6 Fintech Innovations In The Logistics Industry

The logistics industry is constantly undergoing a series of changes. Gone are the days when people move parcels from one place to another without any form of modification. These innovations come about mostly due to the fact that logistics is a necessity; it is an industry that moves things. This means that there is a need for constant model improvements. Recently, there have been innovative moves in the logistics sector in Nigeria and beyond.

Artificial Intelligence (AI)

This is an age that requires less manpower and more technology. Artificial intelligence is needed to ease the process of parcel delivery. AI in combination with Machine Language (ML) will help logistics companies automate the delivery process. This will enhance quick response to logistics demands, as they will not need human resources to carry out the actions. Especially when logistics companies are in their expansion stage, it will be of great benefit to employ AI technologies.

Autonomous Vehicles

An autonomous vehicle is a vehicle that can operate on its own with little or no human interference. It is a worthy alternative to the traditional transportation system, thereby, reducing costs and increasing productivity. Humans cannot work every time, but these vehicles can work round the clock. They help in the sorting and dispatch of goods.

Big Data

Managing inventory in the logistics business can be a herculean task. But here is a solution. With big data analytics, you will be able to record parcel movements, pricing, risk management reports, financials, and any other records needed.

Geolocation Technology

As the name implies, this technology allows logistics companies and their customers to track the location of parcels. Generally, it helps track orders. This is one technology that companies like Jumia and Konga leverage. You can ascertain when your order has been accepted, picked up, in transit, and at drop-off. There will be no need for back–and–forth calls to ask where a parcel is and how long it will take to get to the drop-off location. To a great extent, geolocation technology eases the delivery process, making it convenient for both the company and the customers.

Internet of Things (IoT)

Black Ridge Research defines IoT as “objects capable of monitoring, controlling, and transferring data through the internet”. It provides real-time monitoring of goods, fleets, and communication within the company, thus, enhancing synergy.

Door-step Delivery

This is also referred to as last-mile delivery. It is the process of ensuring that parcels get to the doorstep of customers, without them having to go to a warehouse or outlet to collect their parcels. This is one innovation that some logistics companies have already started adopting, especially with the introduction of bike logistics. They are now able to reach even the most remote parts of the country. It is a great plus for the logistics sector and should be adopted by all.

Since logistics is an unavoidable need in society, it is expected that we make it more bearable for both the company and the customer. These innovations I highlighted in the article are a few that you can start trying out. Get to understand them better and implement the one that best works for you.