Let’s look at the facts – the percentage of supply chain managers using new analytics tools and services to develop better bidding strategies has increased from 17% in 2017 to more than 30% in 2020.1 As the ability to strategize bidding continues to improve and keep shippers competitive, that number will continue to grow. Soon, it’ll almost be a guarantee that if you’re not leveraging modern data analytics properly, you’re losing money or leaving it on the table. So, what are your competitors getting from modern data and analytics solutions that you’re missing out on?
Here are the main features of modern supply chain analytics solutions and services that help shippers optimize freight procurement, bidding, and benchmarking.
In March, we wrote about many of the issues impacting chemical bidding and benchmarking carrier rates in 2021. Chief among them was COVID-19. Other major factors include Withhold Release Orders from US Customs and Border Protection, natural disasters, increased risk of wildfires, and theft. The tools listed below will help you navigate all these challenges to achieve the best rates possible without compromising speed or service.
Interactive Rate Benchmarking
Interactive rate benchmarking makes it easy to validate and analyze internal data alongside outside sources, enabling a significant improvement in rate prediction, competitiveness, and comparable market service requirements. Next-generation supply chain management tools like CLX LaneLogix™ are a perfect example of the type of system. These tools allow for the immediate implementation of extensive data warehouses that enable a shipper of any size to compete in the same arena as the biggest chemical manufacturers and shippers in the world.
Procurement Event Strategies
Continuing with CLX LaneLogix as our example platform, another critical feature is the ability to design and develop competitive go-to-market procurement event strategies with world-class support from the team at CLX Logistics. Not every platform offers expert-enhanced procurement event strategies on top of a digital platform!
Service Level Benchmarking
Service level benchmarking is a fast and effective way to evaluate and compare shipper and customer-imposed service requirements and standards. Modern tools make it faster and easier than ever to record a baseline, benchmark current performance levels internally, and evaluate performance relative to other organizations with actionable insights.
E-Bids & Negotiations
A successful approach to chemical freight bidding means looking beyond traditional spot or contracted freight concepts. Shorter contracts through mini-bids and tapping flexible markets with ample capacity may offer significant savings, depending on the unique conditions of every market, lane, or other freight management party. The easiest way to capitalize on bidding and negotiation opportunities is with a tool like CLX LaneLogix. Customers have full access to freight management data and see how everything occurs within the context of the global chemical transportation market.
Ongoing Spend Analysis
Getting the right insights is a constant effort that’s heavily improved with automation and modern analytics capabilities. In the case of CLX LaneLogix, advanced analytics software is guided by experts to parse data from a variety of sources that track transportation capacity utilization, performance, cost, environmental impact, and more. All that data is analyzed to identify opportunities and inefficiencies in each spend category, and uncover precise opportunities to lower costs, improve performance, and strengthen reliability and flexibility.
Network Risk Assessments
Modern procurement platforms include risk assessment solutions driven by experienced logistics professionals that enable shippers manage all the potential risks in your supply chain. With clear, real-time updates and insights, you’re able to proactively identify and address threats that could negatively impact product integrity during transportation. These insights are critical in the chemical sector where highly volatile, perishable, and strictly regulated materials are common.
Data-Informed KPI Development
An accurate understanding of your KPIs is paramount to securing the best rates across your transportation network. Advanced procurement platforms help define future procurement savings metrics while monitoring and sharing critical data with all the right people. From shipping time to order accuracy, warehousing costs, inventory-to-sales ratios, and much more, you can consistently achieve your targets and help your partners achieve theirs
Get Started with Next-Gen Bidding, Benchmarking, & Procurement
The easiest way to take advantage of all the perks listed above is to integrate a service like CLX LaneLogix into your bidding, benchmarking, and procurement toolbox. CLX LaneLogix lets chemical shippers and supply chain specialists explore opportunities and trends in their global network with unprecedented visibility and easily connect their transportation operations and business goals.
Don’t get left behind in an industry that’s rapidly adopting the next evolution in supply chain optimization. Get CLX LaneLogix and take your bidding, benchmarking, and procurement strategies further than you ever realized was possible.
Want to dig deeper into how the team at CLX Logistics optimizes the use of CLX LaneLogix with precision planning, analysis, and decision-making? Check out our Guide: Effective Chemical Freight Procurement, Bidding, and Benchmarking. If you have questions or want to talk directly to an expert, don’t hesitate to contact us.