The “shipping and logistics” is the backbone of industries like e-commerce retail, healthcare, and FMCG. Today, the value of shipping and logistics (S&L) has grown dramatically. In fact, e-commerce industries are highly dependent on the shipping companies like YF Logistics LLC to transport their products globally. Rising consumerism is impelling the logistics industry to deliver higher performance and offer services such as overnight shipping.
Furthermore, the digital disruption fortified by analytics, cloud computing, mobility and Artificial Intelligence (AI) is driving modification in the S&L industry. Fact is, the digital race picks up the speed. And C-suite officials mull over conducts to gain 360-degree visibility into the logistics lifespan. Here are the top three trends shaping the S&L industry:
Safety and efficiency leveraging new technologies
Artificial Intelligence is the S&L industry’s permit to a completely digitized, data-driven future. In fact, AI-enabled self-driving trucks are already in existence, the Internet of Things (IoT) can bring in extra value. It is easy to analyze the data from associated smart devices in the supply chain network using Machine Learning algorithms. And its benefits include precautionary upkeep and overhaul to better efficiency and cost compression.
Let’s understand it with an example. One of the leading worldwide container shipping company– Maersk Line, has partnered with Ericson to empower Remote Container Management (RCM). This company’s IoT-enabled refrigerators transmit stats such as temperature, location, and power supply in real time to a cloud server, where ML algorithms analyze this information. And this helps Maersk ensure operational saving, efficiency and port safety. It also improves the cargo care for the latest products that it transports to 343 ports across 121 countries.
Intercepting losses through the blockchain
Blockchain technology provides unparalleled levels of operative transparency as well as traceability to logistics companies. The cargo theft last year was a major concern in the S&L industry as the industry has lost about USD 39 million. Blockchain-enabled strong and safe industry networks can prove to be game changers in reducing cargo theft. The technology enhances cross-border dealings and trading associations at scale.
For example, consumer identities on blockchain ledgers cannot be tampered with at the time of delivery. Moreover, blockchain allows guaranteed distributions and returns by mapping the unique blockchain registration numbers of every automobile against the delivery job IDs. Logistics Business players such as YF Logistics LLC are gambling on blockchain as the future of logistics.
Development of elastic logistics
Elastic logistics is the aptitude of S&L companies to enlarge and shrink their competences across geographies in response to the market. In order to be elastic, these industries have to think outside the box in innovative ways. And some industries including FedEx and DHL are partnering with local troupes in order to address last mile delivery issues. Actually, development of elastic logistics is about prolonging the partnership to share navies, stockrooms, and networks to handle more delivery channels. This help in focusing on priority deliveries and penetrating newer markets. Furthermore, developing elastic logistics support logistic businesses receiving the 360-degree visibility. And also help in refining resource use and dropping operational costs.
Logistics is moving onward, the businesses start to change in on itself to handle the challenges. Augmented demand, fill more orders, the pressure to handle returns, and follow to the latest rules are some of the major defies. Above are some 2018 trends in shipping and logistics industries that some companies like YF Logistics LLC are already started following. The core of these top S&L industry trends falls to the use of technology. Following these trends help the shipping industries deliver on assurances and surpass expectations.