1. Using big data to reduce risks in the supply chain
Global supply chains frequently rely on an intricate web of several moving components that all function as a unit.
On the other hand, supply chain disruptions could result from raw material shortages, supplier network bankruptcies, or delayed shipments. Not to mention global occurrences like pandemics, inflation, and wars.
Startups offering supply chain technology that can reduce some of the risks are attracting significant investment as logistics experts face greater obstacles than ever when shipping goods. A supply chain risk analytics company called Everstream1 is one example; it uses predictive analytics and “boots on the ground” in every port in the world to identify disturbances before they become issues for its clients.
2. Internet of Things for greater supply chain visibility
A network of physical items connected to the internet and sharing data is referred to as the “Internet of Things.” Fitness trackers, self-driving cars, and Smart TVs are common examples.
The Internet of Things (IoT) is quickly rising to prominence in supply chains, establishing an ecosystem that leverages hitherto disconnected assets and things for more visibility.
These networked gadgets exchange data to increase openness and resilience by illuminating each supply chain milestone. In the coming years, smart labels—an IoT-enabled technology— will completely change the logistics industry.
They have been enhanced with intelligent inlay technology, which can communicate and record more data digitally than can be written on a physical label.
They can be sensitive to movement, temperature, touch, and environment; they can also use quick response (QR) codes or radio frequency identification (RFID) technology to convey data.
They can also use Internet of Things pixels to collect data about their surroundings. Which translates to total supply chain visibility, including enhanced inventory management and traceability, quicker bottleneck diagnosis, and defense against counterfeiting.
Anticipate their applications to expand much more in the coming years as more money is put into the technology.
3. AI in Logistics
The potential of artificial intelligence (AI) to revolutionize the logistics sector is enormous and presents an exciting opportunity.
The data speaks for itself: an Accenture3 study revealed that 28% of large, mid-size, and small firms were preparing to adopt AI for supply chain and logistics operations, while 36% of them had already done so successfully.
Consequently, it is projected that by 20354, AI will increase logistics productivity by almost 20%.
It’s difficult to single out one or two delivery and logistics trends that artificial intelligence (AI) will impact in 2024 because to its broad reach, however the following is a sample: Computer vision analyzes digital images and videos using artificial intelligence (AI) algorithms.
Applications include inventory management, which counts products and sends warnings when it’s time to refill, and maintaining safety protocols.
During the pandemic, for instance, the software made sure employees followed social distancing laws.
Improved inventory management: voice-activated devices enable merchants to track stock levels without having to laboriously search through spreadsheets, and AI algorithms can help companies better estimate demand, preventing over- or understocking products.
4. Logistics sustainability
Nearly every industry has made sustainability a higher emphasis in recent years. More than two-thirds (69%) of CEOs worldwide have fully integrated environmental, social, and governance (ESG) factors into their businesses, according to research by KPMG5. In spite of this, a comparable percentage (68%) acknowledged that their present level of ESG advancement is insufficient to withstand possible scrutiny from shareholders and stakeholders.
There are numerous aspects of sustainability in logistics, but since transportation is frequently in the news, it should come as no surprise that many companies are concentrating especially on this.
Customers are starting to pay attention to e-commerce as well; 51% of them stated that in the next five years, knowing the carbon footprint of their delivery will be “very important”6.
Given this, the following are some sustainable last-mile options that your company might want to think about implementing in 2024:
Alternative fuels: DHL Express now introduced GoGreen Plus, a specialized program designed to assist companies in lowering the carbon emissions connected to their shipments by utilizing Sustainable Aviation Fuel.
The renewable resources used to make this biofuel are agricultural crops, waste products, animal fats, and vegetable oils.
SAF can cut greenhouse gas emissions by up to 80% when compared to fossil fuels and is specifically made to be used as an alternative to conventional jet fuel.
Electric cars: in the previous few years, the market for EVs has expanded rapidly, and by 2027, sales are expected to reach over 10 million.
Current logistical trends: essential lessons learned
As supply chain strains and customer demands mount, consider which of the most recent advancements in data, AI, and technology could revolutionize your company.
Understanding procurement, inventory control, last-mile delivery, and even packaging logistics information will help you allocate your resources wisely and be flexible, adaptable, and competitive in a cutthroat industry.
Logistics is in a thrilling phase right now; take advantage of the chance to expand your company!
