LogTech is our word for 2023. Here’s why!

“LogTech” is our word for 2023. Here’s why!

LogTech, simply an abbreviation for Logistics Technology, has been the buzzword for quite a few years now. Yet, the adaptability of technology and digitalization to logistics, transportation, and warehousing processes still lags behind. As per a recent survey, 25% of delivery companies even today can’t offer a mobile tracking App. Predictive analysis is still a thing of the future for them. When enquired about the reason behind this slow adoption, the majority of the professionals gave the reasoning of limited finances & skilled labor. After analyzing the current situation, we feel LogTech is definitely going to be our word for 2023.

An overview of the Global Logistics Market

The global logistics market size is expected to reach $12k billion by the end of 2028. This growth is attributed majorly to three key drivers. First and the most crucial one is the augmented growth of the e-commerce market, globally. The e-commerce industry is booming currently and is expected to grow at a CAGR of 23.5% in 2030. Secondly, customer expectations & demands are also shooting up every day due to the convenience of same-day, customized deliveries. Thirdly, with globalization coming into the picture, companies are expanding their operations beyond borders to cater to more customers and generate more business. All of these factors call for a strong push for LogTech solutions to digitally transform the logistics industry and make it future-ready.

How can LogTech contribute to the industry?

Logistics technology a.k.a. LogTech solutions have the capability to transform and disrupt the logistics and supply chain industries. Technology adoption is critical for the growth of any sector, industry, or business. Digitalized solutions are the drivers for efficient processes for today and resilient and sustainable processes for tomorrow. Being specific to logistics industries, various technologies are expected to emerge in the upcoming years. Let’s have a look at how LogTech solutions can streamline processes and ensure stronger supply chains for the future.

Automation & Digitalization

The logistics industry is majorly plagued with the problem of manual data & process management. Logistics processes involve hundreds of documents to run a single activity thus making the whole process time-consuming & unreliable. With LogTech in focus, it will be easier to record, update and maintain the documents for all processes. It also automates redundant logistics processes like invoice creation, document approvals, and status updates for delivering better supply chain efficiency.

Extensive visibility & transparency

LogTech solutions have the potential to collect all data and status updates on one platform and provide end-to-end visibility to the relevant stakeholders. Be it managing the documents or tracking the shipments or even settling payments, technology helps drive all the logistics processes seamlessly without any errors or delays. Thus the whole journey of the shipment is tracked, managed, and controlled for better process efficiency and cost control.

Record every penny spent & earned

Logistics companies today want to achieve the perfect balance of logistics costs & operational efficiency. This is where LogTech comes into place. Today’s advanced technology solutions accurately record cost-related data at all logistics stages and send timely information and updates to both the sending and the receiving parties. Such solutions also provide advanced analytics to present budgeted reports, spend analysis, cost slippage, etc. that helps identify the loopholes & take corrective actions.

Sustainability to reduce carbon footprint

It’s practically difficult to manually track, record, and calculate the carbon emission footprint of all logistics processes. It’s impossible to find solutions without understanding the processes contributing to carbon emissions. Today’s intelligent LogTech solutions are proficient to conduct process optimization that helps in reducing carbon footprint. For example. A route & load optimization solution can help in achieving maximum deliveries at maximum vehicle utilization, at a minimum cost of fuel consumption.

Smarter integration of man, machine & processes

New-age technology solutions like robotics, autonomous vehicles, drone deliveries, etc. require updated Saas-based products to run these at full efficiency. LogTech solutions provide improved and extensive integration of these machines with manpower & processes thus, simplifying all supply chain operations. Additionally, the supply chain network is also continuously growing to add up to the complexity of the processes. LogTech solutions seamlessly integrate all the processes and bring much-needed efficiency and accuracy in the supply chain process.

LogTech solutions offered by Elixia

We, at Elixia, offer technologically progressive solutions to bring end-to-end visibility to logistics and supply chain processes. Our LogTech solutions run on interlinked soft bots for logistics, warehouse, and inventory to control supply chain planning and execution processes. Our industry-agnostic, intelligent delivery solutions are suitable to all logistics segments and helps improve operational efficiency and save on logistics costs. We are currently associated with 450+ customers across FMCG, Pharmaceutical, Chemical, 3PL, and many more sectors. We are now present globally across regions like the US, Australia, Africa, Brazil, Middle East and we continue to expand to international markets.