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Artificial Intelligence to Support the Logistics Business
The technological revolution is taking over the logistics industry. New logistics technologies hold global economies and increase global trade since 20 percent of the logistics overheads are tied up in processing paperwork. Eliminating all the administrative paperwork could actually. The next generation logistics industry plans to cut supply chain and administrative costs, automate deliveries, quickly identify bottlenecks, and increase end-to-end transparency through artificial intelligence.
The trucking industry is the prime candidate for digital disruption. The trucking industry in North America has 40 percent trucks sitting idle at any given time. Out of the total miles, 5-25 percent of the miles are with empty trucks. Trucks are underutilized even if they have cargo in them. On the other hand, bills of lading are handled manually resulting in routine mistakes, delays, slow processing times, and higher costs. Increased gas and fuel prices, road and rail transportation, and air freight and storage are making a significant impact on mid-market shippers.
To eliminate the inefficiencies in the trucking industry, tech start-ups are working on ‘Uber of Trucking.’ This would enable companies to move their cargo from one point to another in the quickest and most cost-efficient way. This offering has attracted investors. An on-demand trucking app raised millions of dollars in a funding round.
AI-powered platforms can effectively digitize supply chain systems so that the insights can be used to drive cost efficiencies and faster delivery times. The AI-powered platforms capture data points so that it can optimize loads, authenticate documents and offer real-time information to ensure the most efficient routes. Truckers have the advantage of following these optimized routes and travel information for quick deliveries. One of the significant benefits of using AI-powered platforms is the digital trust and predictive management between all stakeholders, including shippers, carriers, and brokers. These platforms eliminate the need of drivers themselves, making the movement of freight as easy as pushing a button.