There are a lot of things to keep track of when you’re running a freight forwarding business. But if you want to ensure that your business is on the right track, there are five key performance metrics you should be paying attention to. In this blog post, we’ll take a closer look at each of these metrics and what they can tell you about your business.
So, without further ado, let’s get started!
One of the most important performance metrics for freight forwarders is order accuracy. This metric measures how often your shipments arrive at their destination without any errors or problems. If you have a high order accuracy rate, it means that your customers are happy with the service you’re providing.
Freight forwarders also need to pay attention to their productivity metrics. This includes things like the number of shipments you’re able to handle in a day, the average time it takes to process an order, and the number of orders you’re able to fill per hour. By keeping track of these numbers, you’ll be able to identify areas where you can improve your efficiency and make sure that your business is running as smoothly as possible.
On Time In Full:
Another important metric to keep an eye on is your On Time In Full (OTIF) rate. This metric measures how often your shipments arrive at their destination on time and in full. A high OTIF rate means that your customers are getting their shipments when they expect them, which is essential for maintaining a good relationship with your clients.
The Total Number of Shipments:
Of course, one of the most important performance metrics for freight forwarders is the number of shipments they’re able to handle. This number will give you an idea of how much demand there is for your services and how well you’re able to meet that demand. If you’re not shipping enough orders, it could be a sign that you need to do more marketing or that your prices are too high.
Quote Conversion Ratio:
Finally, freight forwarders should also pay attention to their quote conversion ratio. This metric measures how often people who receive a quote from you actually end up using your services. A high quote conversion ratio means that you’re doing a good job of selling your services to potential customers.
As you can see, there are a lot of important performance metrics for freight forwarders to keep track of. By paying attention to these numbers, you’ll be able to get a better idea of how well your business is doing and where you need to make improvements. So don’t forget to keep an eye on these key metrics!
Contact Corrigan Logistics
When it comes to logistics, there are a lot of moving parts – quite literally. That’s why it’s important to have a partner you can trust to handle all the details, big and small. At Corrigan Logistics, we have over 50 years of experience in freight forwarding and we’re experts in managing complex logistics projects both in the US and abroad. So whether you’re shipping domestically or internationally, we can help make sure your products arrive on time and in perfect condition.
We understand that every business is different and that’s why we offer custom solutions designed to meet your specific needs. We’ll work with you to understand your business and shipping requirements and then craft a solution that fits those needs. And because we offer a full suite of transportation and warehousing services, we can handle all aspects of your logistics – from start to finish.
If you’re looking for a partner you can rely on for all your freight forwarding needs, contact Corrigan Logistics today. We’ll be happy to discuss your project and help you find the perfect solution for your business.