The global logistics industry will grow from its current hefty size of $8 trillion to $23 trillion by 2023 – what a sharp contrast! Have you thought about how to be viable with these massive shifts going on? If not, you sure should as it is coming and will just pass you by.
Key Aspects in Upcoming Logistics Innovation
What is noteworthy in logistics innovation? Several keys to success include:
- Interestingly, blockchain arose again. It could completely change the landscape, so it’s worth paying attention.
- Next generation technology and machine learning – there is more and more discussion on this topic everyday. This gets into artificial intelligence, as well.
- Autonomous vehicles – last we heard, it will be here by 2020. Time flies – undoubtedly, it will be here before we realize it. There is vast opportunity to address a critical component of speed in the supply chain – keep trucks moving more frequently to deliver goods more quickly in a safe and automated way with minimal human intervention. It isn’t all theory; there are road tests being performed in Southern California in conjunction with governmental entities.
- Capacity aggravation / visibility – there is a large potential for this topic. One example is in reviewing large amounts of data for carriers. Convoy has built an app to match trucking companies with shippers that need to move freight. The speaker talked about how they could even tell which trucker might be interested in a particular route or to get home for a special occasion. Very interesting!
Disruption and Progress
There is vast disruption with emerging technologies in this rapidly growing $8 trillion dollar industry. Perhaps we should pay attention.