Logistics Industry is a vital part of the growing economy of the globe. As a part of the evolving world, we have seen significant growth in novel-innovative areas to ease as well as pace the work. Logistics Industry has also seen a good curve from traditional to modern work approach. It has made businesses wider with greater connectivity, bridging the gap, and clearing the obstacles. Evolution has come through stages and will be continuing the same. As an economy-boosting industry, Logistics have to adapt to the changes for better advancement.
This article discusses the top technology trends in Logistics across the world and how they have been responded upon by businesses, clients, and industrialists.
There is a noteworthy build-up around blockchain for a few years now but this is likely to continue in 2020. Blockchain is a strong key to transparency and traceability in the supply chain and also prevents counterfeiting.
It has mostly been popular among the food and beverage business as this saves the industry a significant amount of money. A report from Juniper Research suggested that implementing blockchain could save $31 billion to the food industry by 2024.
Along with the food industry, blockchain is also being encouraged to be used by the pharmaceutical industry to monitor the changing temperatures during transportation.
Artificial Intelligence (AI)
AI with its various aspects has resulted in being able to be implemented in different measures of the supply chain. AI with Machine Learning has algorithms that are being executed to identify purchasing patterns, automate tiresome warehousing processes, predict demand patterns, and manage inventory. This makes the process easy and quick resulting in better growth.
Gartner Survey of 2019 has shown that in four years to 2019 there has been an increase of 270% in organisations using AI, citing better productivity.
It is one of the most conversed technology trends in recent times. With autonomous vehicles to warehouse robots, it is a wide branch of technology. Companies are turning onto robots for quick human-intensive laborious tasks. Automated technology has been ideal for repetitive tasks such as carrying, counting, and sorting. In the coming few years, automation is emphatically going to be eminent in our industry. According to the 2019 Warehouse/DC Operations Survey, usage of automated replenishment was increased by 7%, automated storage & retrieval (ASRS) solutions were up from 12% last year to 15%, manual picking declined from 76% to 72%.
All the figures clearly state an incline towards increasing automation
Internet of Things (IoT) and Supply Chain Visibility
IoT is coming out as a solution for real-time supply chain visibility with several other technologies associated with it. With the use of IoT technology to monitor inventory, keep track of deliveries, and automate stock reordering all in real-time we can provide improved visibility in production. With the use of sensors in transportation, we can have live tracking updates. The real-time information can result in better efficiency of the supply chain and can help serve customer demands. The number of businesses using IoT is increasing year bt year.
Circular Supply Chain
There is a move towards a circular supply chain from a traditional linear supply chain which is a way towards a greener solution. Here, the manufacturers reuse the disposed and worn out products by refurbishment or recycling it into raw materials. This is an environmental approached solution in Supply chain and Logistics. It results in growth as clearly, the customers prefer businesses that recycle or reuse.
5G is the Fifth Generation of wireless technology. With increasing automation, the use of AI, and IoT devices in the Logistics Industry, there is a definite need for fast data signals. For real-time monitoring, the significance of 5G is continuously increasing. With rising development, there is a need for network enabling appropriate connectivity as we move forward in the decade.
Transcom Logistics and Technology Trend
Transcom Logistics is an organisation working on the latest technologies reaching towards advancement. We have been introducing methods for better development and customer service. With each demand, the team evaluates and come up with new and finer solutions and efficiency. Logistics Industry runs parallel with all the professional sectors. Being a part of the industry, we provide you the ease of working with us. We have the modern methodology with which we ensure complete transparency. TCL has been working on real-time technology to provide traceability and assure full security.
With a vision for the future, the upcoming needs are monitored and acted accordingly with the best technology available. We see our future ahead as a world driven by our logistic approach and orderliness with maximum competency and utmost error eradication.