Not a hidden fact that the logistics industry across the globe, is always the major absorbent of latest taking place in technology, as such is the most industrious field involving a large amount of manual processes, where a huge quantity of data is churned out. Clearly, such data is arranged at various locations, in form of records for verification as well as quick decision making.
However, the logistics industry has been the victim of scores of predicaments in recent years, such as Covid-19 outbreak, shipping regulations, brewing tension between world powers (US and China trade wars), then recession is perceived and then, carriers already pursue 0.5% of sulfur cap, frantically, which turned-on on Jan 01 this year. As for the last factor, IMO infers that about 70K ships will come under its direct impact and which would also lead to steep hike in fuel price and which, obviously, would make final deliverable, costlier. Now here, to deal with such challenges, technology and perpetual advancement taken hereby, is the best weapon before logistic and supply chain companies which they should resort to.
Sans doubt, by keeping oneself abreast all the latest trends and ultra-fresh innovations, one can easily pick up pace and progress in terms of processes’ efficiency, accuracy, speed and expect higher productivity, eventually. Apparently, logistics industry has witnessed tremendous boom in operational technology in recent years where artificial and augmented intelligence, advanced analytics and premium innovation are on everyone’s mind and senses.
- Artificial Intelligence Gets A Facelift:
Logistics field has been inundated with AI (Artificial Intelligence) technology in almost every field of its sub operations, like transportation, planning routes and in manipulating operations. Excitement reaches to new levels when experts regard this as just the beginning of a long celebrated journey ahead. To pick-up a few instances, robots (powered by AI) are deployed to deliver, warehouses witness unprecedented sophistication as picking goes automated and software are relied to forecast and so much forth.
Not surprisingly, every single member of logistics chain draws a huge benefit; say shippers, carriers, suppliers and consumers.
Beyond AI, Augmented Intelligence will be the focal point, which simply assimilates dynamic human mind with the AI technology resulting in measured decisions to be initiated straightaway. Gartner maintains, ”Augmented Intelligence will create $2.9 trillion of business value and lead to an increase of 6.2 billion hours of worker productivity globally by 2021. Logistics companies can be expected to implement more Augmented Intelligence solutions, which ultimately allow logistics professionals to do their job more quickly while reducing mistakes and creating cost-savings“.
- Digital Twins:
Such is an amazing technology seen as a new trend this year. Many of us fully realize that actual product items are way different from what they actually are shown on computer screens but with Digital Twins on our side, computerized version of items can easily be represented in actual physical state.
Use cases for Digital Twins are aplenty and promising in logistics industry. In shipping, this technology can be utilized as to figure out shortcomings and to restructure subsequent operations thereby, the moment we collect products and packaging info for such a purpose. Going further, even the warehouses feel empowerment on the back of such technology, as they can carve out 3D models of their centres with assured and assisted accuracy and can test with various options pertaining to altering layout or if they consider installing any new equipment and want to assess its impact for safety and risks.
Additionally, logistics establishments can also use Digital Twins to identify the most suitable option to enhance productivity, efficiency and safety within their facilities. Then, to the abounding benefit of delivery chains, precise info can be shared across the network, to bring down the delivery time and to direct vehicles en route.
Finally, technology ignites great interest to uncover other phenomenal use cases to be developed in the months to come.
- Supply Chain Visibility Gets A New Definition:
Supply Chain Visibility (SCV) software gives way to explicit feeling that this year (post lockdown) will see this technology to be central to operations. In fact, customers and carriers, both emphasize upon real-time data reflecting the need that logistic groups and supply chain hubs need to bring such premium technology in line with operations but in unprecedented way. Clearly, the data related to traffic strength, road and port situations, weather, resource availability etc, can be gathered and analysed to initiate subsequent steps and to aggregate demand and to revamp supply as well as to revamp routes. Encouragingly, logistics companies record a mammoth 20% hike in efficiency when they opt for integrated supply chains.
Here, IoT (internet of things) is regarded as the prime pillar supporting supply chain visibility, where IoT sensor technology emerges as a crucial resource for shipments to be tracked. By making optimum use of this technology, warehouses can easily keep record of their inventory, vehicles and equipment, by putting IoT devices on such parcels, but within the ambiance of cloud services. Also, container management can be taken to new heights of competence through IoT and better monitoring, superior fuel management, maintenance etc can be performed with ease.
As a follow up to such an encouraging scenario, there have been consolidated, a large scale partnerships between IoT start-ups and well established logistics companies, around the world.