Experts expect the shipping industry to grow from $900 billion to $2 trillion by 2023, according to InXpress. In an age where logistics is becoming more vital than ever, shipping is becoming less of a utility and more of a necessity. In order to keep up with the challenges of the times, the shipping industry needs to incorporate the latest tech seamlessly into its processes. Here are three examples of how it is doing just that.
State Of The Art Telematics
Telematics involves using IT and telecommunications in tandem. This technology has been employed in many parts of the logistics sector in the decades since its introduction in the 60s. Its main use has been in streamlining the management of shipping fleets and warehouses. In recent years, however, the latest developments in telematics are poised to allow shipment data to update in real time. The implications of such an upgrade are staggering. Once shipment tracking becomes real-time, fleet managers will be able to solve transit issues as they come. This entails suggesting detours or relays that can expedite the shipment process as much as possible. Minimized hangups, as well as increased data transparency, will substantially improve customer relations. Advanced telematics will enable shipping companies to offer much more detailed information as to the status of a customer’s package.
Public Databases Hosted On Blockchain
The tech that made cryptocurrencies possible has now found a new use in the shipping industry. The read-only nature of the data that makes cryptocurrencies like Bitcoin reliable has proven to be invaluable to the logistics sector. This is because it enables shipping companies to store data on a network with all of their stakeholders and partners, without fear of it being tampered with. That degree of freedom allows them to publicly display sensitive data immediately, as there is no more danger of it being edited by unauthorized entities. Such unparalleled transparency in turn will allow for smoother operations than ever before. It will also be as beneficial for customers as it is for the companies and their partners.
Sudden changes in operation that would ultimately affect things such as rates and arrival time can be publicized immediately. This means that you can make use of tools such as a shipping rate calculator with more accuracy amid times of rapidly changing shipping rates.
Automation And Assistive Tech
Working complementary to each other, automation and assistive tech has been taking many industries by storm in the past few years. In logistics, they both provide invaluable service because of how much time personnel can save making use of them. Forklifts and other cargo sorting equipment are now being replaced with automotive equivalents. Assistive tech such as tablets and Augmented Reality brings up information on-demand, allowing personnel to have everything they need on the go.
Although these tech developments were not made with the logistics industry in mind, it so happens that they serve their purposes perfectly. This fortuitous turn of events practically ensures that the shipping industry will meet the demands of the market for years to come.