Emerging Trends in Logistics Technology

The future of logistics is paved with innovation and technology. In this blog, New Horizon Freight Solutions takes a look at some of the emerging trends that will affect the future of logistics.

New Technology that’s Impacting the Logistics Industry

A warehouse invests in automation to move into the future and operate at top-level efficiency. Logistics providers make better decisions and facilitate smarter deliveries. We take a closer look at emerging trends in logistics technology.

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Blockchain Technology

The implementation of blockchain technology is one of the most prominent logistics trends gaining traction in the global market in transportation and logistics industry as it can increase the efficiency and transparency of supply chains and is expected to impact everything from warehousing to delivery to payment positively during the next few years.

Digitisation of the Logistics Industry

The use of digitization is expected to bring about significant reduction in procurement and supply chain costs while giving a considerable boost to the overall revenues. The integration of digital channels is another critical logistics trend that further allows the logistics service providers to lend transparency to the customers while optimising solutions for increased safety and efficiency.

Emergence of 3PL & 5PL

The proliferation of third-party logistics (3PL) and fifth-party logistics (5PL) is expected to accelerate the global logistics market. 3PL is responsible for encompassing a broad range of end-to-end transport and logistics needs, including transporting goods, maintaining inventory logs and travel insurance, and offering a shield against property loss.

Integration of Drones & Smart Glasses

The rising integration of drones and smart glasses has improved the flexibility and speed of delivery, in turn, impacting the growth of last mile logistics market during the predicted period. Self-driving vehicles, autonomous vehicles and trucks have been able to maintain high reliability and same-day delivery in both urban and rural areas. The adoption of AI integrated smart glasses will increase the operational efficiency of first and last mile logistics, along with flexibility and speed of delivery.

Adoption of Data Analytics & Big Data Logistics

The use of Big Data and Data Analytics in the logistics industry is allowing several stakeholders involved in the business to make informed purchase decisions. Companies are now using big data to anticipate busy periods, potential future supply shortage and other insights for making strategic decisions to improve their market positions and offer a significant competitive advantage over other counterparts.

Logistics Automation & IoT

Automation has been gaining traction in the logistics industry as well, with the continuous adoption of Internet of Things (IoT). The inception of logistics 4.0 is one of the key logistics trends transforming the global supply chain market. Shortcomings including transportation delays, operator errors, poor monitoring of cargo, outdated IT failures and thefts are being overcome by the integration of IoT in the logistics industry. Furthermore, this next generation of successful supply chain management is expected to leverage IoT and edge computing for yielding real-time automated insights.

Elastic Logistics

Elastic logistics is expected to emerge as the latest conceptual buzzword in the logistics and supply chain industry. It basically refers to the flexibility of expanding and shrinking capabilities for aligning with the demands within the supply chain during a timeframe. The use of elastic logistics is one of the latest logistics trends that can help companies across the globe by enhancing customer experience, providing agility and scalability, adding real-time visibility, and connecting all business processes.

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Chat to the NHFS, Trusted Logistics Experts, Now

Logistics is a precision business, where success depends on making accurate moves at the right time. A high level of contextual awareness, backed up by highly optimized processes, are the essential ingredients of success. Efficiency is the end result, which comes as a result of such heightened levels of workflow optimization, allowing companies to streamline their logistical operations right from the core. Get in touch with us to discuss how NHFS can add value to your operations today.

Sources:

Fingent.com

Technavio.com

Image: Unsplash.com