What is the Future of Freight Industry

Understanding trends and predictions around the future of logistics is important to supply chain management.

If you are in the industry, you many already heard of several developments. By understanding these freight industry trends, you can better make informed decisions, quickly.

  • Technology

By using AML companies can identify patterns and analyse data, to make business decisions based on real-time performance. This can improve predicting and resource utilisation.

For instance, AML can analyse  routes and ports that are most cost-effective.

  • Blockchain

The execution of blockchain will be the next great advancement that enhances current procedures, improves productivity and reduces costs. Customers will be able to track manufactured goods and trace the whole lifespan of their commodities, shippers will also be able to confirm all transactions throughout the flow of goods, information will be significantly more visible. A single ledger will be available to all parties to judge authenticity, and track origin, location of storage, and other data.

  • More Mergers and Acquisitions Ahead

With the introduction of shipping partnerships, vessel-sharing agreements among shipping lines are common in todays logistic industry. For Non-Vessel Owning Common Carriers (NVOCCs), the latest mergers prove that uniting forces is becoming progressively more critical. There are only a handful of steamship lines left compared to a few years ago. To read more on this refer to our blog here

  • IMO 2020 and Hydrogen Fuel

The International Maritime Organisation (IMO) created a regulation that shipping lines must limit the sulphur content of ships to 0.5% from 01 January 2020 world-wide. Following this, Maersk announced a carbon-neutral product, using biofuels.

Many ship owners are starting to consider hydrogen fuel cell technology to satisfy evolving emissions regulations. Maritime hydrogen technology is quickly evolving from theory to creation on a global scale. To read more on IMO 2020 please refer to our blog here

  • Customer Expectations

In the days of lesser technology, there was a delay between customers and the office. Unable to voice a complaint quickly, repeat business could be easily lost. In today’s immersive internet, customers now expect high customer service skills along with working on their supply chain management.

Understanding logistics in the future is key to getting your company’s success. If you have any enquires please contact our expert team at sales@stockwells.com.au or 1300 786 468

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