Is 100% data accuracy possible for your organization?

Within the landscape of freight and logistics, no matter whether you’re a freight forwarder, broker, carrier, NVOCC or customs broker, speed and accuracy determine how successful your operations are. In an industry driven by data at every stage of the supply chain, it’s somewhat surprising that data still remains one of the biggest roadblocks to the success and growth of freight and logistics organizations.?

Unstructured data coming in from multiple sources creates a breeding ground for errors and inaccuracies, all of which impact your efficiency, productivity and quality of service. Data inaccuracy is at the root of the most common challenges organizations face. From increased demurrage and delays, to poor shipper satisfaction, poor data quality has become a major business risk for freight organizations.?

But the question is - how can organizations achieve 100% data accuracy when dealing with so much unstructured data they can’t manually sift through and process? Is achieving 100% data accuracy even possible? The good news is that the answer is a resounding yes, but not without the help of AI. Let’s examine why unstructured data is the culprit behind losses and inefficiencies and how AI is the all-in-one solution freight and shipping organizations need to overcome their overwhelming data challenges.?

Why data accuracy matters

Data quality is not the only determining factor impacting your operational efficiency. Your data may be structured and cleansed through hours of manual processing, but if it’s inaccurate, it won’t matter. You’ll still incur losses regardless.?

Aside from eating into your margins and profitability, inaccurate data has the potential to upend your entire operational ecosystem. If that happens, it could also affect your reputation, not only as a trusted service provider, but also as a key partner within the supply chain. Some of the major operational risks of inaccurate data include:

Demurrage and delays

Inaccurate shipping data, whether it comes from a shipper, forwarder or carrier, can cause delays in the shipping process. No matter where the inaccuracy starts, it has a knock-on effect on the entire shipment process, thanks to the interconnected nature of shipments.?

Inaccurate data could result in a less than optimal route being selected, an incorrect shipping condition being used or even a more costly shipping process, slowing down the shipment timeline. These delays could have a detrimental effect on the quality of the items being shipped, particularly if they are time or temperature-sensitive.?

Increased operational costs

Every freight and logistics company is fighting a constant battle against unpredictable price fluctuations, as the supply chain continues to readjust and adapt in the wake of 2020. Inaccurate data leaves organizations vulnerable to unnecessary, avoidable hikes in operational costs, eating into their margins.?

Having accurate data at your fingertips is imperative to making smarter, cost-effective decisions that reduce expenses, minimize the risk of loss and optimize budgeting for operational procedures.?

Lost productivity

Inaccurate data doesn’t just cost your organization money, it costs your team time. Time that they could otherwise be spending more productively, adding value to their roles. Inaccurate data creates bottlenecks in your processes and requires time to identify and resolve them in the best way possible. All of this translates into wasted time and lost productivity, hampering your efficiency and your ability to scale.?

Poor decision-making

Without the right data you need to guide your decisions, it’s inevitable that you’re going to end up making costly, less than optimal decisions. This doesn’t mean you or your team are incompetent. Rather it means your competency is compromised by inaccurate or omitted data, preventing you from making optimal decisions in the strategies you develop and solutions you deploy.?

Poor stakeholder trust

With all of this inefficiency abound, it’s only a matter of time before these compounded challenges hamper your organization’s reputation and reduce stakeholder trust in your abilities.?

Poor stakeholder trust is a blow that’s incredibly difficult to recover from, especially in an industry as competitive as freight and logistics, when there are hundreds of competitors who could take your spot as a stakeholder’s preferred partner or service provider.?

All of these very real challenges might spell doom and gloom for freight companies, but the good news is that it doesn’t have to. Taking a proactive stance to eliminate inaccurate or compromised data before it becomes a business liability is the key to overcoming it and securing your long-term success. Data accuracy is the solution here.?

Deploying AI to deliver 100% data accuracy

Proactively deploying better data accuracy strategies addresses the risks discussed above, while optimizing your margins, productivity, visibility and trust. How exactly can freight organizations do this? The only surefire way to eliminate the threat of data inaccuracy is through data management automation.?

Automation of data, through which your data is structured, cleansed, enriched and optimized before being centralized in a single system, is the silver bullet to solving all of your data challenges simultaneously. The key factor here is automation. Trying to manually perform all of these tasks takes up time, productivity and still leaves your data vulnerable to human error.?

100% data accuracy is only possible through AI and ML models. AI-powered platforms, such as StarDox, are designed to process high volumes of unstructured data in seconds, centralizing it and identifying errors and omissions before they become bottlenecks and risks.?

StarDox: Your Solution to 100% Data Accuracy

Through a platform like StarDox you not only enjoy centralized access to accurate, structured shipping data, but also in-depth analytics and reporting, giving you granular insights into where and how you can improve your processes. The result is a win for every area of your business, including greater efficiency, more time saving, process optimization, better margins and higher profitability.?

The best part is that StarDox doesn’t replace your team through data automation. It equips your team with the power of automation so they can complete their tasks faster and with no risk of errors. They can focus on more high-value tasks, driven by accurate data and valuable insights that allow them to deploy more strategic decisions at every process point.?

Book a demo to see for yourself how StarDox can deliver 100% data accuracy and eliminate the risk of inaccurate data before it’s too late.?