2023: A Year of Digital Reckoning for the Logistics Industry
The global transportation and logistics industry has been in a state of turbulence, with resource shortages and inventory glut. Accuracy, transparency, and timely service delivery are critical in a fast-changing business landscape. There’s also increasing pressure on supply chain leaders to implement technological responses to disruptions and security incidents. A multidisciplinary approach is essential to identifying innovative solutions and technology investments.
In this blog, we dissect the logistics technology landscape in 2022 and highlight what’s coming in 2023 and beyond, leaving you with useful insights on how to maximize your tech investments and drive higher ROI for your organization.
2022 in a Nutshell
In the past year, logistics leaders invested heavily in data analytics, telematics, and cloud to gain operational efficiencies. Moreover, achieving end-to-end visibility into the supply chain was essential.
2022 witnessed breakthroughs in logistics technologies that are transforming the way shippers and carriers move freight, including upgrades to self-driving cars, smart fleets (with GPS tracking), and more.
The Stage Is Set for 2023
In 2023, we anticipate a greater focus on green technology and supply chain visibility using cloud-based logistics systems, smart fleet management through IoT devices and freight tracking, and the continued use of AI and Blockchain to simplify accounting and business operations.
Where Should the Logistics Industry Place Investments in 2023?
The use of advanced relationship management tools, such as telematics systems, accelerates and improves business development. By 2030, telematics related data sharing is expected to be worth $750 trillion, according to McKinsey. For business insights and market updates, AI-powered analytics in the workplace provide unparalleled data quality. Advanced automation solutions free employees from hours of administrative work, increasing productivity and efficiency. By enabling tech democratization across the organization, companies can gain critical insights into their ability to manage new supply chain technologies. Cloud data management systems can offer a high ROI. According to Gartner, 84% of chief supply chain officers believe data-driven insights help them better serve their consumers. An equal number feel that more accurate data is needed to foresee the future and make better decisions.
More Bang for the Buck
Technology acceleration will help the logistics industry become more adaptable and resilient. Digital technologies will continue to evolve in 2023 regardless of economic conditions. Logistics and supply chain leaders need to focus on the primary goal – ensuring better supply chain resilience, sustainability, and efficiency. Organizations will need to place an increased emphasis on effective planning, forecasting, and inventory management while deciding on future strategic technology investments. Implementing advanced digital technologies such as AI / ML, big data analytics, 5G, and IoT is key to achieving these ends.
This is where an experienced technology partner is an invaluable asset. For over a decade, D6 partner Emtec Digital has been at the forefront of advanced and emerging digital technologies disrupting the logistics industry.
Our digital experts help assess your current technology landscape, evaluate your organizational readiness for new technology adoption, and create an agile framework that enables smooth adoption of digital technologies helping you achieve operational excellence and revenue growth.