Advancements in technology innovations continue to make big waves across industries, and logistics and the supply chain may be one of the most impacted sectors.
Technology in the logistics industry provides enormous amounts of data that can be analyzed to increase efficiencies, streamline processes, and offer an improved customer and provider experience, as well as protecting carrier or freight broker profit margin.
The Internet of Things to See Real-Time Status
The internet of things (loT) can be used to offer predictive maintenance services with a real-time status that can guarantee the product uptime and provide real-time data to improve sales. The deployment of loT can allow for real-time tracking, smart inventory management, asset management, geo-fencing, and real-time vehicle diagnostics. Real-time tracking is achieved with loT-enabled GPS tracking to monitor the vehicle’s location at all times. The data then is transmitted to a central system that sends real-time updates to the mobile devices. Having such updates and tracking can allow for quick responses to potential reroutes and avoid delays through instant insights.
AI, Machine Learning, and Analytics
Advanced supply chain and logistics technology can allow companies to automate warehouse operations, properly manage inventory, create more beneficial customer experiences, shorten delivery times, and optimize strategic planning and sourcing. Freight technology can help promote automation and deliver insights that can result in better decision-making that will increase efficiency through data-driven insights. Utilizing the advanced transforming trends in logistics and technology can allow for companies to examine, analyze, and interpret customer trends.
Robots and Automated Workflows
Advancements in artificial intelligence (AI), machine learning, and loT connectivity continue to optimize robots used in warehousing and throughout the supply chain fulfillment process. Furthermore, as advancements in AI continue to rise, improving the precision and mobility of robots, so will the sophistication of the tasks assigned. For functions that traditionally require manual labor, such as picking and packing orders or operating loading tasks, robots will have the ability to increase workflow efficiency. With the benefits of digital tech, trucks driven by robots can be safer and more efficient.
Route and Optimization Software
According to Mitsloan, “Surveyed companies are investing in predictive analytics primarily to drive cost reduction (cited by 81% of respondents) and improve customer experience (60%). The most promising use cases for supply chain analytics cited by respondents: Inventory visibility and optimization (32%), strategic sourcing and optimization (26%), and real-time product intelligence (22%).” The technology trio of AI, machine learning, and analytics can optimize visibility throughout the supply chain and assist with boosting data quality to deliver genuine business value.
Increased Cash Control
To improve profitability in customer relationships and orders, companies need to measure the number of order processes and optimize payment settlement to measure consistency in shipping. Informed decision-making about supply processes can also help avoid costly errors. Additionally, the settlement of freight payments services with clients affords opportunities for saving costs by reducing the time between ordering and payment, solving late payments, making missing prices visible, and optimizing invoicing.
Freight Factoring Software to shorten the Payment Clock
Advancements of technology in supply chain and logistics continue to transform freight payments with digital invoices, tracking loads, and improved data analysis. The trucking industry is a mobile operation, so providing tools that drivers can use on the road is critical. Technology continues to enable fast freight payments directly to the driver or vendor, by bolstering fleet factoring capabilities that result in next-day or, in some cases, same-day cash flow.
Put the Power of These Supply Chain and Logistics Technologies to Work, While Leveraging ComFreight’s HaulPay to Thrive
As the fast-paced market continues to evolve, businesses must adapt to stay ahead of competitors. To utilize the growth of technology that is integrated with an efficient and streamlined operating system, request a demo to see how the HaulPay platform works.