During the challenges of the Covid pandemic, the logistics industry demonstrated its resilience. While it is not a threat to the entire industry, there is a danger for organizations that do not embrace technology at a fast pace. In the next decade, those who adopt technology more quickly will have a significant competitive advantage over those who do not. This will impact logistics companies, seaports, airports, airlines, retailers, and ecommerce brands.
When major trends enter the market, it is essential to focus on the opportunities that arise rather than being distracted by the noise. Instead of starting with technology and then looking for applications, businesses should identify their biggest opportunities and challenges and determine how to improve them. For example, focusing on returns and reverse logistics can help companies become more sustainable, profitable, and offer a better consumer experience.
One way to achieve these goals is by utilizing technology such as AI and data analytics. By developing projects aimed at improving predictability of returns using these technologies, businesses can maximize their potential benefits from technological advancements. Start with the most significant opportunity and work from there to ensure that businesses make the most of their investment in technology.