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Global logistics and transportation industries are replacing traditional operational and business modes by integrating solutions like IoT, AI, ML, Blockchain, and digital twins.
FREMONT, CA: The global digital transformation of logistics will cost USD 84.6 billion by 2027.
Organizations with global supply chains must consider it part of their business strategy.
The current digital transformation is propelled by technologies like big data, artificial intelligence, machine learning, natural language processing, blockchain, and cloud computing, replacing outdated technology like AS400 green screens. All logistics industry sectors have benefited from these technological improvements, including trucking transportation, international transport (ocean and air), supply chain management, and shipment tracking.
Logistics has been slow to embrace digital transformation until recently. Several new competitors are emerging who work closely with technology companies.
Business process transformation: Supply chain and logistics companies are using blockchain, the internet of things (IoT), artificial intelligence (AI) and machine learning (ML), supply chain digital twins, and deep data to reimagine their business processes and streamline or rethink common tasks. Logistics companies benefit from this change by accelerating innovation, making better decisions, engaging customers throughout their journey, and increasing efficiency throughout the organization.
Digital twin: Advanced analytics and artificial intelligence are used to simulate hundreds of logistics positions, assets, stocks, and warehouses, as well as vulnerabilities and hazards within a supply chain.
AI and ML: Supply chains benefit from AI and machine learning by solving governance issues and integrating data across varied and remote stakeholders. Integrating digital logistics platforms allows logistics providers to provide smooth customer service and conduct effective operations.
Big data and analytics: Big data analysis can help predict inventory shortages and make adjustments by gaining insight into how demand will evolve. Logistics companies will also be able to control overtime, rush periods, and exhaustion, reducing overhead costs and increasing their competitiveness.
Business model transformation: A business model transformation involves more than improving one aspect of an organization's operations. Ultimately, the business should improve how it creates and delivers value. A completely digital experience could replace physical interactions as part of this change, thus, overhauling the traditional business models.