Supply Chain Analytics for Improved Performance: Actionable Metrics for Operational Advantage

In the fast-paced freight brokerage back office, supply chain analytics are key to gaining an advantage in a crowded field of competitors. At Drumkit, we provide that operational intelligence by tracking KPIs and metrics within our powerful freight broker software, giving broker back offices actionable metrics to evaluate team performance and business profitability.

By quantifying KPIs like quote success rate and email response time, freight brokers can gain valuable insights into their operations. Drumkit’s KPI metrics, including email volume and managed loads, empower freight brokers to optimize team performance, refine strategies, and identify growth opportunities.

We also help freight brokers understand their costs. They know what they paid the carrier, and they know what the customer paid them. But without good metrics, freight brokers don’t fully understand what their labor costs are. We lay out those metrics so brokers can easily see all their costs.

And, with Drumkit’s KPI dashboard, freight brokers can make data-driven decisions to propel their businesses forward.

⚙️Business Growth Requires Operational Intelligence

Freight brokers have to move fast to win loads and then get that freight moved on time. Moving at breakneck speed usually means there’s little or no time for reflection. But assessing performance can be one of the best tools for improvement – and business growth.

“Key performance indicators are indispensable tools that ensure alignment, accountability, and performance improvement throughout a firm,” advisory company MarshBerry said. “All employees, from service teams to producers and senior leadership, can benefit from KPIs when implemented thoughtfully and communicated effectively. By utilizing relevant, measurable and dynamic KPIs, organizations can bridge the gap between individual and organizational goals, fostering a culture of continuous improvement and success.”

📶Quantifiable Metrics for Increased Sales Performance

Freight brokerages can increase their sales teams’ performance by measuring such KPIs as quote success rate and sales reps’ time spent per customer. These are just two of the metrics available within Drumkit’s KPI dashboard, which also measures freight brokerage sales reps’ individual email volume, the number of managed loads, and email response time.

These metrics not only help freight brokerages evaluate individual sales reps’ performance but also provide a picture of the business’s overall health and the health of customer relationships.

A FreightWaves Ratings article said that KPI “insights can help you book more loads, streamline processes, and strengthen relationships to reduce customer churn. They empower you to identify productivity improvement opportunities, and delight customers with greater speed and responsiveness.”

It went on to say that KPIs help freight brokers “know about issues in real time and pivot in the moment to save time, money, and important business relationships for increased profitability.”

💡Actionable Insights Lead to Actionable Opportunities

Despite technological advances designed to optimize back-office operations, many freight brokerages, shippers, and carriers still struggle with KPIs.

“Over half of businesses think they are just OK at gathering and using supply chain KPIs,” a Coyote Logistics survey of nearly 1,000 shippers and more than 675 carriers found.

“One reason gathering accurate data, gathering consistent data and merging data across providers are all listed as top KPI challenges may be that 56% of respondents are using free, manual, low-tech solutions to manage performance metrics,” it said. “Even with ERP, TMS, and WMS technology available, most businesses still rely on the tried-and-true spreadsheet for at least some of their KPI management.”

Drumkit is working to make the paper spreadsheet obsolete. Utilizing the data provided within Drumkit’s KPI dashboard enables freight brokers to make informed decisions, leveraging actionable insights for optimizing team performance, refining business strategies, and identifying growth opportunities.

🥁Put Your Supply Chain Analytics to Work With Drumkit

“As the logistics industry continues to evolve, the role of data analytics in freight brokerage will become even more critical,” an Intellspot blog said. “The ongoing advancements in artificial intelligence (AI), machine learning, and big data technologies will further enhance the capabilities of data analytics.

“Freight brokers who embrace these technologies and continuously innovate their analytics practices will be better positioned to thrive in a competitive market.”

At Drumkit, it is our mission to arm freight brokerage back offices with the technologies to help them thrive. Our KPI dashboard is just one of the powerful tools leveraging freight broker software for back-office optimization. We enable freight brokerage back offices to take their businesses to the next level with our automated load management, integrated communication tools, enhanced financial management, and much more.

Our freight broker software helps freight brokers move fast, scale rapidly, and grow their businesses by eliminating manual processes. It begins with a quick quote tool that instantly responds with rate quotes for loads. Drumkit’s tools also enable at-a-glance load assessments, integrated load building, and streamlined appointment scheduling.

Other powerful features within Drumkit that help freight brokers move faster through every step of the load cycle include a smart sidebar, track and trace, and smart replies.

Gartner said that to make better analytics management and organizational decisions, supply chain leaders should “harvest accurate and comprehensive data” and invest in the “supply chain technologies in the supply chain technologies and digital transformation that support real-time data analytics.”

‍Drumkit is the only investment needed for that digital transformation of supply chain data. See for yourself what Drumkit can do for your freight brokerage back office. Book a demo today.