How Logistics Management Software and Technology Will Transform Businesses in 2021
Without logistics software management, Pfizer cannot become one of the world’s largest sterile injectables suppliers in 2021. Neither can they store, transport, and distribute the COVID-19 vaccine to multiple countries, maintaining ultra-low temperatures. Monitoring temperatures, optimizing delivery routes, managing cold storage, tracking vaccines in transit, overseeing distribution – all these prove that the logistics and supply chain sector has been at the forefront of tech disruption in 2021. Various governments are taking measures to expedite vaccine distribution to the masses; shoppers have increasingly moved to online shopping – 2021 is set to witness the increasing adoption of logistics management software.
The Impact of Technology in Logistics
Technology continues to disrupt logistics and supply chain processes by changing it altogether from its core. Research and Markets reports that the increasing use of IoT and emerging technologies across industries will accelerate Connected Logistics’s adoption. The Global Connected Logistics market is projected to grow at a CAGR of 17.5% during 2021 – 2026.
Consequently, logistics will become more refined and fast, changing the way materials, goods, freight, sales orders, inventory, and production are managed.
As efficiency and speed become the determining factors, logistics need to adopt a new approach to deal with the rising demand and complexity of processes. The industry needs a viable solution that manages the flow of things so that the right product reaches the customer within the specified time.
Logistics software adoption streamlines operations and removes process hassles. Organizations that invested in logistics management software have produced good outcomes with noticeable improvements in process, operations, and delivery.
This article attempts to explain all that you need to know about logistics management software, including:
- What is Logistics Management Software?
- Challenges in logistics management
- Pros of a having a logistics software
- 2021 trends that reshape logistics management
- Choosing the right Logistics Management Software
- Checklist of essentials in a Logistics Management Software
- How logistics software improves efficiency
- The future of supply chain
What is Logistics Management?
Logistics involves the flow of things from their point of origin to the point of consumption, usually general customers or businesses. The selection of vendors, transportation means, routes, and delivery methods constitute an essential part of logistical operations.
Logistics management is a part of the supply chain that uses planning and implementation to store and deliver goods and services to the customer. It coordinates several critical activities of the supply chain that range from product development to commercialization.
Typically a logistics management system includes the following:
- Inbound and outbound transportation management
- Warehouse management
- Fleet management
- Processing orders
- Inventory control
- Managing third-party logistics service providers
- Planning supply and demand
Watch Video: Top Challenges Faced by Logistic Management
Logistics management constitutes several functions such as production planning, sourcing, procurement, packaging, and dispatching. It also involves finding the suitable means to deliver goods and services to the end-user. Inbound and outbound traffic is vital in logistics management.
- Inbound logistics is a linear flow of raw materials from suppliers into a warehouse and then a production unit.
- Shifting the products from the warehouse inventory into the hands of the customers falls under outbound logistics.
An example of inbound and outbound logistics at play is that of a manufacturer of electronic goods, which requires several raw materials in the form of components, nuts, bolts, cables, casting, packaging cartons, etc., to build products.
Challenges in Logistics Management
Logistics is prone to several issues that occur primarily due to simple human errors or other factors. Weak decisions usually result in delays in the transport or delivery of goods, leading to customer dissatisfaction. Besides, another challenge that logistics face generally is in the safe transportation of goods. The goods can become damaged or faulty if not handled accordingly while in transit.
Customer demand has also become higher as they want more transparency in the delivery process. Moreover, logistics and supply chains are facing the still unsolved issue of cost control. The rise of fuel charges combined with a steep increase in energy, freight, and labor rates put further pressure on logistics providers.
Effective risk management and managing the relationship between the suppliers and partners are also vital. A reliable solution that covers all these individual challenges in logistics is thus becoming a necessity. The use of logistics management software (LMS) can streamline logistical operations and guide a logistics provider or business to deal with them appropriately.
What is Logistics Management Software?
Logistics Management Software (LMS) simplifies logistics operations by refining the production cycle and making it easier to access important information quickly. A logistics management software helps businesses manage the various processes that go into the production cycle from the delivery of raw materials to shipping the finished products to the consumers.
Logistics software has become broader in its scope and functionality to deal with a vast array of operations and processes. It shares similarities with supply chain management software (SCMS), which contains tools that help deal with transactions, processes, and suppliers. The functionality of a logistics management software extends to areas such as:
- Processing customer requests
- Processing purchase orders
- Inventory Management
- Suppliers Management
- Sales and Distribution
A logistics management software gets rid of all the conventional approaches like paperwork and spreadsheets to simplify management. It comes in three variations: warehouse management systems, enterprise resource planning systems, and integrated supply chain management suites.
Companies with an in-house logistics or supply chain division and third-party logistics providers utilize any of these different versions according to their requirements to efficiently manage their logistical and supply chain operations.
The Pros of having a Logistics Software
In logistics, handing over the process to a logistics management software has several advantages. With logistics management software, a company or 3PL (third-party logistics) provider could avail of the following benefits.
- Refine Transportation: Transportation is a crucial area of logistics. It incurs the most charges in the form of fuel, energy, labor, motorway tolls, and shipping fees. Relying on logistics software can help manage the various transportation means and leverage the operational data for process automation. Logistics management software makes it easy to analyze data and make relevant decisions for reducing costs maximizing efficiency.
- Faster Delivery: The logistics and supply chain industry faces several issues that affect delivery and lead to delays. By incorporating logistics software, businesses can rapidly deliver their products to customers. A logistics management software can improve delivery speed by making meaningful interventions in the production cycle and choosing the suitable carrier. It ultimately reduces shipping delays to a great extent.
- Minimize Human Errors: Another notable advantage of having logistics management software is in reducing human error. Manual analysis of vast quantities of transportation data is difficult, time-consuming, and prone to errors. A logistics software can process these data without any mistakes in less time, seamlessly pushing forward the operations with minimal/nil delays.
- Automates Functions: Process Automation is a tremendous boon of logistics software integration. Certain functions like creating shipment routes, load planning, and tendering of load to carriers are easily automated and managed by using logistics software. Moreover, it eliminates paperwork, which helps deal with the processes efficiently and timely.
- Reduce Costs: Logistics software can automatically compare different shipping services, delivery agents, and transportation methods to find the least pricing ones. The other way logistics software reduces costs is by lowering the expedited shipments through improved shipment planning.
2021 Trends that Reshape Logistics Management
The demand for logistics software management has peaked with the widespread popularity of e-commerce in 2021. The onset of COVID-19 is also a reason behind the peak in demand for logistics technology. As a result, logistics is constantly evolving to accommodate each industry’s rising requests that depend on it. One area where logistics has transformed is the digitization of its processes and resources. In 2021, the industry is expected to embrace the cloud, mobile, and emerging tech to transform logistics operations. Here are some of the top tech trends that will influence logistics and supply chain in 2021.
1. Artificial Intelligence
Logistics companies will use AI to identify patterns in data and churn insights. It will help advance operations such as intelligent transportation, route optimization, demand forecasting, budget planning, etc. McKinsey reports that AI-driven logistics optimization can reduce costs through real-time forecasts and behavioral coaching. The potential incremental value of AI in the logistics and transportation industry (89%) will be more than other analytics techniques.
2. Warehouse Robotics
Over the last few decades, innovative logistic robotic companies have worked hard to mesh AI and machine learning, better sensors and response capabilities, warehouse management software, or logistics management software. Recently, warehouse robotics in the supply chain has picked up pace exponentially. There has been colossal funding and investment in the industry. For example, Alibaba invested $15 billion into robotic logistics infrastructure, and Google invested $500 million into automated logistics for JD. It is also estimated that the global market for warehouse robotics in the supply chain will reach a market value of $22.4 billion by the end of 2021.
3. Cloud Computing
Cloud integrated logistics management software allows having real-time price updates, inventory, and tracking. Cloud-based logistics software enables real-time accuracy and 360-degree management of processes and systems. You can track a product through its lifecycle, right from ordering to distribution. It allows to significantly cut down the costs of lost products, missing deliveries, locate a shipment at any stage of transport, and reroute a misdirected shipment. Cloud-based logistics software allows everyone in a trade network to communicate and share data in real-time, make decisions quickly, and scale on-demand.
4. Contactless last-mile delivery
In a pandemic-troubled world, contactless delivery is more critical than ever. eCommerce companies and carriers face increasing pressure due to the surge in online shopping. It’s crucial to stay agile by ensuring business continuity. At the same time, it is also vital to remain safe and meet delivery needs. Electronic parcel lockers, contactless parcel delivery and collection, and self-service pick-up automate delivery processes to reduce physical interactions between customers and delivery agents.
Watch video: Custom Web Application Developed to Enable Smarter Locker Management
Custom logistics software applications can help fulfill the increasing demand for last-mile delivery. Fingent helps build healthy tech partnership ecosystems to ensure uninterrupted supply and distribution of your products and services.
Blockchain, also known as the distributed ledger technology, offers the ability to record transactions between parties securely and permanently. The shared and secured databases enabled by blockchain helps in avoiding intermediaries and third parties that verify, record, and coordinate transactions in a supply chain. Blockchain helps increase the traceability of the material supply chain, improve the credibility and trust of shared data, digitize physical assets like contracts and critical documents, streamline administrative processes, reduce costs, and enable effective auditing of supply chain data.
Example of blockchain application in logistics: The international logistics giant DHL uses blockchain-based serialization of pharmaceutical drugs and products to ensure that:
- the products come only from legitimate manufacturers,
- are not counterfeit, and
- are adequately tracked and traced through their journey from origin to consumption.
6. Predictive Analytics
The emergence of sensor technologies and AI has contributed heavily to the rapid growth of predictive maintenance in the logistics industry. Supply chain leaders want to utilize data effectively to optimize predictive maintenance, forecast demands, adjust inventory levels, improve cold chain transportation, and protect the integrity of the supply chain. Smart and optimized data management through predictive analytics and AI allow logistics providers to refine and transform the supply chain in 2021.
Opting for the right Logistics Management Software
With the trends shifting logistics management in a progressive direction, the need for software solutions in the field has become indispensable. Businesses, whether focussing on e-commerce or delivering services, can benefit from having logistics management software. However, the real question is finding the right kind of logistics software since the requirements vary for each business.
A checklist of essentials in a Logistics Management Software
Before settling on software for logistics management, it is vital to understand the requirements and challenges a business faces daily. Carrying out a detailed analysis can help identify deficiencies in the existing logistical operations of a business. Besides that, it can suggest measures to redeem any discovered shortcomings in the cycle.
When deciding on logistics management software, there are several essential factors to consider. Firstly, it should contain a basic set of functions that can aid in simple logistical management operations.
Besides that, numerous other things should also be present in the software to tackle the wide base of a business’s logistical operations and processes.
Some of the key features to look for in a potential LMS are:
- Compatible Multi-Client Architecture: A logistics software that comes with multi-client architecture support is necessary if a business handles multiple customers. Software with inventory and purchase orders has more emphasis since it deals with several customers simultaneously or in different phases.
- Forecasting: The ability to forecast is a needed trait in logistics and supply chain management software since it can bridge gaps in supply and demand by enhancing the business processes. Demand, supply, and price forecasting can help supply chain management with proper production scheduling, better customer satisfaction, and minimized out-of-stock scenarios.
- Finance Integration: Having tools that integrate the supply chain’s financial side is another critical software requirement. Vital financial aspects like general ledger, account payables, and receivables can help manage the bookkeeping and records of transactions conveniently when included in logistics software.
- Inventory Tracking: Having an inbuilt inventory tracking feature can make logistics management software more dependable. Logistics involves transactions of various kinds. An inventory control feature enables easier processing while ensuring that the customer gets the invoice on time.
- Customizable and Streamlined Interface: A good logistics management software should contain a streamlined interface that allows for effortless navigation across its chief functions. A customizable logistics software can easily accommodate the unique infrastructure and methods implemented by a business.
- CRM: Logistics software should also cover the customer side. A CRM embedded logistics software allows the customers to know the status of their deliveries. For both inbound and outbound logistics, CRM can answer the customers’ queries and supply them with relevant information and adjustments to the delivery.
- Bill of Lading Creation: As a critical document in the shipping and freight chain, looking for a logistics system that can generate the bill of lading is recommended. This can make it easier to create the bill of lading receipts. It facilitates the seamless exchange of goods under the consignee of the shipper and the logistics company.
Refer the chart below to get a grip on the overall profile of any software logistics management:
With logistics pushed to the forefront of business operations, leveraging the right technology can make your business compatible with the changing environment.
Outsourcing to a software development vendor will help deploy scalable software for logistics management into your entire supply chain operations. A global software solutions provider like Fingent can give you the advantage of custom logistics solutions built solely based on your requirements.
How logistics software improves efficiency
Logistics management software guarantees more efficiency and control over the logistical and supply chain operations of a business. It means simply substituting the existing manual methods with a software-centric solution. The array of features in a logistics system can refine the entire logistics cycle right from its center. For owners, vendors, and the end customers, using an LSM (Logistics Software management) model opens up improved collaboration, which is the essence of effective logistics management.
Opt for logistics software requires considering all the criteria mentioned above. For a business, it involves addressing their needs and then choosing one that wraps around their existing processes. By integrating an LMS into their operations, companies could reduce their turnaround times and streamline the overall cycle of planning and delivery while keeping up with the customers’ requirements.
Transitioning into Cloud-Based SaaS: The Future of Supply Chain
With cloud computing gaining momentum in 2021, a whole new way of processing data is unveiled. The tech innovations in 2021 have influenced the supply chain and logistics operations. Increased adoption of supply chain and logistics solutions in 2021 will lead to a shift from the on-premise model to the SaaS model.
Predictions estimate that a subscription-based SaaS model will dominate supply chain management in 2021 and beyond. Adopting a cloud-based supply chain solution offers benefits in the form of flexibility, robustness, and affordability. Free and open-source software adoption has made the Cloud the primary choice for logistics providers and organizations worldwide.
Cloud-based SaaS supply chain solutions offer numerous benefits. It gives a comprehensive outlook on the overall operations in logistics by making processes more transparent and collaborative. Implementing a cloud system reduces the upfront and operating costs. It also offers the ability to scale up with the business needs and enhances supply chain efficiency.
To sum up,
Opting for a logistics solution is one step to simplifying the entire cycle of logistical and supply chain operations. Effective management of each process from procurement to delivery requires a custom logistics management solution that can accommodate each provider’s demands. For instance, an organization lacking an in-house logistics department needs a software management tool that can wrap around their existing methodology and improve it.
By partnering with a vendor specializing in software development, businesses can deploy logistics management software tailored to their requirements. Pioneers in custom software development like Fingent can assist companies from wholesalers to distributors to e-commerce with the advantage of custom logistic solutions. Get in touch with us to spearhead your operations swiftly and efficiently.
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How Logistics Companies Can Gain Competitive Advantage with Customized Software Solutions?
Fluctuating consumer demands, increasing client requirements, and complex business models are posing critical challenges for logistics companies today. According to predictions made earlier this year, two major drawbacks are to be witnessed in the industry.
With drastic changes hovering over the logistics industry, the players are bound to stay equipped with the emerging technology trends, or they might get caught off guard. While its turning imperative for logistics companies to transform with smarter technologies, the question of whether to choose a custom software or an off-the-shelf package still lingers in many minds.
Why Choosing Customized Solutions Over Packaged Software Considered Profitable In Logistics?
Purchasing an off-the-shelf software would sound comparatively simple, stress-free and time-effective. But in the long run, it’s always a custom-built solution that pays off.
Most packaged logistics software, although sophisticated and deployed of disruptive technologies, pose standard solutions for the industry as a whole. Of course, they solve the major supply chain hassles. But with every business, possessing unique procedures, workflows, and objectives, “not everyone fits the same mold”.
So what happens when you choose a packaged software solution for your logistics business?
1. A packaged software often comes with hordes of features. This sure sounds exciting at the beginning. But when you have to pay for more than you use, it sure isn’t a happy moment! Off-the-shelf software solutions are often crafted considering the large players of the industry. Their features focus on resolving the common challenges faced by these companies.
However, in a complex industry like logistics, it’s not always necessary for every company to face the same kind of issue. Hence, with packaged software being available as a whole for a single price, businesses usually end up wasting money on features they do not need.
2. Off-the-shelf logistics software utilizes the latest and advanced technologies to cater to the complexities of an industry. But however, at times these sophisticated technologies complexes situations even further. For companies with basic knowledge on latest technologies, would definitely find it difficult to carry out operations successfully with a sophisticated system.
Moreover, they would have to spend extra time and money on training staff, which is not reasonable in a highly competitive industry like logistics. As mentioned before, with plenty of features, packaged solutions often prove to be less user-friendly and more complicated.
3. Although packaged solutions solve a list of logistics hurdles, their features might not provide a complete automated solution. You might find a good Transportation Management System (TMS) that enables real-time tracking and automated reporting, but you might still have to communicate with your customers, and assigned drivers manually.
Also, an efficient packaged TMS system might have an integrated warehousing management system, but might not facilitate an appropriate billing system, leaving the need to adopt alternate transaction processing systems. Hence, in a nutshell, complete automation is often unattainable with packaged software solutions.
4. The most eminent reason to not opt for a packaged solution is that they are rigid. There is hardly any packaged software company that allows customization. It’s not only rare to find a packaged software that caters to all your business-specific needs, but it also proves to be non-scalable in the long run.
Growth in your business and changes in the market will bring about an increase in your technology requirements. This will result in the need for a solution that can be customized with your growing business necessities.
Customized logistics software eliminates all the above-mentioned drawbacks of a packaged solution. Plus, it always comes with continuous technical assistance to simplify the technology transition in your company.
Let’s take a quick look at how a customized Transportation Management System can help you battle logistics challenges better.
How A Customized TMS Can Enhance Your Supply Chain Efficiency?
Investing in a customized TMS can enable you to create an Uber-like platform for your logistics business. Integrating the latest in web and mobile application solutions, you can create a platform that completely streamlines your driver, client, and cash-flow management.
Enabling centralized data management, transparent billing, delivery match capabilities, along with real-time monitoring and customer insights capturing; a customized software solution can be framed to automate your entire end-to-end logistics operations.
A custom-built mobile application can further enhance productivity with less paperwork, better transparency, easy communication, and improved customer engagement. Implementing a customized solution would also let you add in innovative features that help you automate critical tasks, improve team collaboration, and increase your overall company efficiencies.
Here is a shortlist of benefits that you can acquire with customized logistic software.
1. A customized software solution gives the advantage of integrating with smarter technologies to simplify the minute challenges faced by the industry. For instance, along with assigning and managing truck drivers, a logistics company also faces difficulties in maintaining and verifying driver documents. Integrating with smart apps like Camscanner can simplify these documentation verification complexities.
2. A logistics company with varying client needs might often find difficulties in choosing apt carriers for a given order. A customized solution gives you the benefit to add in features that simplifies such decision making by suggesting the best available carriers for the orders.
3. Although packaged solutions streamline drivers assignment and management, yet they blackout on some eminent functions that logistics companies struggle to maintain. For example, calculating the detention hours/rates of the drivers are likely the most critical task of a logistics company. Through a customized logistics software you can straighten such bends of the industry.
4. With customized logistics software, a logistic company can embrace a completely streamlined and user-friendly accounting system that generates automated invoices as well as tracks any misleads or accounting errors.
Customized logistics software can simplify your logistics operations more than you can imagine. If you are looking for a tech partner to help you add in these features and more to your logistics software, then you have landed on the right page.
Fingent is one of the leading custom software companies providing advanced and user-friendly web and mobile technology solutions for logistics businesses worldwide. Contact us today to know how our custom software solutions can enhance your business abilities.
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The logistics sector has become a key performance indicator of the economy. Various estimates put the total market size of the logistics sector in a country on an average to be between USD 90-125 billion!
The Current Sketch of the Logistics Market Place
Logistics and transportation managers often find the movement of freight between trade partners an uphill battle! It is necessary to make the transit easier, cheaper, and more efficient. The freight managers turn to Transportation Management Systems (TMS) for a smooth operation. Over the last 3 decades, such systems have evolved significantly and are typically available as standalone software packages, as part of a larger Enterprise Resource Planning (ERP) solution, or in Software-as-a-Service (SaaS) formats.
Logistics cost is 9% of the GDP in the U.S. This shows an increasing demand on the logistics sector to provide solutions, which are required to support future growth.
Looking at TMS as “one of the fastest growing enterprise application markets” in its most recent TMS Global Market Research Study, ARC Advisory group says that a gigantic 63 percent of companies would witness at least a 5 percent increase ( that is, 23% stated a 10 percent or more increase) in total freight costs if they had to forsake their TMS and get back to more manual transportation planning and execution processes. According to ARC, a Logistics achieves large savings based on process enforcement, visibility, analytics, and optimization, “with virtually no other supply chain application offering so many different forms of optimization.”
Related Reading: Top Challenges Faced by Logistics Management Today
Top Areas to Focus on a Long Term Logistics Strategy
According to survey reports in the “Transportation Management Systems” Study by the Peerless Research group and Logistics Management, and some other Successful Logistics Businesses, the top areas that are important when looking forward to a long term logistics strategy are:
- Maintaining high levels of customer service (96%)
- Lowering costs (94%)
- Improving efficiencies and productivity in logistics operations (93%)
- Achieving the ability to target logistics initiatives that drive business growth (79%) Improving Asset Utilization (74%).
Other factors involved are as follows:
- understanding and controlling costs (55 percent),
- better shipment planning (55 percent), and
- greater in-transit visibility (52 percent).
- electronic communications with customers and carriers (45 percent),
- overall supply chain processes (45 percent), and
- carrier and partner collaboration (43 percent).
These key factors are important to carve out a long term solution for their business growth and to remain sustainable and cost-effective in their transportation expenses.
Maintaining High Levels of Customer Service Is Essential In Logistics Services
Logistics partner is the company that ensures the delivery of your products on time and cost-effectively. A single rupture can be fatal to your company. Hence it is important to monitor the quality of the product or direct service provided. Since for many online businesses, the final touchpoint with their customer is their logistics provider, customer service is the most essential factor in Logistics!
With the benefit of logging in whenever and wherever required to know the shipping details, a TMS allows analysis of various reports to know the delivery details of carriers. Based on this data, greater predictability can be ensured along with providing a hassle-free delivery of the product to your customer.
The same data can also be used to interact with carriers and other members in the supply chain. This helps in resolving issues if any and proactive improvement which leads to an increase in the customer service metrics.
Lowering Costs with A Properly Managed Logistics System
Poor logistics analysis, planning and decision making can result in excessive expenditures, missed delivery deadlines and damaged goods. This is why optimizing operational efficiency and reducing logistics costs are essential factors to remain financially viable. Here are a few factors that affect Logistics costs:
- Increase In Fuel costs.
- Delayed arrivals at ports, that leads to higher transportation fees.
- Complex regulations that govern international trade such as document processing, compliance checks, and so on.
- Frequent delivery delays and increased warehousing expenses.
The logistics business drives on quick service and fast turn-around times. Yet, there is a lot that goes on in the background before a shipment or a truck is in transit. The reality is that a lot of these processes are manual and eat up a lot of time, which adds to the overall TAT. It is evident that ongoing investments are made in automating processes and this gives one the choice to expand without increasing other additional overheads.
As mentioned earlier the logistics industry is witnessing a continuous growth. Although there are multiple challenges that exist in this industry, the growth of logistics is going to be a very key indicator of the performance of our economy.
Improving Productivity in Logistics Operations with a TMS
The first step to achieve a Logistics task is planning. With proper planning, we will be able to prepare for the unforeseen circumstances. These situations can be related to:
- The products
- Unavailability of the transportation
- Any internal issue in the organization
- Research and pick the correct goods.
This is where Automation has a vital role in business process optimization. When automation is deployed in the logistics process, timely updates regarding the movement of goods will be provided. The service operator and the customer will get details regarding:
- The goods that are dispatched from the supplier
- Procurement of the products at the warehouse
- Delivery of the goods at the destination
This saves a considerable amount of time because manual interference is eliminated. Moreover, accurate tracking helps in improving the overall process management. Similarly, the account details and employee details can also be managed.
Targeting Logistics strategies that Drive Business Growth
Trumping over your competitors is possible with proper logistics strategies. This is because logistics costs are related to improved efficiencies. With proper strategies, every logistics firm that is struggling to boost their operations can incorporate these strategies for a proper logistics network optimization.
Improving Asset Utilization and Warehouse Management with a TMS
Common warehouse logistics challenges revolve around every Logistics industry The concerns can extend into extending into inventory management, cost controls, human resources, risk management, and security, among other factors.
With a proper logistics system that is integrated with your ERP or Warehouse Management System, you can easily start to calculate asset utilization! To find prompt logistic solutions and technologically transform the right way, get in touch with Fingent now!
Related Reading: 5 Emerging Trends That Logistics Managers Cannot Afford to Ignore