05 Aug Rising to the New Normal; Technologies that will Play a Crucial Role in Digitizing the Logistics Industry
In the past few months, there has been a humongous amount of transformation happening in the logistics sector alone. Airlines/Shipping Lines are rapidly switching to online slot bookings, emphasis on innovative technologies such as cargo community systems, freight corridors are increasing and a lot more.
While some continue to say, this is already the new normal, some of them are predicting a more dynamic future as the world emerges out of the current pandemic situation. As the world is already embracing technology quite widely to survive the wave, the following technologies is believed to have a large role to play.
Artificial Intelligence/Machine Learning
Predictive and cognitive capabilities is the need of the hour for the logistics industry. Especially for the transportation companies to identify faster routes to reach the port terminal. Ground handlers having advanced information on cargo movement is guaranteed with the existing slot booking, cargo community system frameworks the same is powered by AI/ML. In the new normal, the frameworks will have applications that are compatible with regulatory guidelines and rapid alert resolution workflows.
Blockchain is now gaining more prominence in all industries. Logistics as well is becoming Blockchain empowered. Various processes in logistics are now powered by Logistics. Issues such as revenue leakage in ground handling functions and ensuring transparent transactions are all solved using Blockchain. Going forward, verification and validation processes can be made dynamic with Blockchain.
While some say growth of 5G technology has taken a backseat due to COVID-19 outbreak, experts say in the new normal ecosystem, 5G will have a larger role to play. The 5G in logistics market is all said to have a valuation of US$1 trillion by 2028. Therefore, the scope of growth with 5G for the logistics industry is much larger than predicted.
These technologies are already being implemented and whatever is mentioned above are the practises in certain organisations that are increasing the capacity of 5G. There might be standalone organisations developing the capabilities with certain applications such as cargo community systems, freight corridors, cargo softwares etc. Anyhow, the world in the new normal will be much more digitized than usual. In the meantime, do read on sustainability as a factor for building resilient ecosystems.