While it can be hard to predict trends in the freight and logistics industry, there's little doubt that artificial intelligence (AI) is going to be one of the leading technological revolutions for the business.
The Logistics Trend Radar has ranked AI as one of the top technology revolutions for multiple years, and that's a belief reflected in those within the industry as well. Nearly two thirds of senior executives in the freight and logistics industry believe that the supply chain structure is undergoing radical changes, and those changes are being led by advanced technology.
Artificial intelligence is more than just a sci-fi invention. Machine learning is rapidly becoming a driving force in a variety of different fields, and logistics is no different.
One of the companies leading these changes is LiteLink Technologies - a company that offers end-to-end logistics solutions, most notably in the form of their 1SHIFT Logistics platform. They manage this in large part by automating the process of business transactions.
Machine learning allows them to draw and analyze data from deeper databases of big data that allows for more comprehensive insight into a company's operations, while blockchain creates a higher level of security for these software platforms. By more accurately understanding the inner workings of their business model, logistics companies can make smarter decisions on a macro level.
These metrics can include both historical trends like partner ratings and pricing trends as well as current information like fuel rates, weather conditions, and backhaul capacity. These predictive analytics are more comprehensive and unified than anything most logistics companies could accomplish with more traditional tracking and bookkeeping methods.
While insights into financial overhead and policy can have a big impact on a business' bottom line, the sort of technology offered can also help with day to day operations.
This is most prominently apparent through the implementation of the 1SHIFT Marketplace. This creates a unified software platform for both logistics companies and their partners. This automated structure can reduce the need for traditional paperwork, and the AI assisted infrastructure makes it far easier to take jobs that are within the means of your supply chain, properly vet trustworthy partners, and identify and prioritize the most profitable jobs available to your business.
The logistics industry is notable for its complexity and the level of unpredictable behavior in any given job.
Truckers, dispatchers, warehouses, and clients have to all be on the same page to create the most efficient results, but that's often a difficult task. That's where AI can be a huge boon to the industry; it collates the necessary data and make sure it's distributed to everyone in the delivery process, creating the level of security that both the business and the customers deserve. The cloud-based system allows everyone on the team to access the critical information through a desktop or mobile device.
Drivers can access the payment, route, and delay information directly through their phone, reducing the need for middlemen in the supply chain.
Artificial intelligence is already making great strides in the logistics industry, but this is just the start. While LiteLink Technologies and 1SHIFT Logistics may constitute one of the cutting edge solutions for businesses, we can expect to see more rapid change over the coming years, and companies that want to succeed in the industry will have to begin taking advantage of these technologies sooner rather than later.