Monitor the expenses involved in the management of your warehouse
Warehousing is the management of space and time. The Warehousing Costs refer to the money allocated to the goods moved into or outside the warehouse. These expenses cover equipment and energy costs like ordering, storing and loading the goods, as well as more human costs like labor, shipment, or delivery.
The warehousing costs are a component of another logistics KPI, the total transportation costs. Measuring them is not an easy task, but once it is done it will facilitate your overall management and add a lot of value, something that senior management or investors will appreciate.
Warehouse being the main area of your business, it is important to measure and review the costs on a regular basis, so as to improve your operations and evaluate such improvement.
Relevant Showcase Dashboard
A logistics KPI or metric is a performance measurement that is used by logistics managers to track, visualize and optimize all relevant logistic processes in an efficient way. Among others, these measurements refer to transportation, warehouse and supply chain aspects.
Here is the complete list of the most important logistics KPIs and metrics, that we will discuss in this article in every detail:
Shipping Time: Spot potential issues in your order fulfilment process
Order Accuracy: Monitor the degree of incidents
Delivery Time: Track your average delivery time in detail
Transportation Costs: Analyze all costs from the order placement to delivery
Warehousing Costs: Optimize the expenses of your warehouse
Number of Shipments: Understand how many orders are shipped
Inventory Accuracy: Avoid problems because of inaccurate inventory
Inventory Turnover: Track how many times your entire inventory is sold
Inventory to Sales Ratio: Identify a potential overstock
As a warehouse manager, you need to have an instant overview of your facility, and know in one glance whether your factory is meeting its goals and sustains a reliable performance.
To carry this out, you need to track the right metrics and watch the operations. We have aggregated in another logistics dashboard example several KPIs to help you out with that.
Directly impacting the previous dashboard data is the On-time Shipments: if these ones are late, so will the loading be - and with the possibility of creating future bottle-necks- and so will the deliveries be as well.
On-time shipment being the ratio of orders placed that are ready to be shipped within the time limit set, it is important to bring it as close to the hundred percent as possible. It indeed measures the performance in the management of your supply chain; if this metric is too low, that may translate trouble in the process between order placement and shipment, due to an increased demand that cannot be answered, or to planning processes that are not up-to-date for instance.
The other KPI worthy to measure, once the on-time shipment is managed, is the Order Accuracy. Having a perfect order rate as high as possible will ensure satisfied customers that will come back to your services, and guarantee them to friends and family. A perfect order is an order processed, shipped and delivered without any incident in between placement and arrival at the customers. It is on time, neither damaged nor inaccurate. If managed correctly, you will also save money in avoiding losses in returned goods that need to be shipped again.
What We Do
AMIGO IQ, helps logistics companies find the best solutions for improving their business processes and transform operations to drive reliability, efficiency, and cost-effectiveness. We help logistics companies automate several functions such as bookings, tracking and tracing, tender management, rate agreement, among others to help enhance capacity creation, reduce cost, improve SLA adherence, enable greater accuracy and increase scalability. We believe it is very important to create an atmosphere of acceptance to newer technologies, as their potential for scalability and growth is endless. With the right approach and digital transformation partner, logistics companies can grow with minimum barriers in an efficient manner.
Inventory control is the core of Supply Chain.
AMIGO IQ automation solution helps in continuous monitoring of the inventory leveraging bots to regularly check vehicle tracking systems and websites and retrieve the inventory status. Bots enable better tracking and faster responses to customer inquiries. Bots can even trigger replenishment orders.
There are chances that the goods in transit may get damaged and such incidents of missing, mis-shipment, defective on arrival, are very usual in the logistics industry. The incidents reported by Forwarders are validated based on a set of logic and a set of proofs. AMIGO IQ Intelligent Automation solution can help companies validate proofs and authorize claims effectively, with greater accuracy and more efficiency. The solution can also help further tag incidents for settlements.
Scheduling and Tracking
Arranging shipments for the goods is a major task in logistics that involves a lot of coordination with Freight Forwarders.
AMIGO IQ automation solution can enable bots to communicate with Forwarders to arrange shipments and update disparate systems with the details of the shipments for initiating physical arrangements. The bots can extract shipment details from various sources, log jobs in scheduling systems and update pick-up times in customer/carrier portals, and more.
Release data's value with AI
Our data modernization solution pinpoints bottlenecks in supply chains and helps improve product assortment, pricing, forecasting and marketing channels, driving costs down and revenues up. New business models monetize data and generate direct revenues from data sets, insights and analytics-based services and a resilient data infrastructure and process capabilities enhance customer service and sales.
The Accounts Payable team makes payment to vendors on a periodic basis. The payment happens either by check or as an online payment. 10xDS automation solution enables bots to collect data from the ERP and enter it to the payment system. The solution can also help check the condition of goods received at the warehouse to validate and authorize payments, eliminating the manual work.