts to their roster of trusted advisors.

From early in the pandemic, technology was inextricably linked to business success; in a world of physical disconnection, there was no longer a choice when it came to digital transformation. The truth, though, is that technology has been influencing the way we do business for decades. Consider the most mission-critical processes in your company; chances are every single one of them involves technology. From client onboarding and team communication to record-keeping and strategic planning, tech is not simply a part of your business – it is the foundation upon which it is built; an essential part of optimizing productivity; and the glue that holds teams, organizations, and customers together regardless of how or where they’re working. As you look towards resurgence and growth, you should be treating your tech just as you do any other foundational pillar – with strategic thoughtfulness and the expert input of business-minded advisors.

Making the Right Business Decisions About Technology: Four Key Considerations

While the importance of technology is more apparent than ever now, the ideal implementation of it within your business may not be so clear. With so many tools, vendors, and applications to choose from, finding the right ones for your company requires not only a willingness to embrace innovation but also the ability to marry technology to overarching business goals. When you do, technology becomes a competitive advantage that lets you work smarter, faster, and more productively: at companies that prioritize making tech highly accessible to their teams, employees spend 17% less time on manual processes, collaborate 16% more often, and make decisions 16% faster. As you consider how to make the right technology choices for your company, here are four key factors to consider:

1. Cybersecurity

Leaders have long known that cybersecurity was a necessary element of their IT support; organizations must have good cyber hygiene, or they could suffer loss of data, money, and reputation. Recently, however, a spike in cyber-attacks has begun to create a heightened awareness of the breadth of cybersecurity – so much so that the Department of Homeland Security recently launched a web page dedicated exclusively to addressing the challenges of increased cyber-threats. Cybersecurity efforts should go much deeper than firewalls and antivirus software; they should be built from a deep view of your entire environment to make sure you are accounting for security in every possible way. How far back should your backups go? Too far and you risk an outdated recovery point. Not far enough and you could lose a swath of critical data in one fell swoop. Is every employee trained in how to spot potential cyber threats? If not, they could easily and unknowingly compromise your company’s security. How many offices does your business have? How many remote employees? How do they need to communicate, and how sensitive is the information they’ll be sharing? All of these questions – and many more – should be at the forefront of your conversations with your technology advisors.

2. Data analytics

Data is the bread and butter of any company. It tells you who your customers are, how your team is functioning, your profit margins, your inefficiencies, the list is practically endless. As your company pursues overall growth goals, there is perhaps no more impactful IT consideration than data analytics. A consumer population that just spent a year and a half reassessing and reprioritizing is already proving unpredictable, and the deeper level of understanding that data analytics can provide will be crucial to ensuring you are addressing what may be brand new pain points – and winning their business. A skilled technology advisor can help you pinpoint the data that will drive your business goals and deliver it to you in a way that helps you make more informed business decisions more quickly. For our clients, we create custom dashboards to relay data about both their company and their industry at large, giving them a multi-layered analytical view of their business that helps them make research-backed decisions that directly drive revenue, productivity, and growth.

3. Automation

Automation can have a huge impact on labor and cost by allowing staff to devote their time and focus to the most complex tasks. In some cases, it can even eliminate the need for additional roles. With a record-high number of businesses reporting trouble hiring right now, this is critical to streamlining operations and progressing toward business goals with fewer staff. The idea of automation is nothing new for executives; it’s likely been discussed among their leadership team for years. What many may not realize, however, is how much it has evolved – and how cost-effective it has become – since those discussions began. The automation tools that used to require expensive, custom development are now simple enough for employees to build them with fairly minimal guidance. It’s estimated that nearly half of all work tasks can be automated by current technology, so working with your advisors to identify opportunities to automate can have a huge impact on your company’s efficiency – and bottom line.

4. Strategic IT consulting

As a business owner, you shouldn’t have to try to keep up with the rapid pace of changes in technology – and with so many other responsibilities on your plate, chances are you couldn’t even if you did try. Your IT team should be more than providers, they should be strategic and holistic advisors in the same way your accounting, financial, and legal advisors are. That means not only keeping you informed about the changing tech landscape, but also helping you connect IT solutions to your overarching business goals by talking to about your company, not just your technology. Do you have plans to expand? What type of growth do you anticipate in your products or services? What are your business goals over the next 12 months? What is your current market share and who are your competitors? What do you wish you were doing better? These are the meaningful, goal-based conversations your IT advisors should be leading to make sure your technology isn’t just working in the background of your business but is actively and strategically driving it forward.

Your Tech is Your Advantage

When you treat technology as a standalone concern – or worse yet, an afterthought – you miss out on the opportunity to leverage it as a major competitive advantage. The technology your company relies on isn’t just about new tools or security or even remote environments; it’s about all of these things working in tandem to move your business forward – not just toward safe and seamless tech, but towards your larger goals for revenue and growth.

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About Anders CPAs + Advisors

For 55 years, Anders has delivered full-service accounting, tax, audit and advisory services to growth-oriented companies, organizations, and individuals. For 26 years, the Anders Technology team has helped businesses across all industries leverage technology to innovate, transform, and improve their bottom lines. Guided by an experienced team of advisors, Anders Technology is a Microsoft Gold Partner, the highest level in the Microsoft Partner Network. For more information on Anders, visit anderscpa.com and follow us on Twitter, Facebook, LinkedIn, and Instagram: @AndersCPA.

About Julia Deien, Microsoft Certified Professional

As a solutions architect and Microsoft Certified Professional, Julia helps organizations achieve their growth by matching technology solutions to business goals. This happens through collaborating with clients and analyzing their technology needs and business processes. Using her expertise in the Microsoft cloud platform and industry knowledge, she consults, designs, and implements technology strategies to help Anders clients not only understand their business’ technology, but maximize its full power.

About Jason Gotway, VSP5, VMTSP, VCP550

Jason is a solutions architect and team lead with over 10 years of experience in technology and cybersecurity. Using his knowledge of methods used by cybersecurity hackers, Jason educates companies and individuals on best practices for staying safe in all things cyber and implementing efforts to avoid cybercrime. He works with businesses to develop customized cybersecurity strategies to keep their company and employees safe and productive, whether they work in-office or remotely.

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Archives, Global Trade Daily, News

Location Analytics Market: Top Key Trends that will Boost the Industry Growth through 2026

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The global location analytics market size is poised to expand at substantial CAGR during the forecast period. Location analytics uses advanced technologies like Artificial Intelligence, Natural Language Processing (NLP), and Machine Learning (ML). They are used to find out the location data of customers to provide customized solutions for all their personal and business needs.

Enterprises across the world are increasing their focus on collecting dynamic location data to identify the preferences and tastes of the customers. This piece of information is quite useful for them as it helps to create effective marketing strategies. It even helps in identifying patterns in customer behavior and purchases which eventually assists them in making more informed decisions in the future.

The invention of GPS and GIS technologies has taken the world by storm. These are some of the most sought-after technologies to track down any location, no matter how far it may be. Based on the data about the number of times the customer has visited a place and the frequency of taking the same route, marketing companies provide customized suggestions that help customers take informed and timely decisions.

Some of the trends that will positively impact global location analytics market growth are as follows:

Rising use of GPS and GIS technologies in Europe:

Europe’s location analytics market will reach a valuation of more than $7 billion by the year 2026, according to market experts. GPS and GIS technologies are some of the most sought-after and advanced technologies and have seen a period of boom in demand among young consumers in the region in the past decade.

The main reasons for this are that these technologies help in location tracking, transferring real-time information to businesses and monitoring and tracking consumer behavior and buying patterns. Industries across the region like banking, insurance and retail are not essentially location-based industries but do take location tracking into consideration while processing insurance claims during natural calamities. They make use of the precise geographic coordinates to find out the area of disaster and work accordingly.

Scope of location analytics services in Europe:

The location analytics services segment will showcase strong growth in the coming years, according to market reports. Governments in countries like Italy, Germany and the UK are increasingly using location analytics in various industries like defense, construction, transportation and retail. Location-based marketing is on the rise in these countries as customers nowadays prefer to get customized information to make more informed decisions while purchasing their products. The adoption of smartphones by the younger generation is adding to the demand for location analytics services in the region.

Europe BFSI segment will boost demand for location analytics:

Out of all the segments undergoing digital transformation, the BFSI segment will contribute significantly towards the rise in demand for location analytics solutions in Europe. The banking sector is increasingly adopting location intelligence technologies to help in carrying out various activities like increasing safety in monetary transactions, route analysis, record management of customers and ATM network management.

Outdoor positioning location analytics use in North America:

North America’s location analytics market is predicted to be worth $8 billion by the end of the forecast period.

The outdoor positioning segment will play a vital role in the overall advancement of the location analytics market in North America. Companies that operate at different locations have to use geographic analytics to get in-depth insights and make sound business decisions. Advanced analytics are being used by businesses to make plans for outdoor spaces. This kind of positioning even helps companies track objects and customers with the help of real-time locations.

Use of thematic mapping and spatial analysis in Canada:

Canada will play a vital role in encouraging the rise in demand for location analytics solutions in North America. The thematic mapping and spatial analysis segment in the Canadian market will experience substantial growth in the coming years as these tools are being increasingly used in the field of business intelligence.

With the help of thematic maps and spatial analytics, businesses can get a visual representation of their future action plans. In November 2020, the New Brunswick Department of Transportation and Infrastructure (NB DTI) was awarded for its creative use of GIS and location analytics to identify problems in road construction and having long-term plans for changing old culverts.

Google is another example of product innovation as its product, Google Maps, has an AR-enabled Street View mode that helps the user find real-time directions and custom recommendations as well.

Effective supply chain planning application in APAC:

Location analytics market size in Asia Pacific is reported to reach more than $8 billion by 2026. The supply chain planning and optimization segment will contribute significantly towards boosting location analytics services use in the future. There are several obstacles that supply chain organizations have to face while transporting raw materials or finished goods from one place to the other. With the use of location-based analytics, these problems can be effectively sorted out and delays in delivery can be greatly reduced.

For example, the Philippines National Economic and Development Authority, in May 2020, announced the launch of advanced location analytics solutions to identify the disruptions in supply chain management during the COVID-19 pandemic. This greatly helped the officials to manage their supply chain operations and work in a more efficient manner, with the help of real-time data and visibility.

Role of COVID pandemic in APAC location analytics market:

The COVID-19 pandemic greatly affected different businesses across the world with countries like India and China being adversely affected by the virus outbreak. This resulted in tremendous rise in smartphone usage across the region, leading to increased use of location analytics solutions. The Government of India has immensely benefited from the use of this as it has helped the officials in conducting effective contact tracing of people who have come in contact with COVID positive patients.

Some of the key organizations providing location analytics solutions and services across the globe are Cisco Systems Inc., Alteryx Inc., Esri Global Inc., HERE Global, Google LLC, IBM Corporation, SAP SE and many others.

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Archives, Global Logistics, Global Trade Daily, International Trade

5 Business Innovations Changing Supply Chain Management

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Efficient supply chains help businesses to be more competitive in the logistics market. One study shows that 57% of companies have admitted supply chain management gives them an edge over competitors and enables them to develop their business further. With the advent of data analytics and automation, supply chain processes have become more streamlined than ever.

The incorporation of technological solutions such as artificial intelligence, autonomous robots, and RFID is rapidly transforming supply chain processes. With the integration of technology, logistics has become faster and efficient than ever before.

The use of technology in supply chain management has completely changed the structure in which businesses operate.

In this post, I’ll list five key innovations that are transforming the supply chain industry.

Let’s dive right in.

1. Data Analytics and Artificial Intelligence

Big Data Analysis and Artificial Intelligence are making a significant impact on Supply Chain Management. Automation in data processing allows supply chain managers to get vast amounts of information in real-time and make smarter decisions based on that information.

Additionally, the internet of things (IoT) devices provide supply chain companies with reliable data on consumer inclinations and logistics trends. The best part about artificial intelligence is that it transforms raw data into actionable information without the need for human interference. According to McKinsey, after incorporating AI into their supply chains most executives reported an increase in revenues, whereas 44% reported a reduction in costs.

IoT is also helping supply chain companies in effective fleet management by automating their day-to-day business operations. For example, devices like ELD solutions allow managers to record driver logs, Hours of Service, browse engine data, and perform vehicle Inspections with a few clicks.

2. Impact of 3D Printing On Global Supply Chain

With advances in 3D printing, companies are manufacturing and delivering products quickly. 3D printing allows manufacturers to produce customized products and spare parts according to the needs of consumers. As manufacturing processes are customized and fastened, supply chains are becoming shorter, and the demand for goods supply is changing.

To stay competitive in the logistics market, supply chain companies are also turning to 3D printing to deliver products quickly. By adopting this technology, manufacturers produce goods closer to consumers, resulting in lower inventory levels, reduced shipping costs, and economical warehousing. According to a survey by Gartner, 65% of global supply chain managers are already using or plan to invest in 3D printing.

3. Autonomous Robots

The use of autonomous robots in supply chain management is improving the speed and accuracy of routine tasks, increasing productivity, and decreasing management costs. The bots are particularly helping in warehousing and manufacturing. Besides increasing efficiency by working side by side with human labor, the bots also reduce the risk of injury in dangerous situations.

Robotic process automation (RPA) helps supply chain managers locate and enhance inefficiencies across the chain. RPA also allows managers to run a smooth operation by responding to queries 24/7 through artificial intelligence.

Some supply chain giants are also investing in autonomous vehicles to cut payroll costs, eradicate the risk of human injury on the road, increase fuel efficiency and reduce vehicle wear and tear. All this ultimately increases Return on Investment (ROI).

4. Use of Logistics Software

Supply chain management companies extensively benefit from logistics software, such as the Transport Management Software, or TMS. TMS offers a digital platform for supply chain managers to optimize fleet operations by efficiently tracking inventory and materials across the supply chain in real-time.

In traditional supply chain management, fleet tracking was a time-consuming manual task with a high chance of error. Logistics software systems have automated warehousing and inventory tracking. This ultimately improves accuracy and minimizes operating costs while ensuring transparency between the businesses and the consumer market.

5. Radio Frequency Identification

Like most other businesses, Radio Frequency Identification or RFID is contributing effectively to supply chain operations. RFID is a wireless technology that uses radio signals to tag objects. These tags look like barcodes and are used to automatically identify, follow and trace goods in real-time without human intervention. This significantly improves data accuracy and traceability throughout supply chains.

The RFID technology offers several supply chain benefits, including efficient material handling, enhanced asset management, and improved merchandise availability. It is particularly beneficial in managing supply disruptions by reducing workload and eliminating human errors.

Final Word!

Technology, especially automation, is transforming every industry around the globe. Technological advancements are making a significant impact on logistics and supply chain management as well. With these innovations already in use by the industry giants, it is high time that small businesses also integrate them into their supply chain processes to ensure lasting success in the industry.

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Craig Stobbie is the Director at Endura Private Wealth. With over 12 years’ experience in the industry, both in Australia and in the UK, and holding the internationally recognised Certified Financial Planner™ designation, the highest qualification within the Financial Planning Association of Australia, he specializes in helping people with transition to Retirement planning, Superannuation, Investments and meeting their Insurance needs.

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Archives, Global Trade Daily, Software

How Data Analytics Can Help in Making Better Operational Decisions

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In any business, it’s the role of an operations manager to make critical decisions that will cause ripples throughout the entire value chain. In the course of doing so, he  asks himself certain questions. What kinds of raw materials will reduce total cost? How can we schedule and manage production so as to maximise throughput? And how can we schedule maintenance so as to cause the least amount of disruptions?

In the past, such crucial decisions were made, keeping these questions in mind, based on general rules of thumb or traditional business intelligence. Today’s managers and leaders, however, have the support of technology and advanced data analytics to make well-informed decisions that optimize value on all levels.

With that said, there is still a steep learning curve for many of these operations leaders in terms of understanding how they can best apply advanced analytics in their companies. Those who don’t necessarily have a background in analytics might find it challenging having to figure out the many difficult terms alone. Such lack of awareness or experience can make it difficult for managers to identify and employ the best techniques that will work to their advantage. In short, they might lose important business opportunities simply because they cannot properly comprehend and harness the power of analytics.

To better understand what advanced analytics is about, we suggest thinking about it in terms of three aspects: analysis, modelling, and optimization.

Analysis: Looking Back on the Past

Analysis is the most basic stage of advanced analytics. It entails looking back on the past—that is, gathering data about a company’s past performance and analysing said data. During the process, a selection of key performance indicators (KPIs) are gradually identified and summarised. This stage provides unique insight into the different factors that drive value as well as suggests solutions that can increase value.

Modelling: All About Simulations and Possibilities

While analysis looks back on past events, modelling is all about predicting the future—that is, simulations of the future. In this stage, a company can predict possible scenarios for their business with the help of a model. (“Model” in this instance refers to any abstract representation of a company or organisation.) With modelling, managers can experiment with different strategies and perceive the resulting outcomes free from any risk, in what is essentially a virtual reality.

Optimization: Maximising The Value of Your Decisions

After analysis and modelling comes the final stage: optimization. This is the phase when the rewards from applying analysis and using modelling finally reach fruition. Using data gleaned from the previous two stages, managers are now better equipped to make decisions for their businesses that will optimize value creation on every level. Every business faces complex problems in its day-to-day operations, and the bigger the company, the more complicated the issues. Simply put, optimization techniques help in identifying the best possible solution for these problems.

The Future of Advanced Analytics

It remains to be seen how far analytics can go in terms of technological development. But one thing’s obvious: with analytics, managers now have the power to transform their businesses and thus change the world.