Key performance Indicators are commonly generated metrics in most verticals to periodically evaluate the enterprise performance. It also helps increase the employees’ productivity by assessing their current rate of delivery. The logistics and supply chain industry adopts KPIs to monitor their performance to help them figure out where they stand in the market in this intense competition. Supply chain is essentially the pillar of any business unit to ensure smooth and consistent delivery of products from supplier to the end customer.
Logistics services are greatly responsible for the handling of goods transport in a manner that brings customer delight. And if your supply chain and logistics are inefficient and fragmented, it could seriously pose a problem to your business prospects. However, despite the clear mandate of developing an efficient supply chain, most of the companies falter on this aspect simply by not adopting the performance metrics to improve their processes and employee productivity.
Modern supply chain and transportation requires better visibility in the entire process of distribution and better visibility requires data. Trukor helps you unleash the hidden patterns that help you analyze the bottlenecks to take proactive measures for success. We customize your KPIs by working with the raw data that you generate on our platform to monitor your periodic performance on various predetermined parameters or customized according to your business that help mitigate failures that may be a product of non-compliance.
Supply chain metrics on Trukor are defined by specific parameters which are used in quantifying and assessing supply chain performance. The metrics that are processed over the raw data can be utilized in your inventory accuracy and turnover metrics providing you accurate inventory to sales ratio. We describe here some of the important logistics and supply chain KPIs and metrics on our platform:
Trukor platform monitors various stages from the placement to the delivery of an order on real time. Perfect order placement is the most important metrics in logistics for supply chain efficiency. It processes the number of orders that are placed, transported and delivered without hindrances. The transit time and delivery time are both respected to show the rate of efficiency in your supply chain. The higher the rate, the better is your performance which of course will lead to more satisfied clients that will give repeated orders and may also refer your services to help you increase your customer base.
This parameter reads potential issues in order fulfillment process. Your On-time transportation performance is measured by the total number of shipments divided by the total number of orders. This is the most crucial metrics in logistics to measure your supply chain performance. The amount of time it takes for shipment after the order is placed can show some lacunae in the process that can be rectified. The performance metrics help you produce a benchmark timing that you can set as a target shipping time for each product.
This parameter tracks the delivery time by measuring the delivery time of each order. Your goal will obviously be to reduce the delivery time from the average benchmark that you have set. The metrics that we have designed will help you narrow down your delivery needs and give you almost accurate metrics to help you provide better customer experience.
Cost of transportation
This parameter tracks your transportation services costs. It will breakdown all the costs related to specific order shipment according to the distinct categories you set – Order processing cost, administrative costs, inventory cost, warehousing cost and the actual transportation cost. It analyzes your cost according to each stage to guide you if it is excessive or within framed norms. The goal of this parameter is to reduce the transportation costs and at the same time maintaining high levels of quality.
Total number of shipments
This parameter evaluates the total number of orders that are shipped out of the warehouse. It analyzes the trend of the shipments and produces the pattern during specific seasons and otherwise. This will help you to predict and allocate resources accordingly. It also breaks down this metrics into different categories – types of products, states, cities, zones that will provide you superior information that can be optimized to restrict or improvise upon total number of shipments.
Accurate inventory data
This parameter helps you optimize your inventory. This is supposed to be the most important metrics in supply chain which can either make or break your warehouse. It helps you record all your products in the database that matches with the physical inventory to avoid order cancellation in case of inaccuracy in inventory holding. It eulogizes the checking of current discrepancies to ensure best accounting practices to have a reliable stock base. We don’t deny the usual disparities between the actual stock and record, however, we help you maintain at least 90% accuracy on your inventory data.
With the modern data visualization tools, we help you generate KPIs with a few clicks on your dashboard. The goal is simple – avoid wasting resources, retain customers and define the stability of your business. We have created a powerful dashboard for logistics and supply chain that boasts of visual and functional representation of all KPIs in the supply chain process. By drilling down into various parameters, our KPI dashboard will help you determine the unpredictable supply chain situations, enhance your stocking patterns and reduce operational inefficiencies.
You will be able to implement your programs and initiatives by tracking your KPIs critical to supply chain metrics ensuring every single cog in the wheel is moving with maximum efficiency.