If you are a transportation and logistics professional, you probably know that the industry is under a lot of strain right now. The COVID-19 crisis is a major issue that is affecting the transportation and logistics industry. But, you might not realize how AI-enhanced tools are accelerating transportation and helping companies compete in the Machine Economy.
AI-enhanced tools speed up transportation
With the advent of smart transportation systems, transportation efficiency and safety are increasing. This is because of artificial intelligence (AI) and other advanced technologies.
The technology has the potential to streamline traffic, decrease carbon emissions, and improve the way goods and passengers flow through the system. It also has the potential to reduce the number of vehicles required to deliver services. However, there are some challenges associated with AI and the use of smart transportation.
As a result, many companies have begun implementing AI in their transportation systems. These technologies include predictive maintenance and traffic management. They can also help businesses better manage their supply chain.
Transportation is a large industry, with billions of dollars worth of goods and passengers moving through it every day. AI-enhanced tools can streamline fleet operations, eliminate manual labor, and help make the transportation process safer.
IoT devices and blockchain help transportation and logistics companies win in the Machine Economy
The Internet of Things (IoT) has been around for a while, but it is still just beginning to reach its full potential. In fact, some predictions indicate that more than 100 billion devices will be connected by 2025. This is huge market potential. However, there are a number of challenges that must be overcome.
One major challenge is how to leverage IoT. It requires planning, coordination, and creative thinking. But, once implemented, it can lead to new business models and revenue streams. If used correctly, it can even enhance public safety.
There are many IoT use cases, depending on the industry. Some include wearables, smart home solutions, and enterprise applications. Others are industry-specific and involve asset tracking, such as the monitoring of containers on large cargo ships.
COVID-19 strains the industry
The Covid-19 pandemic has had a dramatic effect on the global logistics and transportation industry. It is impacting every part of the industry, and in many cases, it has halted production and caused a significant decrease in business.
The logistics and transportation industry is a complex one, and is especially vulnerable to disruptions. In order to keep up with demand and ensure smooth deliveries, companies must implement strategies to make their supply chains more resilient.
To help with this, the HIDA Shipping Workgroup, which is comprised of members of the logistics and transportation industries, meets regularly to discuss pain points and best practices. They share their findings with federal partners.
COVID-19 has caused many companies to rethink their supply chain, and to re-evaluate how they move their goods to market. Specifically, most producers are now sourcing raw materials from local sources.
Multichannel logistics is proving to be more than a trend
Multichannel logistics is an important strategy that allows brands to reach new markets and compete against competitors. The key is to streamline operations and minimize costs to improve customer service.
Today’s supply chain logistics are constantly changing. One of the major challenges faced by multichannel retailers is meeting consumer expectations for timely delivery. To do this, they must coordinate inventory and vendor relationships to ensure timely deliveries.
A multichannel business network will include several types of distribution channels, including: online, mobile, and offline retail. It also includes an array of services such as e-commerce, direct marketing, resellers, and wholesalers.
Multichannel retailers must combine back-end operations with logistics to reduce overhead expenses. Using a broker platform can help them gain access to existing courier capacity. While some retailers may choose to do this on their own, others may prefer to partner with a logistics provider to get a handle on all aspects of their supply chain.
Supply chain crisis defines the state of global logistics
Global supply chains turn raw materials into finished goods. They are crucial to maintaining the flow of critical supplies. As a result, disruptions can have an adverse impact on commerce.
Pandemics, natural disasters, and even malign human action can cause disruptions. These disruptions can weaken production capabilities and cause shortages. During this period, companies must focus on increasing the resilience of their supply chains.
In the United States, for example, there have been several instances of food supply chain disruptions. The baby formula sector has been particularly affected. Some firms have closed plants due to the infection of workers.
Other issues involve increased labor costs, freight costs, and shipping delays. There are also concerns about the availability of truck drivers. Earlier this year, Walmart announced plans to raise its wages for its truckers.