Want to know about trends that will influence transportation industry in 2021? Here, we’ll list 4 key trends that you can expect to see more of in the coming years.
Use of GPS
In 2020, freight companies are going to pay more attention in towards security and visibility during transit. As such, a freight forwarder’s adoption of these tracking technologies will help to achieve greater traceability, will become one of the main focus points in 2021 and beyond.
For example, use of a GPS system will provide real-time location data for the fleet, as well as separate freight items during the transit. This will help the industry avoid losses arising due to theft and other similar issues.
New GPS systems will also be able to make modifications to your trip by taking into account aspects such as weather and road conditions, traffic reports, etc.
Use of Blockchain
Blockchain technology can be used by freight companies to ensure accuracy and correctness of records related to performance history. For instance, if a truck is getting sold a 2nd time, a prospective buyer may have certain questions pertaining to the truck’s past history, how it was used, any accumulated mileage, etc.
As transactions taking place over blockchain tend to be transparent and immutable, thus everyone can feel assured that information related to the truck will be trustworthy and accurate.
Similarly, blockchain technology can be utilized by a freight forwarder for monitoring capacity. We’re aware of the fact that one variable of transportation cost is volume of cargo. Internet of Things (IoT) sensors can be used for determining the space required by any particular cargo. Available data can then be used for calculating cost of shipment.
This information can then be stored into a system that is blockchain-based and signed using a smart contract. This, in turn, will make it possible to have self-execution of payments depending upon a base amount and the space occupied by a specific freight.
Use of Self-Driving Trucks
Another rising trend for 2021 is greater use of self-driving trucks by freight forwarding companies. It’s been predicted that, as the technology, behind self-driving vehicles continues to improve, reinforcements will be made. Over time, these refinements will result in more efficient operations on urban roads and heavy traffic. Technology is being improved for self-navigating systems that will be able to learn from situations and real drivers.
Advancement in artificial intelligence and different types of sensors and trucks that are AI enabled are able to accurately judge road conditions as well as learn how drivers react when they face odd conditions.
Trucks will be able to share data they have learned by using what is known as vehicle-to-vehicle communication and make further improvements.
Use of Data Analytics
In 2021, it is expected that greater emphasis will be given by freight forwarding firms towards data analytics to bring about improvements to their supply chains. Such data analytics will be utilized for examining, analyzing, and interpreting customer trends so that making better informed decisions becomes possible.
Due to use of data analytics, information on supplier numbers, costs/risk of tariffs, issues in manufacturing, and requirements related to logistics can be made available to freight forwarding firms. This allows forwarding companies to make decisions that are not based on conjecture and guessing, but rather, data-based decisions due to better information.
Using these details, transportation and freight forwarding companies will be able to take better decisions, enhance their products, and craft improved strategies.