The logistics industry has always been a large market, however, it is set to see considerable growth over the coming years. According to PR News Wire, “The global logistics market will reach US$15.5 trillion by 2023.” In this article, we will explore why the logistics industry is gaining traction globally and how technology has played a key role in its continued advancement.
Cloud technology has revolutionised a number of industries, including logistics. From processing large amounts of data through to greater transactional transparency, cloud computing is supporting supply chain systems and processes around the world. Business.com states, “One of the biggest boons for the supply chain industry made possible by cloud computing is the ability to leverage powerful analytics to make smarter decisions, speed logistics, and enhance both the efficiency and accuracy of the flow of products through the supply chain.” The use of cloud tech in the logistics space is only increasing, with start-ups around the globe popping up to support the market. Cloud computing software start-up CartonCloud began designing an application that would service small to medium logistics enterprises by, “…developing their own transport management system and warehouse management system, designed specifically with automation in mind, leveraging the advantages of cloud computing for ease of access, and mobile phones for inexpensive electronic proof of deliveries capture.”
Once it was commonplace for truck drivers to get lost, navigate with maps and spend a lot of time looking for addresses in all the wrong places. Nowadays, with the invention of GPS, and high tech navigation systems, these occurrences are a thing of the past. The rise of online navigation tools and driver applications means that operators are safer, accurate and more productive than ever before. Peerbits states, “GPS technology is a must if you own any transportation or logistic business. It is because GPS comes with a plethora of benefits which has potential to transform your business holistically.”
Artificial intelligence is now accurately locating and tracking inventory as well as looking after key logistics distribution systems. Cerasis states, “There’s no other way to describe it: Artificial Intelligence (AI) is revolutionizing the world of logistics. That may seem like a cliché, or hype, or buzz, but it is true. The tech is fundamentally changing the way packages move around the world, from predictive analytics to autonomous vehicles and robotics.” Undoubtedly, AI is making a huge impact on global supply chain practices, advancing company processes and systems, in turn saving businesses vast amounts of money and increasing their productivity.
Overall it’s clear that technology is supporting the rapid expansion and growth of the logistics industry, with cloud tech, key navigation applications and artificial intelligence all playing a key role. According to Forbes, “It means in the future digital realm, the rewards will be tremendous and companies will gain significant advantages. The supply chain is ripe for transformation and first-mover advantage is up for the taking.” In the coming years there will certainly be greater collaboration between logistics start-ups and larger, more established supply chain companies, hopefully boasting better outcomes for the industry as a whole.