TECHNOLOGY TRENDS IN THE FREIGHT FORWARDING INDUSTRY
Just like every other industry, technology has revolutionized the freight and logistics industry as well. Though one may feel that the supply chain process is still complex, technology has played a great role in bringing real-time visibility and transparent invoicing to logistics supply and freight forwarding process. With the advanced technologies in tracking and automation logistics industry is able to reduce costs and possible delays. Depending on the type and sensitivity of goods, the freight can be air, ocean freight and truckload. Whatever may be the freight medium, technologies specifically tailored for freight industry is readily available these days. With the latest technologies, freight forwarding firms are able to meet increasing customer demands and providing them with improved service. With the emergence of Cloud Technology and Artificial Intelligence, the freight forwarding industry is having raised its competition to the next level. Every freight forwarding firms with the help of technology partners is investing heavily on these latest technologies to edge past their competitors. Let’s have a look at the latest technology trends that changed the face of the freight forwarding industry.
Internet of Things(IoT)
The first technology we discuss is (Internet of Things) IoT. Logistics managers are having a sigh of relief with the arrival of IoT because it gives them the power of control and visibility over the freight forwarded goods. IoT is comprised of a database, a reader, a chipset and a GPS system. These elements facilitate communication with each other. They send useful information to the internet automatically. The Internet of Things has been truly a revolution in the freight forwarding industry as it has solutions for all major concerns the industry was addressing. IoT helped in bringing transparency to freight forwarding practices, conveying accurate data regarding goods and even it helps to monitor shipment in terms of temperatures, vibrations etc. With the help of advanced GPS IoT provides better tracking and real-time location information. With its transportation data analytics, IoT has a huge impact on improving freight optimization.
Advanced Machine Learning
As we are discussed earlier, the competitiveness in the freight forwarding industry is touching new heights. Advanced Machine Learning is one of the latest technologies that help the freight industry to analyze data and helps in decision making. With the help of data analysis and pattern outputs freight industry will get important market insights, based on this we can optimize and accelerate the pace of decision making and thus increasing efficiency of freight forwarding operations. Since Freight forwarding industry starts converting passive data into business intelligence using Machine learning they could cut short unwanted costs. Take an example of a freight firm having truckloads running hundreds of routes. With the help of Machine learning they can choose which route is most cost-effective and problems faced by travelling on a particular route. Similarly, when it comes to ocean freight, Machine learning helps in finding out feasible routes and ports. In short machine learning has helped the industry to minimize freight costs and save a great amount of time by eliminating delays.
Could Based Solutions
Could based systems are best in business and have implemented in almost all industries. What makes cloud-based systems so many favourites are its scalability, ease of use and cost-effectiveness. Freight forward industry has also adapted to could based systems due to the advantages it posses over traditional operational options. Since cloud-based systems keep the information shared platforms that can be accessed by the users through the web. The main advantage of cloud-based systems is that the information is readily available even in merchandise is on move to its destination.
Cloud-based solutions provide different benefits, they are
- Better resource management
- Better time administration
- Better cost mainframe
- Better quality evaluation
- Better communication model
- Better problem detection and analysis
- Helps in continuous improvement
Efficient communications and real-time data transmissions are crucial points in the freight and logistics industry. With the help of connected applications, one can keep in touch with the merchandise while travelling its destination. Connected applications help in assessing the condition with which sensitive goods are carrying. In short connected devices help in efficient communication during long travel days of the freight in air, ocean and on road.
It is important for freight forwarding companies to accept and adapt to the latest trends and technologies. Quality of services is very important in any industry, latest technologies only going to improve customer services. So having the latest technology is surely gives you an edge over your competitors. Technology will advance always, adapt to it and so that your business never going to stagnant.