Like most businesses, your organization probably receives updates on freight shipments as they reach various locations across your supply chain. While helpful, upgrading to a solution that facilitates real-time shipment tracking could give your brokerage business additional supply chain visibility.
As a freight broker, you could leverage these insights to streamline operations, better serve clients and unlock many other benefits. With that in mind, let’s take a deeper dive into the importance of real-time tracking for brokerage businesses.
How does shipment tracking work for brokerage businesses?
Real-time shipment tracking refers to your ability to monitor the location of a shipment at any time.
Instead of periodic updates when shipments arrive at or depart facilities, you can track your shipment using a visibility platform. These solutions leverage GPS data to provide up-to-the-minute updates about the whereabouts of your goods.
While GPS is the primary tool brokerage businesses use for real-time tracking, other solutions can assist with supply chain visibility.
For instance, radio frequency identification (RFID) technology can also be used to track shipments. RFID systems use electromagnetic fields to track tags attached to goods or containers.
6 benefits of real-time shipment tracking for brokerages
Although your existing tracking tools may meet your needs, adopting real-time technology provides additional advantages that fuel business growth.
More specifically, a real-time monitoring solution will help with your brokerage business with the following:
Increasing efficiency
While traditional tracking tactics provide meaningful insights about your supply chain, several blind spots exist. Real-time tracking solutions shed light on every link of your logistics chain. They offer end-to-end data about your freight shipments as they progress to their final destinations.
Analyzing this information helps you identify friction points or logjams in your logistics strategy. From there, you can remedy bottlenecks and boost overall delivery efficiency.
Increasing logistical efficiency will lead to significant cost savings, as you can reduce resource waste and improve on-time delivery rates.
Making data-driven improvements
Making decisions without knowing all the variables can be challenging. Fortunately, real-time shipment tracking promises to elevate your decision-making process.
A real-time tracking platform will provide the information you need to capitalize on emerging opportunities for your brokerage business. You can base every decision on detailed, actionable intelligence and take your business to new heights.
However, the right tracking platform will provide much more than just real-time location data.
Top solutions also include robust tools you can use for detailed charts, graphs and reports that assist with data interpretation. These tools will further assist with decision-making and help you monitor core business performance metrics.
Meeting customer demands
When clients partner with your brokerage business, they expect you to keep them looped in on shipment statuses. Real-time tracking technology makes this far easier.
You and your team can access live location data about customer shipments with the click of a button. You can share this information with them, keep them apprised of delays and exceed their expectations.
Ultimately, investing in a dynamic shipment tracking platform will help strengthen your brand image and promote client loyalty.
Increasing accountability
Keeping carriers accountable is critical to the success of your brokerage business. Unfortunately, this is an incredibly difficult task, or at least it used to be.
With real-time tracking technology at your disposal, you can keep all of your carrier partners accountable. You can track average delivery times, watch for potentially costly delays and ensure that drivers live up to your standards.
When you proactively work to promote accountability among your partners, everyone wins, especially your clients. They’ll enjoy faster, more efficient and reliable service, which will keep them coming back to your brokerage.
Tracking and rerouting delays
In the fast-paced world of logistics, delays are unavoidable.
Some factors, like road closures or inclement weather, are beyond your control. But if you have access to live location data for your shipments, you can pivot when unexpected delays threaten your delivery timetable.
By giving yourself the ability to adjust on the fly, you can better serve your clients and protect your company’s reputation.
Staying competitive
As a successful freight broker, you know how important it is to hone your competitive edge. Investing in a real-time tracking solution can help differentiate you from other brokers and deliver a higher level of service.
Once your solution goes live, you can showcase this new offering on your website and in other marketing materials.
Make sure you let your clients know the steps you’re taking to improve shipment visibility and efficiency. Doing so may assist with new customer acquisition and improve retention rates.
Modernize your freight brokerage businesses with real-time tracking
As you can see, implementing a real-time shipment tracking platform can be a huge win for your brokerage business.
When searching for a solution, consider factors like cost, ease of use, implementation and any additional tools the platform provides. Once you find the right fit, deploy the technology and start reaping the benefits of optimized supply chain visibility.
FAQ
Real-time shipment tracking is the ability to readily access shipment location data via GPS technology and a logistics platform.
Real-time tracking technology allows you to obtain up-to-the-minute updates about your freight shipments. You can use these insights to make adjustments when delays occur and keep clients looped in on delivery changes.
Real-time tracking might involve monitoring a shipment as a carrier drives across the country or tracking a vehicle as it progresses through phases of an assembly line. Any technology that provides live updates about an asset’s status and location constitutes real-time tracking.
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