Innovations Reshaping the Future of Logistics Industry
The outrageous success of e-commerce and global trade has had a remarkable impact on the growth of the logistics industry. With the increasing demands, the logistics industry needs to come up with constant innovations to cater to the ever-growing needs of the market. Additionally, the dynamic nature of business processes, new consumption patterns, and changing consumer behavior is bringing about constant innovations in the logistics industry.
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Key innovations in logistics
Internet of Things (IoT)
The ability of multiple sensors within the vehicle and other monitoring devices to communicate with each other can provide highly integrated real-time transportation and warehouse management solutions. IoT paves the way for efficient resource planning by giving businesses the ability to monitor the condition of their packages remotely.
Blockchain Technology
Blockchain technology has the potential to eliminate all persisting problems faced by supply chain managers. It improves the supply chain efficiency by reducing errors (eliminates paper-based documentation), enhancing supply chain security (reduces fraud), and eliminating bottlenecks (3rd party certifications).
Data Analytics
Companies can make sense out of the plethora of data available to them by identifying patterns and making effective business decisions. Companies are leveraging the use of data analytics in real-time route optimization, environmental intelligence, and real-time operational BI.