Digital Trends Impacting The Logistics Industry
The logistics industry has always been thought of as a bit behind the times, with most processes still being done manually. (Images Credit: Pixabay)
That’s all about to change.
New technologies are launching every day and there are advances that will send shockwaves throughout the industry. In fact, two-thirds of all the executives in the freight and logistics industry believe that the technology today will deliver huge gains for us in terms of productivity.
“We have seen the telecom, cable, and auto industry transform, the logistics industry has always lagged due to poor adoption as simple solutions to a large problem did not exist, said Ashik Karim of 1SHIFT Logistics. “We see a way to improve this industry with technology, translating to satisfied customers, drivers and shippers.”
1SHIFT Logistics is an end-to-end logistics management system developed by LiteLink Technologies. It employs advanced technology, such as artificial intelligence (AI) that gives carrier, shippers and brokers completely unified communication to track freight, resolve disputes and correct errors, thereby reducing costs by as much as 30 percent.
Warehouses and factories have already adopted autonomous forklifts. Soon, we could witness this shift with semi-trucks on the highways, which will deliver the goods autonomously.
Multiple trucks will drive bumper-to-bumper as a way of lowering the costs. This will help you to accelerate, and it will mean that less fuel gets used as a result.
“The logistics industry has remained largely a manual intense industry. With the advancements of blockchain and AI, there are now enough tools to build a platform that intuitively allows shippers and truckers to ‘trust’ a system for recommendations, visibility and automation, said Karim. “ Over the next 5 years, we will see a refresh of how this industry operates through the power of technology.”
Everyday, businesses exchange value, such as goods and money. One of the big problems in this industry has always come from fraud.
Since its first release of the Digital Wallet, blockchain technology has been seen as an innovative technology. Through blockchain technology we will have an easier time catching fraud because it requires multiple things that help to catch dishonesty.
Moreover, the “blocks” are chained together so it prevents altering.
This helps to improve the standards of the industry so that they become even better.
When you have companies that don’t necessarily trust each other, this will help them to engage and build a relationship because it keeps both sides honest.
Machine Learning (ML) and artificial intelligence (AI) become a huge industry.
What is it that has helped this artificial intelligence to explode? There’s structured and unstructured data. Through examining the data and learning from what it suggests, you can develop insight from almost every aspect of the chain.
You can use this information to learn continuously and keep growing and improving.
Some of the patterns where we could see this utilized include:
- Supplier quality
- Forecasting demand
- Inventory levels
- Transportation management
- Production planning
Most people estimate that the logistics industry will grow by 43 every year until 2023. This results in a $6.5 billion business opportunity for everyone.
The Internet of Things
The internet of things (IOT) will have a huge impact on business.
Through this new technology, you can track assets, following them from the manufacturing facility to the vendor premises and track the materials.
Fleet management will also see many of the benefits from this because of how the sensors within the vehicles will help to identify patterns and predict the preferences of consumers. In addition, the internet of things will track the driving habits of the drivers and analyze their habits so that they can become more effective in the workplace setting.
“Everyone wins with better technology,” said Karim.