Using Market Intelligence to Gain a Competitive Edge in Logistics

In today's fast-paced and ever-changing logistics industry, market intelligence is essential for businesses that want to stay ahead of the curve. By understanding the latest market trends, identifying emerging opportunities, and anticipating potential challenges, businesses can use market intelligence to gain a competitive edge. 

What are the benefits of market intelligence?  

By co-creating market intelligence with Transporeon, a European digital freight platform, we have been able to improve its performance in many key areas, including: 

• Scale and focus: we can identify and focus on our most reliable and competitive products by continuously monitoring our freight prices and benchmarking its competitiveness. This has helped us to become more agile in responding to market dynamics and disruptions. 

• Sustainability: we are using market intelligence to reduce its environmental impact. For example, we use real-time network simulation and digital twin support to reduce empty mileage in its transport portfolio. It also results in collaborating with carriers to assess new business possibilities and open up sustainable multimodal options.

• Change management: we are using market intelligence to drive change management within the company. For example, the company uses qualitative data to persuade and reinforce the workforce in trust data to make their lives easier and replace manual, repetitive tasks. We also use A-B testing to improve trust in data and reduce manual labour. This has made the job more enjoyable for employees, increasing job satisfaction on the digital spectrum. 

‘’In reality, one can never be done with market intelligence as it will be a continuous cycle. Given the forces of disruption and the quickly changing and dynamic environment we’re dealing with, it is repeating itself. In my perspective, the short answer to Market Intelligence is co-creation’’ - Freek Heesen, Manager Product Intelligence

As a result of its efforts to use market intelligence, we have seen double-digit improvements in all four of its key pillars: job satisfaction, labour productivity, empty mileage, and financial results. 

That shows that market intelligence can be a powerful tool for businesses in the logistics industry to gain a competitive edge. Businesses can use market intelligence to make better decisions and improve operations by understanding the market, identifying opportunities, and anticipating challenges. 

How to master market intelligence to gain a competitive edge in logistics? 

1. Collect data from a variety of sources. Market intelligence can come from various sources, including industry reports, customer surveys, competitor analysis, and social media. The more data you have, the better equipped you will be to make informed decisions. 

2. Use data analytics tools to turn data into insights. Data analytics tools can help you to identify patterns and trends in your data and to develop insights that can be used to improve your business. 

3. Make market intelligence accessible to multiple stakeholders. Market intelligence should be shared with all stakeholders in your business, from the front line to the boardroom. This will help everyone to make better decisions based on the latest market information. 

4. Use market intelligence to develop and implement strategies. Once you have identified opportunities and challenges, you can use market intelligence to develop and implement strategies to address them. 

5. Monitor the market continuously. The market is constantly changing, so it is vital to monitor it continuously to ensure that your strategies are still relevant and practical. 
   
   

By following these tips, businesses in the logistics industry can use market intelligence to gain a competitive edge and achieve their goals. 

"Co-creation and collaboration increase visibility, absorptive capacity, and the ability to learn, adapt and change. Those are all essential parts of thriving in the long run and generating resilience, especially in the dynamic world we are living in. Competition makes us fast, cooperation makes us better" - Freek Heesen, Manager Product Intelligence