The field of predictive technology has been making astounding advances over the past few years. With the general increase in computer processing power, computer programs and algorithms are now able to make advanced predictions in a variety of new fields. Analytics is one such field where new predictive algorithms can help use historical statistics to make accurate predictions regarding future events.
Predictive analytics can help businesses run more efficiently, as it can give them accurate predictions for different business decisions, which will then allow the company to select the option with the best output. Historically, businesses would have to make “best guesses” as to how to move forward with their business models. If they had a choice between two, it would come down to an executive decision, and if the selected option didn’t turn out as planned, they may try the second option down the road to test its efficiency. With predictive analytics, you can run a simulation of both strategies at the same time and use the results to make a more informed decision.
Predictive analytics works by using computer algorithms from predictive modeling, machine learning, and data mining to run simulations based on the input data. The more historical data available, the more accurate the prediction can be.
This can obviously have huge implications in the freight industry, as it can help brokers and carriers with future shipment planning, inventory management, driver/freight matching and more. With this, carriers and brokers can become more proactive with their management. Instead of waiting for clients to come to them with shipment needs, they can better anticipate the needs of their clients and have freight trucks and drivers at the ready.
About CX North America
CX North America Information Services Inc. (CX North America), headquartered in Tecumseh, Ontario, Canada is a wholly-owned subsidiary of Transport Exchange Group, a leading provider of technology for the transportation industry and operator of two of the United Kingdom’s largest and fastest-growing independent freight exchanges. CX North Americabrings Transport Exchange Group’s proven technology and business model to the North American marketplace to enhance visibility, increase agility, optimize efficiency and improve communication and collaboration for carriers, brokers and 3PLs. We offer users a number of ways to engage with our products and services, depending on the technology they already have in place. For more information, please visit our website at www.cxnamerica.com, call 1-888-270-0482 or email us at info@cxnamerica.com.
