Logistics industry overview: Challenges and Opportunities
The logistics industry in India is a major drain on the economy, accounting for over 13% of GDP and ranking amongst some of lowest payers when compared with developed countries. Fragmented systems and a lack of transparency in the logistics industry leave logistics owners, fleet managers and truck drivers struggling to keep up with their transportation management operations. However, efficient logistics management solutions and best practices can help to streamline logistics.
Why are best practices in logistics management essential?
The global logistics industry is evolving at an unprecedented pace, and technology plays a key role in this shift. The traditional transportation management solutions in India are expensive and time consuming, while technology-driven best practices help to reduce cost in transportation management. Logistics management solutions are essential to streamline various operations and business aspects such as fleet management, payment processing and administration.
What are the benefits of using logistics management solutions?
Logistics management solutions can help companies and individuals with their transport and supply chain logistics. They solve the problems of owners, fleet managers or drivers by providing tools to streamline everything from real-time operations, expenses and data.
- Better visibility: Logistics management solutions provide real-time visibility and notifications so you can stay up-to-date on what’s happening in your operations and make better decisions to improve productivity.
- Better savings: A key benefit of logistics management solutions is reducing overhead expenses by automating and optimizing varied operations without the need for more people, paperwork or traditional processes that involve a lot of money.
- Better management: Logistics management solutions efficiently tackle problems arising from a fragmented ecosystem by unifying operations through a single dashboard to streamline, monitor and manage data, transactions and tasks.
How 3 best practices will help to streamline logistics management?
- Unify management: In order to maximize the efficiency and profitability of administrative tasks, fleet operations and other processes, an easy-to-use solution is needed. Therefore it is important to choose a unified logistics management platform to streamline and manage operations and transactions in one place.
- Digitize payments: Invoice processing, multiple expenses while on the road and other transactions involve a lot of paperwork, receipts, people and time and are often prone to errors. However, digitizing payments can reduce administrative costs, misuse of cash and provides better management with multiple payment methods, quick processing time and less error or manipulation.
- Automate operations: Logistics management solutions have been incorporating cutting-edge technologies like AI, IoT and Big Data to automate tasks for reducing operational costs, increasing productivity and minimizing errors.
Let’s Wrap Up!
Logistics is a highly fragmented industry in India compared to its global counterparts and a major drawback being the use of traditional systems and solutions that are not sufficient for the evolving and highly competitive market. However, the integration of technology-driven best practices in logistics management prove to be efficient in streamlining operations with real-time visibility, cost reduction and better management by unifying, digitizing and automating tasks, payments and operations.
Axlerate is a fintech logistics management platform to unify all fleet-related operations and expenses. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.