Innovative Strategies for Logistics Processes

Innovation In Logistics Sector

The modern logistics industry is a complex network of firms involved in the flow and transformation of goods from the raw materials stage to the end user. Three trends spur innovation in logistics. The first is the increase in the demand for high-tech goods. The global market for high-technology goods is growing at a faster rate than that for other manufactured goods, and high-technology industries are driving economic growth around the world.

The second trend influencing the logistics industry is globalization, the integration of many micro economies into one worldwide, interdependent economy. Top firms in the logistics industry which headquartered all over the world, are not only moving logistics services worldwide but are also creating innovation centers close to the new centers of trade. Reliable, timely accurate data is the keystone of the new global supply chain. Software and hardware innovations that enable greater visibility of product movement to shippers and carriers have become critical to success in the logistics industry.

Innovation in the logistics industry has also been spurred by the growth of the Internet and e-commerce. The Internet and computing Technologies have increased the amount of information available to the buyer and manufacturer about the product and fulfillment process. This causes a rise in expectations relating timely and accurate fulfillment. Innovation in warehouse management software and tracking products support firms’ efforts to cope with the demands of the Internet environment.