Transport industry such as logistics forms the backbone for any country to move ahead towards development.Logistics and transport industry is witnessing many changes and things are moving pretty fast. To keep up much with the changing trends of logistics one requires logistics training. Here are few prevailing trends in the industry.
Production is being brought closer to the end user
One of the newest trends in logistics is nearshoring. Nearshoring is the practice of transferring business operations to nearby country; where the business can benefit from the proximity, geographic, temporal, economic and political linkages of the location. There has been an increase in labor and transportation costs; especially in Asia as production is being brought closer to the end user. Although bringing the production closer to the end user results in shorter lead times, less transportation, and easier planning of logistics.
Continued focus on sustainability and compliance
All the businesses now have a responsibility towards our planet and are committed to taking care of it. Transport industry always had its fair contribution to carbon and nitrogen dioxide and oil spillage. But logistics organizations are on the path of responsible business. They now focus on compliance, sustainability, and especially environmental issues.
Continued investments in IT solutions
New smart technology and reliable IT solutions have now become indispensable having full control over the entire logistics chain. The transport sector continues to invest a great deal in it. Shipping companies realize the value of visibility, traceability, and transparency as the supply chain becomes more complex and dynamic. For providing an integrated view of real-time information both clients and shipping companies rely heavily on IT solutions.
Major acquisitions in the industry
We have witnessed many large acquisitions in the logistics and transport industry lately. The economic climate was not very favorable for acquisitions, but it has changed. According to industry experts; logistics is in a boom and the time is ideal for acquisitions and investments.
The advent of mobile technology and the internet has made E-commerce accessible to everyone. Instead of visiting the stores, more consumers are buying stuff online. As the e-commerce is growing, so are the logistics and home deliveries.
Economic growth will from new geographies
Many Asian countries have had a rapid economic growth and these countries have been a tremendous engine for increasing global trade. More economic growth will stem from fast new global powers like China and India.