Data collection and analytics play a major role in driving business-specific decisions in enterprises and organizations. The users generate 2.5 quintillion bytes of data every day, hence businesses find it cumbersome to collect, assess, and interpret the data to derive actionable insights that trigger business decisions. The logistics industry is gigantic, where industries estimate its value to reach USD 15.5 trillion in 2023, and the volume to hit 92.1 billion tonnes in 2024. This article focuses on discussing the data-driven future of shipping and logistics, and why data science education is a key aspect to build the relevant data science skills to be a well-established data science professional.
In the report Economist published in 2017, “the most valuable resource in the World is no more oil, but data''. Since then, businesses and expert data scientists have realized the power of data science and began making efforts toward building a data-driven organization.
Data-based decisions can help businesses with capabilities to drive real-time insights to optimize their performance. This way, data scientists can experiment with the success of various strategies and make business decisions to ensure sustainable growth.
With data science, businesses can:
Based on a PwC survey of over 1000 senior executives, the organizations highly data-driven are three times more likely to record improvements in business decision-making compared to the organizations that depend least on data.
Starbucks collaborates with location-analytics firms to figure out the right store locations with traffic patterns and demographics. Starbucks uses this data to analyze the chances of succeeding in a particular location before looking for a new investment. Simply put, data science involves working more on what brings out the best in business and less on what might not work well, and making the business decisions smarter.
Businesses that use big data have experienced about an 8-10% increase in profit and about a 10% reduction in the overall cost. Hence, 91% of companies express that data-driven decision-making is significant to cater to the growth of the business.
How do data science and analytics augment the growth of the logistics and shipping business? Before explaining it, ask yourself the following— would steady analysis of market data eventually transform the sales, and market position, or give you a competitive advantage? With similar thoughts and focus on the efforts to scale the business decisions using data, you can build the business.
In logistics, data science applications help companies to optimize their operations better. It includes everything that ranges from fuel management, assessment of feasible delivery routes, supply and demand forecasting, and so on.
Here is how data science revolutionizes the logistics and transportation processes:
Data science induces prompt insights into your businesses and brings cost/ time savings. For example, the DHL smart truck system utilizes analytics and data science to evaluate the best routes to enhance efficiency, and save business costs and time.
Through data science-triggered shipping processes, companies use Big data to utilize real-time data. For instance, GPS (Global Positioning System) is yet another technology to locate the vehicles in the fleet. Here, you can analyze the economic impact of positioning the vehicles while taking orders or during delivery.
Through data analysis, shippers can assess the factors that affect profitability, like discounts, location, packaging, and seasonal rates. Amazon Robotics is the greatest example, with a division that constructs robotic fulfillment bots and systems. Thousands of robots working in warehouses support the workers to sort, arrange, and monitor the stock levels, therefore minimizing the time spent on the process.
Self-driving trucks are the next big step every business will adopt to master the art of speedy product delivery through data analytics and Artificial intelligence. This can mitigate the issues with intoxicated drivers, concerns with the delivery time, pedestrians, and so on.
Data science is revolutionizing the logistics industry with operational efficiency and numeric factors that drive the business process. Logistics is a segment where data scientists create impact in many areas like delivery route optimization, waste minimization, carrier selection to mitigate concerns like CO2 emissions, and so on.
It is crucial to gain knowledge in utilizing data science skills in this sector since the industries demand professionals with knowledge and expertise in advanced technologies. Through data science education, data scientists need to polish their skills in multiple areas beyond the abilities that artificial intelligence possesses.
Data science skills can formulate the best commercial solutions to numerous concerns logistics and shipping industries face. With data science education, you can work with data-driven models, manage data, remove redundancies, and leverage the feasible logistics solutions that help the business grow.
How do you develop the relevant data science skills with advanced technologies that trigger the logistics and shipping industry? With Data science certifications from a reputed institute, you can grab the most lucrative position of data scientists to make powerful business decisions. Crack the USDSI™ data science certifications and let your portfolio tell the recruiters why you are apt to be a data science professional.