Supply chain management makes the world go round, and there are some exciting technology innovations that are helping to boost supply chains across the globe.
We share some top logistics trends in 2020 you need to be aware of and the developments that are helping to supercharge the sector and boost the performance of the industry as a whole.
Thanks to technology such as artificial intelligence and automation, the supply chain sector has seen tremendous growth and change in the past few years, and now that we are more than halfway through 2020, there are some emerging trends that are positively impacting the industry and boosting performance. Here’s what you need to know.
A game-changer for supply chain logistics, real-time supply chains allows for companies to ensure the fastest and most reliable information for supply chain management and logistics. Technology updates that focus on traffic, weather, road, and port conditions help to optimize logistics and ensure the best efficiency for supply chains. IoT sensor technology contains management and real-time monitoring work to streamline supply chains and ensure that the routes are optimized and fully integrated with live data and real-time information.
Where 3PL is fairly well known in supply chain management and logistics, 5PL is emerging as a trend to watch in the supply chain. The big difference with 5PL is the link of eCommerce to achieve cost targets. 5PL focuses on a complete system of planning, organizing, and implementing the logistic solution for the client so that the product is delivered at the minimum cost. Providers of 5PL are emerging to offer a complete solution for companies with a fine-tuned e-business focus.
An interesting emergence in the logistics industry is sustainability and sustainable practices in supply chain management. Companies in the supply chain sector are engaging processes based on eco-friendly practices including transport. The awareness of sustainable practices and the emergence of Green logistics is a trend that can help to increase customer loyalty and also boost corporate reputation in the industry.
A highly efficient process that is trending in 2020 is the move towards partnerships in the logistics industry. The move to partnering to provide services such as online order, assembly, and inventory management works to streamline processes and offer additional benefits to 3PL and logistics clients.
The world of logistics is certainly changing with technology and as the logistics industry and supply chain methods transform so too will the efficiencies and savings for the industry as a whole. Technology and new trends in logistics are helping to transform the industry and turn the traditional logistics process on its head.
Luke Fitzpatrick has been published in Forbes, Yahoo! News and Influencive. He is also a guest lecturer at the University of Sydney, lecturing in Cross-Cultural Management and the Pre-MBA Program. You can connect with him on LinkedIn.