S&P Global Market Intelligence’s Supply Chain Digital Transformation Enterprise Survey 2023 reveals that logistics firms believe that digital transformation is crucial for businesses to stay ahead of the curve in the competitive business world. According to the survey, 67% of logistics companies have embarked on the digital transformation journey to digitize business processes. Meanwhile, nearly all the rest (31%) are considering digitalization in the coming years.
But why is Digital transformation essential? This blog explores how logistics companies can leverage digital technologies for their operations to boost higher efficiency, create new business models, and better meet the needs of customers.
Table of Contents
What challenges are Logistics facing in 2023?
Inefficient workflow
Logistics companies often have to handle a large number of processes, from invoice processing to order and inventory processing, etc., but these are often still processed manually. Not only manual processes are prone to error but they also waste the time and resources of businesses, leading to a negative impact on operational efficiency and performance.
Complex data processing
The pool of data in logistics is enormous, coming from various sources such as GPS devices, RFID tags, sensors, and ERP systems that need to be processed intelligently. Since the majority of data is unstructured, capturing insights from them requires thoughtfully created algorithms. Not to mention a lot of time-consuming work and human errors during the process.
To gain valuable insights from data for strategic planning, logistics businesses need sophisticated approaches that involve developing technologies.
Complicated demand forecasting
The ever-changing market alongside the growing demand of customers has made accurate demand forecasting vital. The inaccurate demand forecasting would negatively impact several operations, from procurement, inventory management, warehousing, etc. Besides, variables in demand forecasting often fluctuate, causing the process to become more complex.
The potential of Digital Transformation in Logistics
The real story below will demonstrate how a business can optimize operations and achieve success with automation.
Ryder, a leading logistics service provider in America, has adopted RPA to automate highly manual fuel bill processing. The results are remarkable:
- 86% reduction in transaction processing time
- 100% accuracy achieved
- 75% reduction in the FTE report
The implementation of automation not only facilitates Ryder to achieve high operational efficiency in a complex process but also exploits automation opportunities to accelerate growth and boost customer satisfaction.
Besides automation, digital transformation, and the advent of emerging technologies such as the Internet of Things (IoT), Artificial intelligence (AI) enables logistics firms to overcome challenges and thrive in the digital world.
Leverage effective workflow
Logistics is using digital technologies to transform how businesses operate, moving from manual, and paper-based processes to modern, automated approaches. Automating various logistics processes can facilitate a streamlined process and an end-to-end workflow.
- Robotic Process Automation (RPA) and Intelligent Document Processing (IDP) to automate document processing, invoicing, and payment tracking.
- RPA integrates with freight billing systems to automate credit collection and payment from various third-party logistics companies.
- IDP to automate customs document management by extracting key data and distributing that data to specific customers.
- RPA to automate the supplier relationship management process, from contract negotiation to supplier performance monitoring.
Unlock the value of data
RPA is indispensable in the processing of large data volumes, automatically extracting crucial information from various sources such as orders, traffic, resources, transactions, and geolocation.
The collected data then can be structured at ease for deep analysis using IDP, AI/Machine Learning, and Deep Learning. By analyzing data and understanding the context, logistics companies can take advantage of large, diverse, and complex datasets, and discover hidden patterns to unlock real, actionable insights to harness innovation and make transformative business decisions.
Accelerate accurate forecasting
As said, having accurate demand forecasting is crucial in leveraging greater decision-making in logistics operations. This is why 50% of supply chain organizations are likely to invest in applications supporting AI and advanced analytical capabilities in 2024, according to Gartner.
The adoption of digital twins and IoT devices can provide real-time data about product movements, storage conditions, etc. Integrating AI and ML with RPA can accelerate the power of automation, helping logistics companies automate the gathering, organizing, and analyzing of real-time data.
Intelligent bots observe these data and send key information based on analysis to businesses to understand demand and supply fluctuations, product pricing, volume, and characteristics forecasts of the market. This results in a highly accurate demand forecast that significantly lowers costs, boosts higher profit margins, and effective, efficient operations.
Read more: Level Up Supply Chain Management With Intelligent Automation
Strengthen Digital transformation in Logistics with akaBot
Digital transformation in logistics is not only about adopting new technologies but also involves the alignment of strategy and other factors, such as people, culture, and mindset of the company. By embracing a more agile approach, and reimagining traditional operations, businesses can seamlessly adapt to rapidly changing business environments and customer expectations while securing a competitive advantage.
Digital transformation can be a key for any logistics company to advance digital maturity and business performance. However, the process needs tremendous time and resources for evaluation, implementation, and testing to be successful.
In Vietnam, akaBot (FPT) is a pioneer in providing automation solutions, creating a premise for logistics businesses to embark on the automation journey, streamline operations, and achieve comprehensive Digital transformation.
Before adoption, akaBot conducts surveys and even implements Process Mining to analyze business processes carefully to find the best automation opportunities. Besides, akaBot accompanies businesses in every step of the implementation process, continually monitors the efficiency level, and optimizes the tailored solution for each business problem.
We provide businesses with remarkable benefits:
- Integrating developing technologies including AI/ML, OCR, IDP, Process Mining, Task Mining, Computer Vision, Business Process Management Systems, and eKYC to help businesses solve operational problems, save costs, and accelerate a complete digital environment.
- Understanding the domestic market and the obstacles that logistics businesses face, facilitates businesses to achieve strategic goals in the pursuit of comprehensive automation.
Providing a more cost-effective solution than international products but still ensuring international quality: at least 50% of total ownership costs saved for akaBot license.
To leverage the benefits of technologies and thrive in the Digital transformation journey, contact us today.
References
RPA, AI Bolster Supply Chain Resilience In Times Of Crisis
3 Ways Dx Can Strengthen Supply Chain And Logistics In 2023
RPA: The Next Level Of Efficiency In Supply Chains
Logistics Sector Prioritizes Digital Transformation, But Needs Technology Leadership, Skills
Gartner Predicts The Future Of Supply Chain Technology
The Challenges Of The Logistics Industry In The Era Of Digital Transformation
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, and Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
Leave us a message for free consultation!
S&P Global Market Intelligence’s Supply Chain Digital Transformation Enterprise Survey 2023 reveals that logistics firms believe that digital transformation is crucial for businesses to stay ahead of the curve in the competitive business world. According to the survey, 67% of logistics companies have embarked on the digital transformation journey to digitize business processes. Meanwhile, nearly all the rest (31%) are considering digitalization in the coming years.
But why is Digital transformation essential? This blog explores how logistics companies can leverage digital technologies for their operations to boost higher efficiency, create new business models, and better meet the needs of customers.
What challenges are Logistics facing in 2023?
Inefficient workflow
Logistics companies often have to handle a large number of processes, from invoice processing to order and inventory processing, etc., but these are often still processed manually. Not only manual processes are prone to error but they also waste the time and resources of businesses, leading to a negative impact on operational efficiency and performance.
Complex data processing
The pool of data in logistics is enormous, coming from various sources such as GPS devices, RFID tags, sensors, and ERP systems that need to be processed intelligently. Since the majority of data is unstructured, capturing insights from them requires thoughtfully created algorithms. Not to mention a lot of time-consuming work and human errors during the process.
To gain valuable insights from data for strategic planning, logistics businesses need sophisticated approaches that involve developing technologies.
Complicated demand forecasting
The ever-changing market alongside the growing demand of customers has made accurate demand forecasting vital. The inaccurate demand forecasting would negatively impact several operations, from procurement, inventory management, warehousing, etc. Besides, variables in demand forecasting often fluctuate, causing the process to become more complex.
The potential of Digital Transformation in Logistics
The real story below will demonstrate how a business can optimize operations and achieve success with automation.
Ryder, a leading logistics service provider in America, has adopted RPA to automate highly manual fuel bill processing. The results are remarkable:
- 86% reduction in transaction processing time
- 100% accuracy achieved
- 75% reduction in the FTE report
The implementation of automation not only facilitates Ryder to achieve high operational efficiency in a complex process but also exploits automation opportunities to accelerate growth and boost customer satisfaction.
Besides automation, digital transformation, and the advent of emerging technologies such as the Internet of Things (IoT), Artificial intelligence (AI) enables logistics firms to overcome challenges and thrive in the digital world.
Leverage effective workflow
Logistics is using digital technologies to transform how businesses operate, moving from manual, and paper-based processes to modern, automated approaches. Automating various logistics processes can facilitate a streamlined process and an end-to-end workflow.
- Robotic Process Automation (RPA) and Intelligent Document Processing (IDP) to automate document processing, invoicing, and payment tracking.
- RPA integrates with freight billing systems to automate credit collection and payment from various third-party logistics companies.
- IDP to automate customs document management by extracting key data and distributing that data to specific customers.
- RPA to automate the supplier relationship management process, from contract negotiation to supplier performance monitoring.
Unlock the value of data
RPA is indispensable in the processing of large data volumes, automatically extracting crucial information from various sources such as orders, traffic, resources, transactions, and geolocation.
The collected data then can be structured at ease for deep analysis using IDP, AI/Machine Learning, and Deep Learning. By analyzing data and understanding the context, logistics companies can take advantage of large, diverse, and complex datasets, and discover hidden patterns to unlock real, actionable insights to harness innovation and make transformative business decisions.
Accelerate accurate forecasting
As said, having accurate demand forecasting is crucial in leveraging greater decision-making in logistics operations. This is why 50% of supply chain organizations are likely to invest in applications supporting AI and advanced analytical capabilities in 2024, according to Gartner.
The adoption of digital twins and IoT devices can provide real-time data about product movements, storage conditions, etc. Integrating AI and ML with RPA can accelerate the power of automation, helping logistics companies automate the gathering, organizing, and analyzing of real-time data.
Intelligent bots observe these data and send key information based on analysis to businesses to understand demand and supply fluctuations, product pricing, volume, and characteristics forecasts of the market. This results in a highly accurate demand forecast that significantly lowers costs, boosts higher profit margins, and effective, efficient operations.
Read more: Level Up Supply Chain Management With Intelligent Automation
Strengthen Digital transformation in Logistics with akaBot
Digital transformation in logistics is not only about adopting new technologies but also involves the alignment of strategy and other factors, such as people, culture, and mindset of the company. By embracing a more agile approach, and reimagining traditional operations, businesses can seamlessly adapt to rapidly changing business environments and customer expectations while securing a competitive advantage.
Digital transformation can be a key for any logistics company to advance digital maturity and business performance. However, the process needs tremendous time and resources for evaluation, implementation, and testing to be successful.
In Vietnam, akaBot (FPT) is a pioneer in providing automation solutions, creating a premise for logistics businesses to embark on the automation journey, streamline operations, and achieve comprehensive Digital transformation.
Before adoption, akaBot conducts surveys and even implements Process Mining to analyze business processes carefully to find the best automation opportunities. Besides, akaBot accompanies businesses in every step of the implementation process, continually monitors the efficiency level, and optimizes the tailored solution for each business problem.
We provide businesses with remarkable benefits:
- Integrating developing technologies including AI/ML, OCR, IDP, Process Mining, Task Mining, Computer Vision, Business Process Management Systems, and eKYC to help businesses solve operational problems, save costs, and accelerate a complete digital environment.
- Understanding the domestic market and the obstacles that logistics businesses face, facilitates businesses to achieve strategic goals in the pursuit of comprehensive automation.
Providing a more cost-effective solution than international products but still ensuring international quality: at least 50% of total ownership costs saved for akaBot license.
To leverage the benefits of technologies and thrive in the Digital transformation journey, contact us today.
References
RPA, AI Bolster Supply Chain Resilience In Times Of Crisis
3 Ways Dx Can Strengthen Supply Chain And Logistics In 2023
RPA: The Next Level Of Efficiency In Supply Chains
Logistics Sector Prioritizes Digital Transformation, But Needs Technology Leadership, Skills
Gartner Predicts The Future Of Supply Chain Technology
The Challenges Of The Logistics Industry In The Era Of Digital Transformation
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, and Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
Leave us a message for free consultation!
