More than 90% of businesses said that they planned to use new technology in supply chain or logistics operations in 2023. By 2024, supply chain management software industry developments will indicate an exponential increase in the requirement for improved solutions.
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Businesses use advances in everything from blockchain and the Internet of Things (IoT) to automation, artificial intelligence (AI), and sustainability solutions. Utilizing state-of-the-art technology, their goals are to satisfy constantly changing client expectations, increase efficiency, and optimize their processes.
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In logistics, the following technology trends will be very important in 2024:
- Automation and Robotics:
Our list of technology trends in the logistics business begins with automation and robotics. The MHI Annual Industry Report (2023) states that these technologies continue to be at the forefront and can either disrupt the industry (17%) or give businesses a competitive edge through process automation.
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Almost eighty per cent of the report’s respondents intend to make investments in incorporating automation and robotics technology into their operational frameworks.
Robotic palletizers, autonomous guided vehicles (AGVs), and automated picking and sorting systems simplify warehouse operations and lower the risk of human error. With the help of supply chain management technology, your staff can concentrate on important tasks and reduce risks in dangerous situations.
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The two biggest online retailers, Amazon and Alibaba, are constantly introducing new logistical technologies and trends. For instance, they sort, pick, and pack goods at their fulfillment facilities using a sizable fleet of robots.
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DHL doesn’t back down either; in fact, one of their most recent expenditures was $15 million to work with Boston Dynamics to automate warehouses in North America. By adhering to IT trends in the logistics sector, the organization can boost facility throughput by 30% and worker productivity by 50–100%.
2. Artificial Intelligence And Machine Learning:
As of right now, artificial intelligence is regarded as the most significant invention, demonstrating its potential to significantly and completely alter the business landscape.
With the use of chatbots, AI and ML algorithms can create predictions by analyzing large amounts of data (big data) in real-time as well as in the past, finding patterns, trends, and insights.
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Using machine learning (ML), UPS’s ORION (On-Road Integrated Optimization and Navigation) system reroutes drivers and saves mileage. DHL employs its “Resilience360” software to automate warehouses, optimize routes, and estimate demand. In the logistics sector, these technological advancements result in lower costs and quicker delivery times.
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3. Blockchain:
The blockchain supply chain industry is anticipated to expand at a compound annual growth rate (CAGR) of 45.55% between 2023 and 2030, per the Industry Research Future Report. And given how much supply chain and logistics technology improves security and transparency, this is hardly surprising.
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What distinguishes blockchain technology from other advancements in warehouse technology?
It provides a distinct digital identity to each product or item, complete with its origin, manufacture information, certificates, and ownership history.
It makes it possible to see how items are moving from their point of origin to their destination in real time and transparently.
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Blockchain lowers the possibility of data modification or illegal access by ensuring safe and encrypted data flow between the parties.
One aspect of IT developments in SCM is smart contracts, which minimize the need for manual intervention by automating and enforcing compliance with predetermined criteria.
What about major companies using cutting-edge transportation technology? Maersk and IBM collaborated to create the TradeLens blockchain technology, which aims to improve data visibility and save bureaucracy.
Walmart and IBM worked together on Food Trust, which allowed Walmart to monitor and follow the flow of food items from suppliers to retail locations.
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4. IoT:
According to the 2022 data, between 30 and 50 per cent of food was lost before it could be found in stores. However, by utilizing supply chain management technology trends, the corporation manages transportation efficiently, cutting down on waste and the amount of lost goods.
To enable real-time tracking of your goods, attach sensors, tags, and trackers to your shipments, pallets, or containers. To obtain precise and current information about the location, status, and condition of the products, and keep up with transportation-related IT trends. IoT facilitates inventory level optimization, supply chain process coordination, and problem identification.
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68% of business executives stated in the 2023 supply chain survey that they would be open to implementing Internet of Things technologies.
Schneider Electric tracks energy consumption and enhances fleet operations via IoT sensors.
.. Nissan and Volvo also use tech developments in their supply chains. Nissan installed an IoT-based warehouse management system in the UK, while Volvo tracks car shipments.
5. SCM: AR/VR:
AR and VR are tech advances in transportation that have several advantages. They establish a secure and regulated training environment so that staff members can obtain practical experience without running the danger of being involved in real-world operations.
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It increases production and removes travel expenses, resulting in significant cost savings.
Additionally, businesses use the newest developments in transportation technology to cut CO2 emissions and protect the environment.
According to a 2022 study, 64% of supply chain executives expected AR/VR technology to have a positive operational impact.
AR headsets are used by DB Schenker to direct employees during the picking and packing process to maximize efficiency and reduce mistakes.
Walmart uses virtual reality headsets to mimic real-world situations, such as managing peak seasons or Black Friday sales. Employees enhance their abilities and obtain real-world experience by implementing IT trends in the supply chain.
Research indicates that virtual reality instruction improves confidence and recall, leading to a 10% to 15% boost in exam scores.
Companies that use AR/VR technology claim fewer errors when they use instructions overlay, remote help, and improved planning and visualization. Productivity has increased by more than 40% as a result of this deployment. According to recent retail surveys, interacting with products that offer augmented reality experiences increases purchase rates by 94%.
6. Drones And Autonomous Vehicles (Fintech News Today India)
Drones and autonomous cars are important components of SCM technology trends, which concentrate on lowering costs, expediting delivery times, and lowering the danger of accidents.
To enable safe and accurate navigation, they are equipped with GPS, collision avoidance systems, and sophisticated flight control tools.
The cost of labour accounts for between 50 and 60 per cent of the last-male delivery charges, since the driver’s rate might start at $16 per hour. Technology developments in supply chain management, however, are constantly evolving.
Drone deliveries of a single item currently cost $13.5, but as technology advances in supply chain management, that cost may drop to $1.50 or perhaps $2. In the future, sense-and-avoid strategies and autonomous traffic control technologies will make it feasible.
UPS, TuSimple and Waymo have teamed up to use self-driving trucks on certain routes to deliver packages. These self-driving cars navigate and deliver goods with the least amount of assistance from humans thanks to lidar, radar, and camera sensors.
In the logistics industry, drone technology is not new; Domino’s Pizza made headlines in 2016 when it began delivering pizzas with them.
Due to restrictions from the Federal Aviation Administration (FAA), Amazon Prime Air has only completed 100 of its 10,000 drone deliveries by the year 2023. Walmart has completed more than 6,000 deliveries in seven US states at the same time.
7. Digital Twins: (Fintech news today India)
Digital twins are a major IT development in supply chain management that should not be overlooked. They enable real-time monitoring and performance enhancement since they are virtual replicas of actual assets and procedures. Using this technology, freight brokers may manage inventories more effectively, optimize routes, and make quick judgments.
Businesses using digital twins have seen a 30% reduction in supply chain disruptions in 2023, per Gartner data. Which businesses use the warehousing technology trends listed below?
Digital twins have been adopted by DHL to enhance process visibility and optimize warehouse operations. Supply chain management technology gives the vendor predictive maintenance, process optimization, and real-time information.
FedEx Office worked with Accenture and River Logic to improve printing efficiency and delivery by visualizing various scenarios.
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FedEx Office wants to enhance the customer experience by reducing errors and damages, increasing meaningful interactions, and embracing supply chain technology trends.
Last Words
The logistics sector is redefining the way that things are delivered, handled, and transported as we approach 2024.
To improve productivity, maintain competitiveness, and streamline operations, logistics organizations are adopting tech trends in transportation, warehousing, and other supply chain areas.
Get in touch with us if you wish to use blockchain, IoT, AI/ML, or other technological developments in your supply chain. We at Tech And Environment shall help provide creative, dependable, and secure platforms with serverless solutions, ISO-certified procedures, and GDPR compliance.
To accommodate your budget, we also provide a subscription-based service for the development process. Latest fintech news are served here.
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