Latest Technological Advancements In Logistics You Should Know About In 2024
May 17, 2024
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Almost 90% of organizations have planned to adopt and implement new technology in logistics and supply chain operations in recent years. In 2024, there will be a high demand for new and advanced logistics technologies.
So, the market may go through a massive change.
Supply chain 4.0 is becoming the next generation of logistics, leveraging the newest technologies. Sensors collect data everywhere, and companies are using effective networks for better communication.
However, the supply chain and logistics face huge challenges, such as global growth and competition, major changes in demography, and environmental issues.
In this article, we will delve into the concepts of supply chain and logistics. We will also learn the potential trends and technologies that can help transform the industry.
What Is Supply Chain And Logistics Technology?
Before learning about the latest trends and technologies in logistics, we first need to understand the concept of supply chain and logistics technology.
Supply chain and logistics mainly involve managing a better flow of materials and services. This flow transforms the finished products and delivers them to the point of consumption.
For most businesses, the supply chain and logistics operation are integral, ultimately securing customer satisfaction.
The purpose of logistics and supply chain are different from one another. Logistics mainly focuses on the efficient delivery of goods to the consumers. It is cost-effective.
On the other hand, supply chain management controls the development of raw and finished materials.
Supply chain and logistics are important for any business to ensure customer satisfaction. Successfully integrating technologies into the logistics process can help manage costs or inflationary pressure.
How Does Digitalization Affect The Supply Chain And Logistics Industry?
If you own a business, you know the high demand for digital transformation. This digital transformation has become the topmost priority for supply chain and logistics managers.
The managers will increase their investment by 16.5% in the next two years. They are aiming to digitalize the supply chain and logistics process.
What benefits will they get in return for such an investment?
Well, the digitalized supply chain and logistics help to increase flexibility, competitiveness, and responsiveness, securing long-term success in the industry.
Top 10 Supply Chain And Logistics Technology Trends
Here, I will highlight a few of the latest technologies and logistics that can help reshape the industry.
1. Artificial Intelligence (AI) In Logistics
Artificial intelligence, or AI, is crucial in reshaping the logistics industry. It helps enhance the efficiency of inventory management, order processing, and overall distribution for the supply chain.
AI can also help analyze and predict the overall volume of transportation and production. Moreover, automating manual labor can also help reduce operational expenses.
The AI-enhanced systems identify potential issues and reduce the overall risk of accidents. So, it will help you avoid equipment failure and ensure better safety during the operation.
Lastly, AI has been useful in fully optimizing the routes for last-minute delivery. It improves the delivery speed, ultimately securing better customer satisfaction.
2. Automation And Robotics In Warehouse Technology
Warehouse robotics includes automated systems, such as carbonization software or bagging machines, that can increase packaging operations’ speed. These technologies weigh and calculate the ideal size of cartons, making it easy to stack cartons for the warehouse.
Companies that have adopted robotics and automation achieve cost efficiency and increased productivity, minimizing labor costs. Both technologies improve safety and customer satisfaction.
Robotics and automation are also useful for streamlining the warehouse environment. But what are the benefits?
Well, streamlining the warehouse and technologies in logistics helps you achieve profitability and positive customer satisfaction.
3. Artificial Intelligence (AI) And Machine Learning (ML) In Transportation Technology
The blend of Artificial intelligence (AI) and machine learning (ML) greatly impacts transportation.
Both AI and ML can improve transportation safety, mobility, and efficiency. For example, Bellevue, WA, took advantage of AI and analyzed video data, which further helped them avoid crashes.
Moreover, predictive analysis, along with real-time information, optimizes all logistics transportation routes, minimizing costs and travel time.
Organizations use AI and ML to generate real-time data and use them in decision-making. As a result, organizations can handle a huge stack of data while making decisions.
4. Blockchain In Logistics
The concept of Blockchain is a suitable option if you are trying to achieve transparency and traceability in your logistics operations.
When it comes to Blockchain mainly creates a secure transaction record that helps with end-to-end visibility. As a result, it allows the stakeholders to track a specific product’s origin-to-destination journey.
On the other hand, blockchain is decentralized and immutable. This helps companies reduce fraud. The features of blockchain also ensure that data are securely stored and not manipulated.
With the help of automated processes, blockchain can streamline the verification process. You can also reduce the excessive paperwork. As a result, the companies can achieve traceability and transparency in their logistics operations and supply chains.
5. Internet Of Things (IoT) In Logistics
IoT in logistics mainly depicts how the Internet of Things has been integrated into the logistics and supply chain system. This integration further enhances the operation through various aspects of the supply chain.
If you are considering integrating the Internet of Things, you will need sensors, supportive devices, and better connectivity. The Internet of Things further helps you achieve real-time data from systems, including inventory, assets, and vehicles.
An IoT-enabled inventory can provide a scope to monitor the supply level through real-time data. You can also gain insights about your product shortages.
In short, IoT plays a pivotal role in optimizing the supply chain, improving real-time tracking, and enhancing logistics visibility. The companies that will continue to adopt IoT will also benefit through increased efficiency and decision-making.
6. Augmented Reality (AR) And Virtual Reality (VR) In Logistics
Augmented Reality (AR) and Virtual Reality (VR) are two of the most important logistics technologies. They help with real-time data, improve the warehouse inventory efficiency, and optimize the routes.
Even managers use AR glasses to locate stores, reduce overall search time, and minimize potential errors. AR also enables training for logistics personnel.
Through AR, people can visualize any complex workflow or necessary equipment for the procedures. The AR enables learning and accelerates the learning process, providing a hands-on experience for the workers.
In addition to AR and visualizing the work process, workers can also minimize potential harm from the workplace.
7. Autonomous Vehicles And Drones In Logistics
Autonomous vehicles (AVs) and drones are changing complex logistic transportation. They are self-driving cars that don’t require human intervention.
AVs have the potential to improve logistics efficiency. Moreover, they are useful for optimizing delivery routes while reducing delivery time. They use real-time data to optimize the routes and avoid late deliveries.
On the other hand, drones effectively increase supply chain management efficiency. They help streamline the delivery process and reduce delivery time and transportation costs.
8. Digital Twins In Logistics
A digital twin is like a clear ball for your entire logistics operation. It helps create a virtual version or a replica comprising all your physical assets, processes, and systems. All you have to do is to take advantage of the real-time data.
The digital twin also allows us to look into the future and consider what can or cannot happen. So you can create different scenarios based on it and make decisions.
Based on the what-if scenarios, the logistics personnel can predict abnormal situations and make an action plan for the coming future.
So, these logistics technologies can help prevent any upcoming issues in the process.
9. Sustainability In Logistics
Artificial intelligence (AI) and machine learning (ML) help enable smart routes and reduce unnecessary mileage and fuel consumption.
With the help of AI and ML, logistics can properly optimize routes and loads, which results in lower emissions and fewer trips.
Logistics operations can also focus on lowering emissions and carbon footprint. To achieve that, they can use low-emission vehicles and battery cars, adopt sustainable packaging, and collaborate with sustainable suppliers and consumers.
10. Logistics Automation And Workforce Enhancement
Logistics automation will change workforce enhancement. Yes, it can help reduce excessive time usage and other challenges.
Logistics operations usually involve manual labor and unpredictable demands, which often create time management issues and require a lot of labor. However, technologies such as automation and AI have helped find a solution for fleet management.
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