Published: 09 January 2023 | By Lorryz.com
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Artificial Intelligence & Machine Learning
The use of artificial intelligence (AI) and machine learning is on the rise across all industries, and logistics is no exception. Recent technological advancements have pushed businesses towards automation. This trend will continue in 2023 as more logistic companies will leverage AI-powered tools to automate their operations and reduce human intervention.
Blueweave Consulting predicted in its recent report that the estimated worth of AI in the supply chain market will increase from $5.61 billion in 2021 to $20.19 billion in 2028. The logistics industry can use AI for product inspection, automation, and forecasting.
Similarly, many logistic companies are also using AI and machine learning to disrupt their entire supply chain and make data-driven decisions. Moreover, the technology can optimize the inventory flow through automation and help enterprises locate the best suppliers online to get high ROI.
IoT Monitoring
IoT monitoring has become critical to succeeding in today’s highly competitive digital landscape. Many logistics companies have already deployed IoT to track their supply chain and better understand their processes. Besides, IoT-enabled devices offer real-time data that allows managers to forecast traffic congestion, effectively manage their assets, and improve their cargo handling.
Moreover, the combination of IoT with blockchain technology can help logistics companies to ensure end-to-end visibility of deliveries and bring accuracy to their operations. Eventually, they can effectively meet the shifting market conditions, make their operational processes more flexible, and meet ever-evolving consumer demands.
Blockchain Technology
Blockchain technology is not just limited to cryptocurrency only. Its decentralized digital ledger has vast applications ranging from improving data security to optimizing consumer experiences. In 2023, we will see that many logistics companies shall use the blockchain’s distributed ledger technology to transform their supply chain operations.
The primary usage of blockchain technology will be for secure data management. Companies can deploy a decentralized digital ledger to store and share confidential data without external cybersecurity risks. Similarly, smart contracts can be used to ensure compliance of major stakeholders and automate operations. The technology will also restrict the entry of pirated products by allowing logistics businesses to track and trace their whole supply chain.
At the same time, blockchain technology will empower customers by enabling them to track the entire journey of their orders. This would ultimately improve consumer satisfaction and make audits more transparent.
Transportation Management Systems (TMS)
Another technology trend gaining popularity in the global logistics industry is innovation in transportation management systems (TMS). These high-tech systems centralize many technological tools in one place and empower key executives to make data-driven decisions.
Logistics companies can use TMS to optimize multi-stop route automation, load consolidation, and real-time delivery driver tracking. Similarly, TMS is also helpful in low-cost mode selections as well as simulation and network design. The deployment of these systems offers exclusive benefits like increased transparency, freight savings, strong ROI, and improved customer satisfaction.
While several factors have contributed to rapid TMS growth in recent years, the primary reason is a significant improvement in this technology. Advancements in AI, ML, IoT, and real-time visibility solutions have strengthened TMS innovation and enhanced the performance of these systems.
The best example of one such system is the Lorryz, which connects businesses with the thousands of truck drivers instantly and optimizes the delivery route, minimizes cost, eliminates empty back hauls and drives a sustainable supply-chain network.
Digitalization in Logistics
Digital transformation has already made headlines across the worldwide business community. Realizing the potential of digitalization in logistics, many companies have now started digitalizing their systems to achieve long-term sustainability. This paradigm shift towards digitalization in logistics is likely to continue in the coming years.
A recent study by Allied Market Research predicted that the estimated worth of the global digital logistics market will reach approximately $22.9 billion by 2030. With an average growth rate of 23%, the digital logistics market will attract key players from the logistics industry in 2023 as companies strive to increase their technological capabilities
Through digitalization, logistics companies can centralize their operations and get real-time actionable insights to make informed decisions. Similarly, digital logistics improve operational efficiency, encourage team collaboration, and simplify operations. Lastly, the ability to view progress in one place helps logistics companies to optimize their supply chains and minimize disruptions.
Wrapping Up
The global business landscape is changing rapidly. Traditional and outdated organizational strategies no longer remain effective today. Hence, businesses across diverse sizes and industries are undergoing massive digital transformation to overcome the challenges brought by the covid-19 pandemic.
Experts predict that 2023 will be the year of extensive digitalization and innovation in the logistics industry across the globe. Both established logistics organizations and startups are adopting modern technologies to improve the speed, quality, and integration of logistics operations. The increasing use of AI and machine learning, blockchain technology, and IoT will significantly improve the performance and resilience of supply chains and logistics.
These technologies will help logistics companies drive the industry’s fundamental change and stay ahead of their competitors. As we make our way into 2023, we will see digitalization in logistics at a massive scale that will yield long-term benefits for both customers and logistic partners. Digital Platforms like, the Lorryz, are most likely to drive the future of the Logistics Industry!