Technologies have become an integral part of every business. No one can ignore its importance in enhancing business efficiency and its role to sustain in the competition.
Today technology has gone beyond just being a business enabler.
It is the core to every business process, irrespective of any industry. The freight forwarding and logistics industry is no exception. It is no longer that the big forwarders will be taking over the small forwarders, but it will be the digitalized forwarders who will capture the maximum market share with customer first approach.
For businesses today, “digital’ encompasses Artificial Intelligence, Machine Learning, the Internet of Things (IoT), cloud, data science, automation, mobile and much more. Each of these powerful technologies facilitating businesses for better customer experiences, reduces costs, saves time, and enhances productivity to enable business growth and generate higher revenue.
Technology Clearly Enables Improvement
Without a doubt the advanced technologies in the freight and logistics industry are now ensuring cost optimization and efficiency along with the ability to adapt to recent imperatives such as constant innovations, customer demand, and agility. And if the industry players who choose not to adopt these technological changes, will gradually lose their market share and become extinct.
Above all, in the current dynamic customer demand world, it is impossible for freight and logistics companies to compete without implementing cloud-based freight software.
Here are the few advanced technologies that are not only an enabler for the freight industry but the driver to increased productivity and revenue.
The development of cloud technology has created interconnected, digital worlds that enables agile, real-time communications and provide a holistic view of the entire operations, enhancing visibility and effective collaboration. Cloud freight solution ensures easy data mobility, streamline operations, efficient resource management, and better transparency and avoids costs of maintaining physical infrastructure.
Internet of Things
The introduction of Internet of Things is a game-changer in the freight and logistics industry. The technologically advanced freight and logistics companies are increasingly using IoT to improve cargo security, data collection, shipment and container tracking. The application of IoT is also helping in optimizing warehousing operations, fleet management, predictive analytics and last-mile delivery solutions.
Autonomous Trucks and Drones
Now autonomous cars are already a reality. Companies like Embark and Uber have started making long hauls possible using autonomous trucks. Though currently it is not entirely driverless and still needs a driver to monitor the computer, but has the potential to be a breakthrough technology to increase efficiency in the delivery process. Another milestone announced by Amazon for the same day delivery of packages right to doorstep by drones will soon revolutionize the delivery process.
Machine Learning Technology
Again the use of machine learning in the freight and logistics industry will provide the industry with a competitive edge. This technology analyses data, use dashboards and pre-determined reports to conduct sophisticated analysis to take business decisions based on the patterns. Machine learning turns passive data into targeted business intelligence that helps forecasting, performance, and predictability. For example, machine learning can recommend which routes are more productive, and companies can choose to optimize accordingly and make other choices to increase their bottom line.
Block chain technology is driving innovations in the freight and logistics industry and helping boost transparency, reduce risk, drive productivity and improve the overall operations process.
This technology allows for easy communications between peers and smooth execution of transactions with increased transparency and security. In addition, the logistics industry focuses on efficacy rather than spending time deciding the best course of action, and the block chain technology is bringing a breakthrough in this.
With the adoption of mobility and mobile apps, the logistics and freight forwarding operations have already transformed to a great extent.
Round-the-clock monitoring services for tracking, orders processing, scheduling, approvals, authorization, reports, and many more are now possible with just a click from anywhere.
Above all, the present-day technically educated customers are looking for technologically advanced freight forwarders that can add value to their business. Finally, it is proven in many instances that technology is pushing the immediacy and instant gratification factors of decision making. The industry will continue to be benefited immensely from the latest technology, not just an enabler but more to push the boundaries as driver for years to come.
Originally Published in Portcalls Asia Magazine