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Technology Recalibrating the Future of Logistics Industry
With logistics industry being one of the biggest sectors in the business world, a huge difference is resulted in the energy demand and pollution levels. The technology that supports the industry to go green are explained.
FREMONT, CA: The ever-growing advancements in technology such as AI, biometrics, automation, and GPS in the global logistics industry have resulted in streamlined workflows. The automated workflows have reduced human intervention in the supervision of inventories, coordinating transport, managing materials, and smooth functioning of storehouses. Some technological trends that will revolutionize the logistics industry include:
Electric Vehicles (EV):
EVs are sustainable, energy-efficient, and cost-effective, with lower maintenance costs as compared to internal combustion engines. EVs are set to enter the logistics industry as traditional manufacturers produce EVs themselves, begin investing in batteries for EVs, or encourage startups that manufacture EVs. It is increasingly certain that EVs are changing the world of logistics.
The digitalization of logistics will assist in tracking of shipments in real-time, decrease inabilities, and streamline operations. Mobile application-based shipment has transformed booking and has reduced human intervention. A McKinsey report explains that the digital sectors in India will be valued at $355 billion-$435 billion of the GDP by 2025. Robotics Process Automation is also being introduced to complete automation in logistics.
The current tech-savvy workforce will assist with the widespread growth of digitalization in logistics. In addition to it, the digitally accumulated data will help faster processing related to customer demands, optimum routes, fuel consumption, and turnaround times.
Blockchain Technology and Internet of Things:
Blockchain technology and the Internet of Things (IoT) provide end to end visibility of the cargo in the logistics industry. It will guarantee more responsibility and transparency in the supply chain course. Blockchain will help enhance security, reduce fraud, facilitate smooth transactions, enhance accuracy, and will allow for the precision recording of data.
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IoT will make way for a connected environment which will create optimum warehouse management and effective regulation of the fleet through digitally connected devices. The IoT devices will assist in the tracking of routes, maintaining schedules, monitoring of vehicle usage, and cutting down on vehicular downtime.
Computer Vision Enabled Classification Technique:
In case of damage to the cargo during transit, Computer vision will deal with the problem to efficiently classify. Collected data is labeled and fed into the computer to recognize if the damage is within feasible limits. Computer vision will eliminate the need to take multiple approvals from different parties and will make the delivery process faster.