The continuous evolution of technology is altering the perspectives of people all over the world. whether it be those using technology for self-consumption or those who use technology for conducting business.
The logistics industry plays a vital role in every economy around the globe and hence it becomes very crucial to optimize its efficiency and effectiveness in the most prominent and profound way possible. For the last couple of years, the logistics industry has been implementing various technologies in its workflows. In the coming future logistics industry will magnificently get transformed by these technologies.
How Technology Change the Future of Logistics
Following are the ways technology will change the future of logistics:
- If one examines the transportation landscape, particularly road logistics, one will notice that there are fleet owners who own hundreds of fleets and trucks. The industry has nearly 80% fragmented ownership, which means that some people own multiple trucks.
- So the people who have this fragmented ownership do not really have any institutionalized platform through which they could provide the larger utilization of their services.
- This is where the implementation of various technologies come into places like the use of artificial intelligence(AI), big data analytics, blockchain, radio frequency identification(RFID), cloud computing, and many more.
- The implementation of the technologies provides a platform to institutionalize and professionalize the services by connecting the shippers with the right transporters. During the whole process of supply chain management, there are various points where technology or digitization can improvise the business.
- From the time production occurs in a factory or there is a dispatch to the time it reaches a specific distributor, certain work processes must be completed, such as loading, space utilization, route optimization, digitization and streamlining of documentation, payments, real-time telematics, end-to-end tracking, and so on.
- There are many pain points in the industry that are getting solved with the innovation of technology. In the near future, the logistics industry will see a boom in the usage of various technologies to reap benefits from it.
Logistics and Technology in Covid-19
During the covid-19 pandemic even when the passenger traffic went down to zero, the logistics were still running, the cargo movement was still going on that was partially the reason why this pandemic did not escalate into something much more destructive.
Logistics played a very crucial part during the coronavirus pandemic be it the movement of essential goods, be it the facilitation of reverse logistics between different countries because of the technologies logistics as a business comes out to be quite resilient.
To sum up, with the evolution of technology just like every industry the logistics industry is also reaping plenty of benefits from it. It is no longer done to give competitive advantages but rather it has become necessary in order to succeed.
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