Digital Technology in Logistics
The most prominent changes in freight forwarding are related to cross-border e-commerce, Blockchain and Big Data. Such developments are resulting in technology-enabled supply chain solutions and fulfilment, but without the necessary know-how about logistics and the infrastructure required for moving shipments internationally, the technology is wasted. Consumer demands are skyrocketing with their addiction towards cost-effectiveness and service levels that the e-commerce and e-retail courses are rendering in the contemporary era. From the research of the logistics companies who have embraced technology and those start-ups who are offering technology services to logistics companies, we could understand that service and entity-level digitization has been largely carried out. However, a platform integrating and providing digital services of all the processes of the freight forwarding and supply chain cycle is scarce. While the integration of technology for logistics firms comes would call for an initial investment, but the long-term purview of benefits like time and cost-effectiveness, saving of man-hours, enhanced service levels, increased sales upshots and profit margins and so on, far outweigh the inceptive expenditure. Automation will lead to more single-window solutions. Presently, the logistics sector is fragmented and unorganized, one of the major reasons for high operational costs. There are fragment level costs involved at every stage that affects the stakeholders helplessly. Automation will lead to streamlined processes through integrated gateways. The data and information will be more accurate and visible. With a database of accurate information and data accumulated from the right channels by the competent authorities, Machine learning and Artificial Intelligence play a vital role. AI would help in assessing market conditions and behaviour, predictive analysis of future events, optimization of operational efficiency, mitigation of risk by analysis and anticipation, forecast business and investment opportunities and consumer demand thereby rationalizing supply, condense revenue loss with speculated decisions by the stakeholders of the sector, improve timelines and schedules. In this era of superlative automation, where services and real-time information require only a touchscreen or a few clicks, manual feeding of information and checking shipment status on phone or e-mails becomes looks primitive. We believe it is easy incorporation for the logistics industry to provide specific and real- timepiece level information of cargo, with the technology already in place. The RFID solution for tracking shipments at the piece level renders the information to the logistics service providers to improve their operational efficiency in addition to offering customers incredible visibility with exemplary accuracy.