In the current world of business, technology is very vital for the survival of any firm in the market. With technology, firms are able to get all the information they need about the customers they serve at less costs and within a short period of time. With this information the businesses are able to serve the customers effectively hence being ahead of the competitors. The global freight transportation business has therefore not be left behind in the use of technology
First-Class Online Research Paper Writing Service
- Your research paper is written by a PhD professor
- Your requirements and targets are always met
- You are able to control the progress of your writing assignment
- You get a chance to become an excellent student!
In the current world, the freight sector is able to get customer information from the public, the internet or even purchase information from places where information can easily be sold (big data). The information is easily accessed at very low prices. With the analysis of this information, the transport sector is able to determine the various needs of its customers so that the management is able to address these needs. By meeting the needs of its customers, the freight sector has been able to increase its revenue and expand globally.
The big data has been crucial in making decisions in the freight transportation sector .The managers of this sector have been able to make more accurate decisions due to the easily available information. Managers do not have to stay for months waiting for relevant information from the field in order to make urgent decision. The necessary information is easily available. With the available information, innovation of new products in the freight sector such as faster and more comfortable travelling jets and has become easier. This is possible because research has become easier with the readily available and cheap information. With a lot of research being carried out, innovation on new, safer, comfortable and faster freight vessels has greatly increased. This has enabled this industry to easily meet the demands of the customers.
Big data has also played a big role in marketing the products of the freight industry. The freight industry has been able to easily and cheaply avail information to its customers. Through the use of internet, the customers are able to get all the information they need for their travel from the web. Various images posted on the web attract customers to the industry. This cheap method of advertising has greatly reduced the costs of the freight industry. Since information is available all over the world, these transport industries have been able to provide their services to various countries. After innovations in the freight industry, the industry is able to supply the necessary information to the customer at a faster rate. The industry is therefore able to experiment the performance of their innovations in the market easily. With increased marketing the industry is able to increase its total revenues hence profits.
With the available information, products are developed which are able to serve the various market segments. The market segments for example can be based on the income level of customers or the type of commodities to be transported. An example of this is whereby the high income individuals prefer travelling inmore luxurious aeroplanes. They are required to pay higher prices for the extra services. However, they are able to gain satisfaction. The low income individuals are also able to get freight services at lower prices. This has been only possible through market segmentation where different freight vessels are designed to meet the needs of different customers. With the segmentation, vessels capable of transporting perishable products have been developed making it possible to transport products which would otherwise been not transported. This has increased the customers served and hence the total revenues.
With easily available information, the freight industry is able to discover new opportunities where they can start providing their services. By carefully analysing the data they obtain, the industry is able to identify market gaps and start their operations there. This is by evaluating the weaknesses of the present transport system in the region. By also evaluating the various complains by the customers, they are able to identify market gap.
With the use of social networks such as face book and twitter, the freight industry has been able to been able to receive instant feedback from the customers. This has enabled the industry to respond to the customer problems without delays. By proper services to the customers, the industry has been able to create loyalty among customers.
In conclusion, the use of ‘big data’ has played a critical role in the development of the freight transport sector. With easy supply of information, the costs of operations have greatly reduced. All the various group of customers have been effectively served due to the use of the necessary information availed by the big data. Therefore the various sources of information have facilitated the advancement of the freight industry.
Impact of age of multisided business model on the business of global freight transportation
Multisided business models are a model where several participants in the market are able to create value through exchange of information. For example, the media including the newspaper, radio, and television serve their customers by supplying them with the required information and at the same time benefit from the firms that pay them in order to advertise their products. In this case, the media is able to benefit from its customers who need the information from various sources and also from the firms that wish that their products are advertised.
With the increased use of internet, the multisided models have greatly emerged. The freight industry has also not been left behind. The freight transport sector has been able to collect the required information from the customer through the multisided model in the process of advertising. The freight industry has been able to post its advertisements in the internet. This has promoted the sector to the users of the various internet sites such as the e-mail. The users of the internet pay subsidised costs in the use of internet and as well access information aboout the freight industry in the process. The customers of the freight industry are therefore able to benefit from the cheap internet services and in addition they are able to get travel information from the internet.
By advertising their products in the internet, the freight transportation sector is able to increase its total number of customers. Customers all over the world are able to get information about the freight transportation sector and as well as get other services like subsidised communication through for example the e-mail. This increases the total customers of the sector. In addition to this, the freight transport sector is able to get comments from the customers through their advertisements. In this case the sector benefits in two ways, first it is able to market its products through the internet and secondly, the sector gets important information from customers which help the management in decision making processes. This is how the multisided business is beneficial.
The freight transport industry is also able to receive advice from the various customers in the process of advertising through the internet. Room for recommendations from various users of the internet is put in place in the advertisement. This data is very crucial for the management in the process of making various decisions. The fact that there are very many users of the internet ensures that the information is reliable for proper decision making. This means that through advertising using the web, the freight industry is also able to get advice that is important to its management.
Through the internet also, the sector is able to evaluate the different intensity of demand for their products .The sector is therefore able to know the regions that need their services most. By this the sector is able to make proper decisions regarding serving the various regional customers.
Through multisided model, the interactions between the customers and the freight transport industry help the sector to better understand the customer and hence serve them effectively and hence serve them effectively. The customers are also able to present their desires easily to the freight industry and at the same time the freight industry is able to respond to the customer needs without time wastage. Proper service to the customers increases customer royalty and this facilitates the expansion of the business to various countries with the increased number of customers.
In conclusion, multisided models are very important for survival of any business competing in highly globalising an increasing technology world. The freight sector has benefited to a large extent as one of the business taking place in a globalised world by use of the multisided business model. Through its application the business has attracted and maintained customers .This is by quickly responding to their various needs. Also, it has become possible to get the necessary decision making information cheaply and easily. With decreased costs of production and marketing, the sector is very attractive to many investors.
Free Essay Sample «Impact of Experimentation and Big Data on the Business»