Recently, there was a press statement by Grand View Research (GVR), and part of the release was the fact that recent studies have pointed to the positive impact of digital technologies in market growth. Most notably, in the area of transportation management.
According to GVR, the TMS market is projected to reach an estimated growth of about USD198.82 billion by the end of 2025, in line with an annual increase of approximately 16.2%.
These estimated developments in the TMS are accredited to the contribution of digital technologies in the operations of these companies. Technologies such as artificial intelligence, predictive analytics, cloud computing have played an immense role in this growth.
Before the invention of digital technologies, industries rarely feel the impact of TMS. It is mostly because of the manual control and movement of goods from one point to another. As a result of this, there are lots of lapses due to human error, corruption, and manipulation.
Today, most companies have chosen to adopt the blockchain and AI technology because it affords a secure means of tracking transport from one point to the other. It also acts as a centralized networking system that do not require goods to pass through various human channels before it gets to its destination.
In the supply chain sector, there is a constant demand for more automation of the process. It has no doubt, increased competition among companies, who are consistently looking for best-streamlining technologies to implement. Of course, they understand the fact that the use of these digital techs will lead to more visibility, flexibility, transparency, and scalability, particularly in the supply chain sector.
Here are a few instances that prove the increasing adoption of digital technology in company operations.
i. The World bee project: previously, it was difficult to monitor the movement of honey from the beehives to the store, the productivity of the bees, and also, their decline rate. However, since the adoptions of blockchain technology and AI into its operations, the program has witnessed a high efficiency in tracking the transportation of these products.
ii. International companies are now making use of digital technology to monitor and control the exportation of goods to other countries.
iii. Recently, a Canadian-based company has also implemented the blockchain tech into its supply chain management to track marijuana production, its supply, and also, to improve its visualization in the market as a legal medicine.
iv. Moreover, earlier this month, we reported that Turkey had incorporated the central bank issued digital currency into its 2019 – 2023 economic plan.
The development structure aims to introduce the use of digital technologies in the country’s transport sector and custom service. Particularly, they recognized the role of digital technologies in improving the administrative and public service sector by using more accurate techniques such as artificial intelligence, blockchain, machine learning, and big data.