In an increasingly real-time economy, speed and timing are essential. Efficiency, optimization, speed and timeliness have always been crucial for logistics and transportation. This is even more the case today, in the middle of a series of developments and in an increasingly digital environment.
*Article initially published on Medium.com 17/07/2019
Digitization can make your company’s supply chain more effective and customer-focused while making sure it doesn’t fall behind the curve.
Speed and timeliness as a competitive asset in a real-time economy
Research of Oxford Economics shows that 80% of executives agree that changes to a real-time economy have an impact on their business processes. And, of course, in the domains of transportation and logistics (and supply chains), processes are ubiquitous and hyper-connected. A majority of executives also believe that moving to a real-time economy is affecting their organizational structure and business strategy.
Is digital logistics different from traditional logistics?
Logistics is about getting the right product to the right customer, in the right quantity, at the right time, at the right place, in the right condition, and at the right cost (the seven Rs of logistics).
As supply chains have grown ever-more complex, traditional logistics no longer delivers on this promise. Digital logistics does.
Why is digitization important?
- Digital logistics recognizes the increasing convergence of logistics operations and technology strategy.
- Digital logistics is driven by a new generation of cloud-based logistics management systems. Which enables optimisation, transparency and collaboration in the end-to-end supply chain.
- Through the digitization of logistics, these new applications of logistics companies are tightly integrated with warehouse, transportation and management systems. This in order to enable new business models and processes and ensure an excellent execution.
- Accurate, verifiable, manageable, and accessible information
- Real-time operation data management and real-time visibility
New business logistics trends and strategies, coupled with a new generation of logistics technology, will radically change the way leading companies engage in supply chain management.
Today, logistics professionals have a wide range of new logistics tools that can be deployed strategically to generate meaningful value that provide a long-term competitive advantage.
Companies that recognize this evolving landscape, invest in process changes and digitize logistics technologies will take advantage of the market. Those who are hesitant may find themselves, over the next two or three years, at a competitive disadvantage that is too great to overcome.
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