According to recent studies, the global logistics market is going to reach $1,374 billion by 2023, and that is why there have been a lot of retrospection about the major technology trends that can contribute in determining the future of this industry. There are thousands of actions involved in the smooth operation of this industry and these include handling materials, smooth functioning of the warehouses, managing inventories and coordinating transport. While this requires a lot of human intervention, it also leads to extensive coordination between the stakeholders, leading to a gap in communication and delay in delivery. This is where technologies like blockchain, AI, GPS and automation help streamline the operations.
- Blockchain Technology and Internet of Things – It’s obvious for the present-day customers to want to track the cargo in real time and that’s why they prefer an absolutely transparent supply chain process. Internet of Things (IoT) and blockchain can play an extremely crucial role in providing end to end visibility in the goods tracking process. Blockchain helps introduce more transparency and accountability in the entire process. It’s expected that blockchain helps minimize the fraud, improve security, enhance accuracy, enable seamless transactions and ensure accuracy in data recording.
- Electric vehicles – The market of the electric vehicles is booming and there are many reasons for that. These are cost-effective and energy efficient vehicles that are low on maintenance. There are a lot of possibilities to determine how these vehicles can be used for the betterment of the logistics industry. While traditional manufacturers can arrange for these vehicles by themselves, the government can also take some initiatives on their part for ensuring smooth processes. For instance, it’s important to arrange charging stations across the country so that long-distance shipments can be made possible without any hassle. It’s believed that these electric vehicles have a lot of potential to change the dynamics of the logistics industry.
These are the top technological trends that are believed to bring in significant change in the future of the supply chain management. This entire domain has a lot of business opportunities, and hence, investors are interested to improve things for supply chain management. It’s high time for organizations to embrace technology and while doing that, these are the top trends that they must keep in mind.