Eye for Transport’s 2015 Hot Trends Report sheds light on the impact LTL predictive analytics will have on supply chain in the next decade. Results of a survey indicated that 52.7% of respondents believe predictive analytics will be the most impactful technology on supply chain. To put it simply, predictive analytics is the ability to make predictions on future events based on an analysis of live and historical data.
LTL APIs, Retail APIs, Manufacturing APIs, and More
project44’s Freight APIs have revolutionized the freight and logistics industry by facilitating instant connectivity and end-to-end transportation visibility. Our upcoming release of a LTL predictive analytics product, which is powered by our Freight APIs, will provide shippers and 3PLs with real-time access to the big data required to proactively react to shortfalls in their freight transportation network and respond to market conditions. The product uses rule-based algorithms to processes current and historical data to determine future outcomes.
As far as predictive services in LTL freight transportation, no one else in the marketplace has access to the breadth of data required to offer this service. Additionally, there is no other provider with the technical capabilities to analyze such a wide range of structured and unstructured information.
What Does LTL Predictive Analytics Look Like in the Real World?
For example, with the on-time pickup and delivery reporting module of our LTL predictive analytics product, companies can foresee which pickups and deliveries will be late, enabling them to optimize carrier and lane selection based off of both historical and live data. Analyzing on-time percentages allows for better freight transportation decisions, resulting in improved profits and customer satisfaction. 3PLs and Shippers can now, for the first time ever, utilize data to proactively manage their supply chain and better oversee their carrier partnerships.