Data Analytics Tools: What is the importance of Foreign Trade operations?

The use of data analytics tools is present in data science studies, encompassing three main pillars, which are:

  • mathematics and statistics to address the techniques of calculations, algebra, probability and inference;
  • computing to address data tools and programming languages;
  • business knowledge that enables the solution of challenges related to business data, with the use of analysis techniques.

Thus, the union of these three pillars helps in the analysis of information pertinent to foreign trade operations, in an assertive and reality-conscious manner, based on the concrete data of the companies, which helps the manager in decision-making, for the next stages of his business.

Having a broad view of what data analytics tools offer will increase your productivity over your company’s analytics in a secure way and avoiding errors or failures.

Continue reading the article to learn more about the theme and take off in your analysis!

What is Data Analytics?

At this point we will briefly contextualize the analytical process so that you have the best understanding of the theme. Also called Data Analysis, this is the process that explores, transforms and analyzes information so that trends or patterns are identified, leading the manager to make the most correct decision, to the current reality of his business business.

Through data analytics tools, an automated database is organized in real time, with modern strategies that guarantee good results and that will directly impact the steps to be followed in the operational process of foreign trade companies.

This process is based on many steps and phases, which may require the rework of the previous step, making the path between them more cyclical, which will result in successful operational processes, because repeated analyses have been done properly.

However, this data analysis process is divided into the following phases:

  • data entry;
  • data preparation;
  • exploitation of the data;
  • data enrichment;
  • data science;
  • combined results of data with human intuition (business intelligence);
  • reporting;
  • constantly optimized and enhanced models.

Data Analytics Tools: How do they impact international logistics?

Today, in the digital age in which we live, information changes at all times, at a dynamic pace and with a lot of speed. Data analytics tools arose from the need for a greater demand for information, which needed to have the flow organized, with the extraction of the data analytics from a large database, to use later in the right and accurate decision making, amid a diversity of insights that inspire the manager.

Data Analytics can be used in different areas of international logistics, with optimization in operations and deliveries in general,such as discovering new routes more appropriate for the required cargo, in shorter delivery time and in the most appropriate transport modal, without losing efficiency in the provision of service or in the quality of the product.

With the provision of accurate solutions extracted from reliable data, data analytics tools help foreign trade companies in reducing the rate of failures, losses or rework, as well as improving profits with the reduction of costs, which makes the customer always satisfied with the buying experience, returning to consume in the same company and still helping in the disclosure.

In this sense, delivery logistics becomes effective in strengthening this business relationship with the customer, being essential in the organization of processes and operations, carried out without delays or loss.

Identification of fraud and risk

In the logistics sector, in general, some frauds usually happen, which will be perceived only in precise inventories. In addition, the transport of cargo, especially in the road modal, is subject to several risks that can cause losses, without proper management.

The practices used in data analytics tools can mitigate these frauds and these risks of the daily life of foreign trade companies, in a way that the correct management can identify dangerous routes, opting for safer paths, without the risk of not being able to deliver the cargo to the end customer.

Competitive differentials in predictive analytics

Data Analytics, with all its management tools, also contributes to the predictive analysis of the supply chain, with extreme importance in data collection, so that an accurate analysis is made, with the intention of predicting future events.

Data analytics tools are very useful in performing this analysis, which helps managers in checking past actions rather than considering what will still happen.

Data Analytics Tools: How to Transform the Management of Foreign Trade Companies?

Looking at your foreign trade company, in the face of relevant information about results and about your customers will help your business to achieve the desired goals and objectives, because when data analytics tools analyze the entire business structure, through data collection and access, managers will have more ideas in quick decision making,  taking advantage of transforming yourself with the adoption of full actions.

Advantages that tools bring to companies

Faced with so many benefits that optimize processes, more accurately guide decision makers, based on facts brought by the company’s history information, many advantages are obtained with the adoption of data analytics tools, which are:

  • improvement in market segmentation, determining ways to reach the customer;
  • clear knowledge of the profile of the target audience, determining the areas of concentration;
  • investment in innovations according to the future behavior of customers;
  • unnecessary spending on operations;
  • troubleshooting with the organization of information in the operation of the business.

Errors that should be avoided when dealing with data usage

It is necessary to have the knowledge of the mistakes that are still very common and very committed by foreign trade companies, before they can reach their goals and achieve the desired results, through the analyses. They are:

  • not define the metrics well to contextualize the collected data;
  • not having an infrastructure to store data properly;
  • not address problems in the quality of the wrong data.

Data Analytics Tools: What are the main ones?

The Analytics process provides data-driven measurement, collection, analysis, and decision-making through intelligent tools to achieve the goal efficiently, as they help increase work productivity by analyzing metrics.

Below, we mentioned some of these tools to help you:

  • microsoft excel;
  • Knime;
  • structured query language;
  • Python;
  • microsoft power bi;
  • google data studio.