FreightWaves inks deal with Slync to advance supply chain and logistics markets
Slync, an intelligent platform redefining multi-party interaction, automation and collaboration throughout the supply chain, has agreed to a multi-year partnership with FreightWaves, a data and content source for the freight market.
The new partnership positions Slync and FreightWaves to collaboratively advance the logistics and supply chain industries through content, education and technology.
In working with FreightWaves, Slync gains access to a powerful community of participants in the transportation and supply chain markets.
FreightWaves is one of the charter companies of the Blockchain in Transport Alliance (BiTA), a first-of-its-kind trucking industry consortium for developing and promoting industry standards in blockchain use.
FreightWaves hosts the BiTA community events and activities in partnership with the membership. In May, Slync’s automation and digitisation platform – which leverages intelligent workflows, predictive analytics, AI and blockchain – won “Best in Show” at FreightWaves’ Transparency 18 conference.
“Slync is at the forefront of helping enterprises leverage emerging technologies to improve supply chain performance, automation and transparency,” said Craig Fuller, Founder of FreightWaves and Managing Director of BiTA.
“At Transparency 18, Slync was recognised as ‘Best in Show’ for its new enterprise automation platform. We’re ecstatic about this partnership, which promises to add immense value to our community and the industry as a whole.”
Chris Kirchner, CEO of Slync, will be a featured presenter in November at the MarketWaves18 conference in Dallas/Fort Worth that will feature leading technology and innovations in the supply chain.
Michael Lewis, author of Flash Boys, The Blind Side and Moneyball is presenting as the keynote.
“The global supply chain has reached a critical juncture. There’s an immense opportunity and need to automate critical supply chain processes and improve collaboration,” said Kirchner.
“Our partnership with FreightWaves enables us to join the conversation with many industry leaders as well as equip more companies with the technology and resources they need to digitize key processes and improve supply chain performance.”
5 Minutes With: Jim Bureau, CEO Jaggaer
What is data analytics, and why is it important for organisations to utilise?
Data analytics is the process of collecting, cleansing, transforming and analysing an organisation’s information to identify trends and extract meaningful insights to solve problems.
The main benefit for procurement teams that adopt analytics is that they’re equipped to make faster, more proactive and effective decisions. Spend analysis and other advanced statistical analyses eliminate the guesswork and reactivity common with spreadsheets and other manual approaches and drive greater efficiency and value.
As procurement continues to play a central role in organisational success, adopting analytics is critical for improving operations, meeting and achieving key performance indicators, reducing staff burnout, gaining valuable market intelligence and protecting the bottom line.
How can organisations use procurement analytics to benefit their operations?
Teams can leverage data analytics to tangibly improve performance across all procurement activities - identifying new savings opportunities, getting a consolidated view of spend, understanding the right time for contract re-negotiations, and which suppliers to tap when prioritising and segmenting suppliers, assessing and addressing supply chain risk and more.
Procurement can ultimately create a more comprehensive sourcing process that invites more suppliers to the table and gets even more granular about cost drivers and other criteria.
"The main benefit for procurement teams that adopt analytics is that they’re equipped to make faster, more proactive and effective decisions"
Procurement analytics can provide critical insight for spend management, category management, supplier contracts and negotiations, strategic sourcing, spend forecasting and more. Unilever, for example, used actionable insight from spend analysis to optimise spending, sourcing, and contract negotiations for an especially unpredictable industry such as transport and logistics.
Whether a team needs to figure out ways to retain cash, further diversify its supply base, or deliver value on sustainability, innovation or diversity initiatives, analytics can help procurement deliver on organisational needs.
How is data analytics used in supply chain and procurement?
Data analytics encompasses descriptive, diagnostic, predictive and prescriptive data.
Descriptive shows what’s happened in the past, while diagnostic analytics surface answers to ‘why’ those previous events happened.
This clear view into procurement operations and trends lays the groundwork for predictive analytics, which forecasts future events, and prescriptive analytics, which recommends the best actions for teams to take based on those predictions.
Teams can leverage all four types of analytics to gain visibility across the supply chain and identify optimisation and value generating opportunities.
Take on-time delivery (OTD) as an example. Predictive analytics are identifying the probability of whether an order will be delivered on time even before its placed, based on previous events. Combined with recommendation engines that suggest improvement actions, the analytics enable teams to proactively mitigate risk of late deliveries, such as through spreading an order over a second or third source of supply.
Advanced analytics is a research and development focus for JAGGAER, and we expect procurement’s ability to leverage AI to become even stronger and more impactful.