Digital transformation with the integration of IoT is quite crucial for the logistics industry. As the industry is inching towards modernizing itself, the use of IoT is becoming mandatory for the same. A concept was proposed by Thomas L Friedman after a rigorous analysis on globalization. He said that the global supply chain will always remain constant in human lives. The corporations will enjoy productivity, and the economies will keep the economy of countries across the globe stabilized.
Hence, this thesis is completely true as that of the current economic standards of the globe. The traditional approach of the logistics industry did suffer great setbacks. The delays in delivery misrouted shipments, and less productivity, are just a few damages that the industry was experiencing. But this industry has also been a proactive sector in terms of adapting modern technologies. The logistics industry has adapted technologies to drive operational potential and to lower overall costs. And that has helped the sector deliver faster and offer ideal customer service.
But now, the logistics industry is adapting more digital implementations and is eradicating manual interventions as much as possible. Hence, it is known as the data-driven process!
The concept is of a ‘connected’ world over digital means with the technologies such as predictive analytics, cloud computing, IoT, and AI. These technologies are accelerated with the digital transformation of the transportation industry and global logistics.
The use of IoT has been boosted even more due to the COVID-19 pandemic. It has added more efficiency to the manufacturing sectors for enhancing its efficacy. IoT is now being used for regular monitoring of all of the fleet operations, route management analysis, delivery status update for customers, and much more. IoT is now being used in the logistics sector, starting from the procurement of all of the raw materials to monitoring the transportation & storage conditions. Hence, the digitalization of the supply chain has introduced process transparency.
The past 16 months that were affected by the COVID Pandemic have showcased some of the unprecedented issues upon global transportation, logistics, and shipping industries. The fragility of the global supply chains was revealed after test runs of logistics and shipping companies under some critical conditions.
The logistics companies and the manufacturers shared a great rapport and leveraged all of the cellular-based IoT deployments. It is to ensure better tracking of the fleet operations. Hence, the industry will be operated with high reliability and efficiency.
The logistics industry intends to lower shipping costs and increase productivity. And for that, digitalization of the supply chain becomes really important. If the company has the potential to communicate with the customers and keep track of the status of shipments in real-time, they can eventually help optimize their services to be better in the long run.
As per the market researches and reports, there is a prediction that the global IoT market will be growing at a substantial growth rate of 13.2% CAGR, in between the forecast years 2020-2030. By the year 2030, the IoT industry will thrive on generating a revenue of $101 billion.
Credits- The credit for this news and information article goes to Express Drives.
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