CooperVision leveraged Enveyo’s business intelligence reporting tool, Insights, and predictive analytics software, Modeling, and partnered with their dedicated Enveyo data analyst to perform comprehensive analyses on carrier contract proposals and two-day consumer shipping scenarios. CooperVision also implemented Enveyo’s Audit solution, which they planned to leverage for ongoing audits of carrier contract obligations and refund management.
Enveyo analyzed CooperVision’s actual shipping spend and contract proposals from FedEx and UPS against the company’s actual shipping patterns, carrier fees, volume by region, package weights, and service types. Insights and Modeling broke all the information down into easy-to-digest reporting, providing a clear picture of cost implications associated with each carrier’s proposal. The Modeling forecast also needed to tell CooperVision with certainty whether shifting to two-day residential shipping would be a cost effective business decision.
Implementing Enveyo’s Modeling, Insights, and Audit solutions transformed how CooperVision managed to its carrier contract negotiations and set them up for long-term success. “Enveyo’s Modeling engine allowed us to make sense of our carrier contract proposals,” said Jim Fiorino, Director of Distribution for CooperVision. “The knowledge we gained from Enveyo’s Insights reporting dramatically changed the dynamic of our carrier negotiations. We went from talking blanket percentage discounts to negotiating terms based on our actual shipping patterns, relevant package weights, and service types.”
CooperVision’s new carrier contracts resulted in savings of over $4.7 million in base transportation costs for the organization. With each iteration, CooperVision was able to apply the revised discount structure to their shipping actuals, allowing the business to make informed decisions.
With the Enveyo model, CooperVision was able to make data-driven decisions that directly impacted their bottom line. Fiorino shifted the distribution of CooperVision’s shipping from 36% to 88% two-day service and took its ground shipping from 60% down to 7%. During this time, CooperVision decreased its cost per shipment by 4% while the market’s published residential rates increased by 33%. By making these shifts, CooperVision decreased its parcel shipping spend by 16% overall, and after four years of working with the Enveyo team, they are still 1% lower in their shipping costs than when they first approached Enveyo, despite a 31% increase in total shipping volume and a 200% jump in residential shipments.
“Without Enveyo’s tools, this simply wouldn’t have been possible,” said Fiorino. “We see Enveyo’s suite of tools as an ongoing critical component of our business. Their tools and reporting give us immediate and ongoing visibility that allows us to continually identify opportunities to optimize and introduce efficiencies. The fact that we can leverage Enveyo’s Audit engine as part of the software suite is really a bonus; it just runs in the background and adds incremental dollars to our bottom line without the investment of human capital. We got the set of tools we needed to solve our shipping challenges and the right partner to help us navigate them.”
The Enveyo Modeling engine enabled CooperVision to model against company growth projections, which helped them anticipate future costs and eliminate guesswork in annual budget planning sessions. “The accuracy of our Modeling projection was of the utmost importance to ensure CooperVision could make sound business decisions,” said Nilsson. “We take great pride in knowing that our projection was within 2% of CooperVision’s actuals and that our suite of logistics software has yielded significant cost savings, positioning them to keep driving growth for their business.”