Low-quality data often spills into corporate systems used for financial reporting, analytics, and business intelligence. As bad data spreads, it may cause outright financial loss.
The result? Managers don’t know which data they can trust to help them make good decisions.
According to Trax Technologies CEO Scott Nelson, companies need reliable ways to detect and correct bad logistics data. They must be able to assess the reliability of data sources and data elements so low-quality data doesn’t harm their business.
“Trax has proven methods to solve problems with data,” Nelson said. “As these techniques become better understood, companies are starting to see the importance of using Big Data and cloud computing to help improve their supply chain performance. They now understand the importance of starting with high-quality data.”
How Trax refines logistics data
Trax Technologies helps companies clean up the data they use to measure and monitor their global supply chain performance, Nelson explains. “We help our clients achieve operational efficiency and higher profit by providing the world’s first logistics data refinery.”
The Trax data refinery is an easy-to-integrate, cloud-based technology platform that improves the quality of logistics transaction data. First itcollects a client’s logistics data from diverse sources, using file exchanges and web services that are easy to integrate with the client’s corporate systems. Then Trax standardizes the format and structure of the data. The refinery normalizes the data to make it consistent from source to source.
Besides providing data refining services, Trax also provides a range of cloud-based software and services. The Trax Score™ (patent pending) identifies the level of financial risk for individual supply chain transactions or groups of transactions. The software identifies and quantifies settlement risks. It also points toward ways to reduce or remediate them.
Trax Certified™ Invoices improve the settlement process for both buyers and sellers of logistics services. They protect all parties who participate in logistics transactions. Buyers can be confident of paying the right fee for services they receive. Sellers can be confident of being paid on time and without dispute.
Companies are starting to see the importance of using Big Data and cloud computing to help improve their supply chain performance. They now understand the importance of starting with high-quality data
Trax also helps companies calculate and monitor their Cost to Serve, a key measure of supply chain performance, Nelson said.
“Many of our clients began working with Trax to improve the efficiency of their logistics transactions,” Nelson said. “When they see how much they can improve their operations with clean, trustworthy logistics data, they’re ready to expand into new directions that offer higher profit potential.”
Trax operates offices in North America, Latin America, Europe, and Asia.