Improving Logistics with the use of technology is not a new concept. 2017 had its share of challenges with many natural disasters causing logistics companies to delay their shipments.
The supply chain is no longer the simple cost of doing business, it is a perfect avenue to generate competitive advantage. Technology innovations have allowed many advances in the supply chain, including the logistics end of the business.
What can AI and IoT bring to the logistics and transport business?
AI and IoT are not just buzz words for the industry. The improvements from these innovations can allow for immediate identification of opportunities of increased efficiency, cost improvement and risk management strategies. Growing access to an increased computing power and cloud capabilities, combined with algorithms that can analyze all the data to help predict trends and make accurate predictions is providing shippers with the real-time knowledge to real-time decisions and better decisions.
IoT is more than gadgets that consumers can put in their house to make life easier. There are real-life applications for companies to help increase supply chain visibility and to help improve strategic capacity. Logistics companies can benefit from the latest IoT controls by deploying the latest tech to understand shipper’s movements and the types of freight they are moving. This real-time data will help logistics companies and manufacturers alike.
What’s Ahead for IoT and Logistics in 2018 is a great read that outlines the best ways to make the most of IoT! TechTarget is often relied on to find out how the technology connects with the physical. Their article: IoT logistics moves from connected fleet to connected things spells out how the improved efficiencies and using the real-time data will help prompt high-level strategic thinking.
Finding a partner who can help you with these technology upgrades is how you can improve your effectiveness.
Security is a challenge in many industries,and logistics can really benefit!
Blockchain technology is not just for money and payments. Blockchain technology is all about security. Our global economy has bred opportunities for the unscrupulous to exploit our security vulnerabilities. This is where blockchain has entered the picture, the inherent security features of this tech will help transform the logistics and transport industry. Accountability and security challenges can be clearly seen when it comes to the 10% of all cargo thefts which care due to falsified records to pick up goods. Experts in the industry believe that blockchain can help with using smart contracts to automate the purchasing and transaction flow of the supply chain. Tagging each product in one secure document or ledger that can only be accessed by the users intended is a great way to securing logistics transactions and communication. This secure communication will ultimately pass savings onto the end consumer.
There is an alliance that has teamed up to increase transparency in their supply chains and help secure the cargo. Their focus is to reduce costs at the same time making shipping more efficient. FedEx is one of the big ones that has moved forward with blockchain integration logistics plan. The VP of strategic planning and analysis, Dale Chrystie said: “We have millions of records a day in our system, and we think of blockchain as a secure chain of custody that could transform the logistics industry. We believe it holds a lot of promise in that space and would streamline all that data exchange in a very secure way.”
Still many challenges
According to the alliance that is promoting these blockchain technology upgrades, blockchain is still too underdeveloped and has many significant problems to make a global impact at this time. Many more need to buy into the technologies to ensure it has the necessary effects of increased efficiencies and security.
Lack of standards is an issue with all technology integration upgrades. Every industry has growing pains when they begin technology upgrades. It takes time, but it is worth the pain. The potential positive benefits and effects will astound.