The data collected along the shipment journey plays an integral role in a company's ability to conquer the uncertainties that plague the transportation ecosystem. In this blog, we’ll share how information gathered from a bill of lading (BOL) can provide visibility into your operations, serve as true business intelligence, and empower your teams to make better decisions.
One way companies analyze information on the freight bill is by pattern extraction. This allows businesses to make sense of the mounds of data used in the freight billing process, measure customer satisfaction, and identify strategic business goals.
Before data can be mined and patterns identified, it must be captured.
This is typically done in one of three ways, or a mix of them: manually, by template-based Optical Character Recognition (OCR) programs, or by template-free processing, which is a much rarer form of capture. The methods you use determine the simplicity of the process and the accuracy of the information being examined. While template-based OCR automatically processes bills based on content, template-free models apply machine-learning technology with context recognition to learn, understand, and store new bill templates for future straight-through processing. This advanced method of data matching and validation allows companies to classify, extract, reconcile, and export data in a way that enables its full utilization after processing is complete.
Logistics is about collecting information: where deliveries are, where they must go next, and the most cost-effective way to get them to their destination. The intelligent and effective collection, analysis, and application of data help companies predict and prepare for what's next.
This is critical when making decisions for all aspects of the operation, including retaining a profitable customer base. What does the data tell you about how you meet customer expectations?
A few questions transportation providers should ask themselves:
Identifying pain points and working toward solutions based on tangible data found along the delivery route helps build customer trust while pursuing better business health. This is where the BOL comes into play. Valued as the contract of carriage, the BOL includes a variety of fields that, if analyzed and audited properly, can help you strengthen your strategic approach to deliveries, customer reliability, and cost containment.
A BOL is more than just a shipping document; it’s a goldmine of business intelligence. By analyzing key fields, you can uncover valuable insights to optimize operations, improve customer experiences, and drive growth.
Here are some critical BOL data points to evaluate and how they can transform your logistics strategy:
Dive deeper into how much business is conducted with specific clients and where deliveries are concentrated. This analysis can help you:
A BOL is more than paperwork. It is a strategic tool that can help you refine processes, create new opportunities, and deliver more value to your customers. By leveraging these insights, you can turn logistics data into a competitive advantage.
While the possibilities are endless, here are some questions transportation providers can answer with the data at their fingertips now:
For example, after implementing freight billing with The DDC Group, The Custom Companies reduced hours from its linehaul schedule, enabling shorter delivery times for customers. Similarly, Estes Express Lines strengthened customer relationships by providing more accurate data faster than ever, thanks to our intelligent freight billing solutions.
Whether your goals for this year include cutting overhead, reducing turnover, digitizing operations, expanding into new markets, or diversifying service offerings, the insights you need to make informed decisions are already within reach. With the right tools and strategies, your business can achieve its objectives and drive growth.