17 Jan New Logistics Technological Trends to watch out for in 2020
Technology came as a boon for the ever-complex Logistics and supply chain industry. The past few years have been technologically rewarding the Logistics sector and several manual processes with complex frameworks got simplified. The path laid ahead for the technological prospects of the industry seems quite promising and several other processes are now said to get simple and straight forward. 2020, has a lot of positive synergies for the industry to achieve. Here are some of those.
Artificial and Augmented intelligence
AI has the capability to transform the operating models from reactive to proactive. Advanced image recognition to track shipment and asset conditions has been waiting to find its use case in the logistics space. Also, predicting fluctuations in global shipment volumes as well as bringing end-to-end autonomy to transportation.
The practicality and human like inputs combined with artificial superior thinking can multiply productivity and is predicted to capably create 2.9 trillion dollars of business revenue according to Gartner. The total productivity hours were calculated to be approximately 6.2 billion hours specifically lessened with a lower probability of cost cutting errors.
Data standardisation (Advanced Analytics)
Asset underutilisation, demand supply matching and visibility are among the long-standing issues which the industry faces. With advanced analytics, all these problems can be solved. Data inaccuracy and redundancy are the major issues here and Advanced Analytics will help standardizing them seamlessly.
Transparency is a characteristic which the logistics industry will possess after the implementation of Blockchain in all its functions. Easy coordination of documents on a smart distributed ledger, scalable as well as instant solution for order tracking and authentication.
Internet of Things (IoT)
Experts say, “Cargo is a poor cousin who could hardly talk, but IoT will give a voice to Cargo.” As we all are aware, IoT involves integrating different systems and network together. Post integration, movement and position of the freight will be quite visible. Therefore, there will be no question of lost or misplaced freight.
Importance of Digital Corridors
Heavy paper work is a liability on the logistics and supply chain. But with Digital Corridors and essentially a digital community in place, this can be avoided. For example, let us say a forwarder has sent a consignment for shipping, he/she will feed the information on the common data cloud.
Also, he/she can book a slot to come and dispatch the cargo through air. He/she can pay online, book a slot online and do everything online. In the meantime, this will be visible in the digital corridor for all stakeholders to see. Hence all operations are transparent and performed in a quick turnaround time.
3D Printing is one factor that could simplify export import operations. If we talk about spare parts transformation, forwarders need to maintain a large amount of spare parts in the inventory. But with a 3D Printing Machine, they can produce a spare parts design and send it across to the consignee.
Alibaba is the most renowned and the largest e-marketplace in the entire world. But there is scope for lot of other players to leverage upon. As the consumption goes high, demand increases and there is a need for more supply. Hence the number of manufacturers has also increased. E-Marketplace will help us balance the gap between demand and supply.
Efficiency is mostly seen as a primary concern and the business platform must be enlightened with the capability of these trends to go beyond the highly prioritized time factor to higher security, better visualization and viewing of products, an added benefit of product potential trials and the remake of products with accuracy on digital platforms.