Analyst Report: Supply Chain Technology Award
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Frost & Sullivan: Best Practices Award
Globalization has changed the landscape of commerce and trade. When utilizing a global supply chain operating model, companies (e.g., ocean carriers, shippers, freight forwarders) are suddenly dealing with a much broader, diverse, and complex set of value chain partners that they should need to interact with. Frost & Sullivan observes how the resulting increase in supply chain complexity has made it quite challenging to understand, analyze, and anticipate events, bookings, and movements in the global trade network. In addition, there is also the challenge of turning the massive amount of inaccessible and unmanageable data into information that companies can use to make better business decisions. Typically, companies that own large assets are not able to understand where they need their assets (e.g., containers), or where they will use them over time. Likewise, shippers and freight forwarders or brokers are usually unable to make the right trade decisions for their customers based on the prediction of what will arrive.
Frost & Sullivan ongoing analysis concludes that all of these problems can be attributed to the inefficiencies of existing technologies used in global trade. In an era where Big Data and cloud computing is available, the traditional top-down formula approach is used in the logistics industry. This traditional approach only averages trends – resulting in error-prone predictions of event outcomes, poor asset allocation, and inaccurate trade management decisions.
Under such circumstances, Frost & Sullivan believes that the predictive logistics company that can provide an advanced technology to simplify the overall supply chain complexity, leverage massive volumes of data to better understand the future, enable a highly accurate and granular prediction of global trade events, improve supply chain management and efficiency, and drive profitability will secure a clear leadership position in the market.