What are those trends which have been followed by the logistics & supply chain industry?
In the last few months, the global pandemic has affected almost every aspect of the world economy. But we have seen huge changes in particularly one industry, that is the logistics and supply chain industry. The period of isolation has created tremendous pressure on the supply chain logistics industry to meet growing demand.
As a result, logistics companies are implementing innovative strategies to respond to the changing environment in the logistics industry. From automated technology to last-mile delivery solutions, here are the top 8 emerging trends in the logistics and supply chain industry you need to know in 2021.
This is one of the more obvious developments and has been greatly accelerated by the pandemic. The use of the Internet of Things for robotics, artificial intelligence, machine learning, inventory management, order tracking, and placement, routing schedules, and more, along with advances in warehouse management systems, has dramatically changed logistics and supply chain operations across the country. The growing number of third-party logistics providers has raised the bar even further with the introduction of value-added services that underpin strong technological innovations that are redefining the sector.
Last-mile delivery is the most important part of logistics directly related to customer satisfaction. However, last-mile delivery faces many challenges, including delays due to traffic congestion, customer nuances, government regulations, and shipping density.
The final step in the supply chain from a warehouse or distribution center to a customer is often inefficient and accounts for the majority of the total cost of moving goods.
Blockchain provides security through an irrefutable decentralized accounting system and solves pressing issues related to traceability. This ensures transparency of transactions throughout the entire logistics process. Smart contracts based on blockchain technology also reduce processing time at checkpoints, enabling faster approvals and processing.
Data analytics provides useful insights to improve productivity, manage performance, and make optimal use of logistics resources. Data obtained from location and weather monitoring, as well as fleet schedules, help optimize routes, plan deliveries, and keep a check on safety. Market data analysis further optimizes pricing, and risk management reports. Additionally, advanced analytics provides information that helps identify anomalies and provide predictive maintenance solutions.
Autonomous vehicles improve vehicle safety and safely transport goods by eliminating human error while driving. They increase the efficiency of first and last-mile delivery because they are designed to run day and night. In addition, self-driving cars improve fuel efficiency by using platoon engineering for long hauls, reducing congestion, and optimizing travel routes by leveraging innovative technology.
Elastic logistics allows companies and businesses to manage supply chain operations more efficiently during times of volatile demand. It helps to scale up supply chain operations as needed based on market demand. As a result, Elastic Logistics addresses the challenges companies face in the supply chain, including underutilization, warehousing constraints, and overstocking.
With the value-added services, faster digital adoption, cashless and contactless delivery, and a significant increase in online retail, the sector has been consolidated, driven by growing demand for integrated supply chain services. A network of isolated carriers, freight carriers, warehouse and truck owners, and managers merge with larger organized players to reach the market. It's expanding and, by extension, generating better revenue. The sector has seen a surge and acceleration in emerging entrepreneurs adopting engineered service platforms. This further facilitated sector consolidation.
With the increasing demand for national and international business protocols and more environmentally friendly business solutions, many players in the industry are smarter, technology-oriented, cheaper, and more environmentally friendly and sustainable. I'm looking at it. From the use of electric vehicles and the construction of smart warehouses with energy-efficient systems to the creation of more environmentally friendly cold chains and solar temperature control units, the logistics and supply chain sectors are high-energy consumers. And from CO2 emitters to a more conscious, responsible, and smart sector. And eco-friendly operation preference. Although not yet widespread, more and more stakeholders, large and small, are choosing more environmentally friendly solutions.
The logistics and supply chain industry are in the midst of an unprecedented era. But the future is promising. By introducing innovative logistics in the form of a variety of technologies, the industry faces future challenges and has the ideal equipment to help Businesses achieve higher operational efficiencies. And we are proud to admit that ezTruck is already in the race to be the next big name in the logistics sector.