What are the top ten logistics industry trends and innovation
Over the last decade, we have witnessed tremendous growth in almost every sector. Not a single domain is left without being impacted by the rapid growth of technology. With the population increasing every year, there has been increasing demand for the sectors to be more efficient. This efficiency comes through rapid change in the industry by the means of robotics. This is also referred to as Industry 4.0. In recent times there has been increasing work and research around artificial intelligence, IoT, cloud computing, blockchain etc. This advancement has ushered a new age of change in the industry standards, informally known as industry 5.0.
The logistic industry is called the backbone of all the industries. An efficient logistic software development is important for every industry. From farm to health care, without logistics no industry can work efficiently. Whether it was a computer or acing the use of ERP, Excels, like computer software logistic industry has been a frontrunner in adoption of technology advancements. Even in 2021, we are witnessing rapid growth in technological innovation. They are innovating at a rapid pace, with the adoption of blockchain, IoT, real-time data matching the pace of global demand.
In this article, we will see the top 10 recent trends in the logistic industry and know what keeps the buck rolling.
- Artificial and Augmented Intelligence
- Big Data & Data Analytics
- Cloud Computing
- Digital Twins
- Elastic Logistics
- Last-Mile Delivery
- Internet of Things
- Real-Time Supply Chain Visibility
- Warehouse automation
Artificial and Augmented Intelligence
In the past few years, the logistics industry has begun integrating intelligent transport, route planning, and demand planning with artificial intelligence solutions. AI already makes a huge difference in logistics, from last -mile delivery robots and sustainability solutions to automated warehouse picking systems and software for predictable optimisation.
Augmented intelligence is being increasingly in use alongside AI. Augmented information is combined with AI to automate processes of human intelligence. In logistics planning, AI can be even better when used with Augmented Intelligence because it combines human inputs (Experience, Customer Service, Flexibility, Common Sense, etc.) with AI technology. This allows professionals in logistics to do their job faster while reducing errors and cost savings..
Blockchain has grown into one of the most important trends since its advent. Blockchain is an open directory of transactions in a given network distributed between computers. As everyone on the shared blockchain has access to the same log of transactions, complete transparency prevents users from hacking the system, thereby eliminating the need for involvement by third parties. This can help different carriers or shippers to share sensitive data in the logistics industry much more easily and companies can create commercial finance and supply chain solutions.
Both in and outside logistics, Blockchain has great potential for unbelievable applications. Pilot projects and small-scale activities are in place. A Public Ethereum Network to validate document transactions securely is one such project that has emerged.
Big Data & Data Analytics
Logistics companies have historically stored data unorganised. This creates a fragmented ecosystem that creates huge inefficiencies. Big Data Management is one of the biggest trends in logistics technology in 2021. The Digital Container Shipping Association (DCSA) in 2019 is establishing new data standards. The mission of DCSA is to create common digitalization and interoperability information technology standards to make both customers and shipping lines efficient in the shipping industry.
Big data software like Hadoop enables companies to clear and digitise their data so that they can then use it for state-of-the-art analytics and forecasting services. This includes improved visibility of the supply chain, demand predictions, proactive route planning, predictive maintenance, unanticipated detection and last-mile delivery improvements. All businesses will benefit massively if data is standardised and digitised across the logistics industry. The data gathered from monitoring position and float schedules help optimise routes and delivery scheduling.
The market data analysis supports the further optimisation of price for suppliers, inventory levels and risk management reports. Advanced analytics also provide insights into abnormalities and provide predictive maintenance solutions.
SaaS cloud-based logistics solutions allow for low-capital investment pay- per-use models. This reduces the risk and costs of IT infrastructure maintenance. Cloud-based logistics solutions also address communication barriers and make it possible for companies to collaborate and share information securely. Cloud integration also provides the opportunity to analyse logistic processes overall through data collection from management systems. Finally, cloud built-in logistics provide universal access and is not restricted to any physical space.
For eCommerce companies and third-party logistics (3PLs) players, B2B cloud platforms provide logistic services. The platform offers tools for improving product marking and delivery services during shipping digitisation.
Digital Twins are one of the most exciting trends in logistics technology to look at in 2021. Never are two products the same as the models of your computer. In the current state of the modelling, the way parts are worn out and changed, the accumulation of fatigue in structures or the way the owners modify their changing needs are not taken into account. The digital twin technology has however changed this for all times. Now, physical and digital worlds are able to be integrated into one, allowing us for the first time to deal like our physical counterpart with the digital model of a physical object or part.
Digital transportation twins can be used in the shipping sector to gather and use product and packaging data to identify potential shortcomings and recurring trends for improved operations of the future. Logistics centres can create and test different scenarios and boost efficiency through digital twins. Moreover, delivery networks could use the technology to provide information that is supported in real time.
During periods of fluctuating demand, Elastic Logistics makes it possible to operate the supply chain more efficiently. It helps supply chain operations to be upgraded or downsized depending on market demand. Elastic Logistics tackles the challenges that supply chain enterprises face, including vessel underuse, storage constraints and overstorage.
B2B market for on-demand warehousing services for SMEs (SMEs). In order to meet short-term demand, the owners can rent unused space in their warehouses. On the other hand, they provide their customers with pay-per-use storage and on-demand fulfilment services.
The last step of the supply chain, from the warehouse or distribution centre to the customer, is often inefficient and also comprises a major portion of the total cost to move goods. Last-mile delivery is the most important part of logistics as it is directly related to customer satisfaction. However, last-mile delivery faces various problems including delays due to traffic congestion, customer nuances, government regulation, and delivery density. Two such last mile innovation are
- Drone delivery solves the traffic congestion problem in the last mile. They can reach remote areas, thereby reducing time and cost of delivery.
- Smart lockers provide customers with flexibility for parcels to receive and, due to unavailability of customers, reduce the last mile for returns.
Real-Time Supply Chain Visibility
Customers and carriers demand real-time data more than ever, which means that logistics and supply chain companies must concentrate on implementing state-of-the-art Supply Chain solutions in their operations.
Such information includes patterns of traffic, weather, road and port conditions used for action to reshape or redirigate supply and optimise routes. It is reported that logistics enterprises that fully use integrated supply chains are 20% more efficient than those without integration.
IoT powered container management will be simplified by real time monitoring, increased fuel efficiency, preventive maintenance and proactive installation of container operations. As the sector begins to demand real-time client tracking.
By reducing human interventions, warehouse automation increases efficiency, speed and productivity. Choosing and placing technology such as AGV's, robotic pickup, automatic storage and recovery (ASRS) and put-wall picking, reduce error rate and increase the productivity of warehouses. In order to manage their operational logistical costs warehouses require a combination of efficient automation technologies.
- AGV warehouse integration supports moving goods automation. AGV replaces human labour with the challenges of processing large-scale products.
- ASRS supports product and material storage management in automated storage facilities.
This improves the use of floor spaces and does not need manual labour. The operations in warehouses have undergone a significant shift in recent years and the gradual integration of technology is one of the most likely trends. The Global Customer Report 2019 shows that the testing of warehouse robotics has increased by 18 percent year-over-year.
We all want packages to be delivered as soon as possible. A minute after placing the order we start tracking it. On the day of delivery, we excitedly anticipate the delivery guy by tracking his moves. All these trends and innovations are being done to assure that your stuff reaches you fast and secure. The logistic industry strives hard to bring the best use case of trends and innovation.
All the above-mentioned processes need data digitisation and automation. Historically, data in the logistic industry has been cluttered. Thankfully, due to an enterprise resource planning ERP software development company in Chennai, day to day business activities such as accounting, procurement, project management, risk management etc can be updated on time. This software also provides timely reports and keeps information up to date. For any firm dealing with logistics ERP is essential software.
Based on the above information, if the ERP is something that your firm needs, we at Perennials, web development service chennai can guide you into the creation of ERP. We are the best in the Chennai - Bangalore region. With the aid of our ERP solutions, clients have witnessed their productivity rise. Allow us to drive your business too.
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