OPINION: Top technology trends that are set to shape the Cold … – India Shipping News
The Indian cold supply chain industry is rapidly developing, specially post COVID, and has huge growth potential. In 2021, the particular Indian cold chain logistics market was valued at $16 million, and it is expected to reach $36 mil by 2027. It is also estimated that by 2027, India will be world’s 5th largest economy and a key player in the global market, making its strategies infrastructure, including cold-chain, a most significant one.
However, currently, the cold provide chain sector in India is highly fragmented and marred with sever challenges which includes inefficient temperature control and monitoring plus inadequate tech integration. India is currently the particular world’s largest producers and consumers of dairy products plus rank #2 in the production of fruits and vegetables. In line with this, we produce more than 400 million MT of perishable food. But up to 40% of this is wasted due in order to ineffective chilly supply chain. Moreover, the Associated Chamber of Commerce suggests that our post-harvest losses amount to the whopping $14bn! This offers a direct impact on the particular economy and our farmers, not to mention the prevailing hunger problem.
Apart from perishable food, the pharma industry is another crucial field who’s smooth functioning is dependent on an efficient cool supply string network. From storage plus transport in order to last mile of vaccines, life-saving drugs, and other pharma raw materials that are critical to the particular sector, need a robust and well managed frosty supply chain network. And tech adoption is offering a promising solution for all these challenges. Listed here are a few technology trends that will are set to drive the sector within 2023:
IoT can potentially transform cold chains forever. By integrating IoT solutions into chilly supply chains, logistics companies can consistently stay on top associated with every step in the storage and transportation processes, catalyzing significant cost-optimizing benefits. Fleet managers could analyze and even toggle heat settings on the go, accommodate for local climate changes, and unforeseen delays. Most importantly, IoT options minimize human error plus enable managers to take action upon potential issues before they turn into major catastrophes.
Further, adding these with a centralized platform can further enhance efficiency, help cut losses and bring transparency and control to the supply string.
- AI, ML plus Big data
Artificial Intelligence and Machine Learning are usually helping provide end-to-end visibility into every cold chain function simply by processing massive volumes of live information. Data and predictive analysis can assist address challenges in inventory management, stock control, quality testing, plus pricing while also minimizing human error. For example , AI and ML-based smart sensors can keep track of vehicle maintenance records to predict potential malfunctions on the particular evidence of historical data. This helps foresee temperature fluctuations and prevent incidents associated with truck breakdown.
Other benefits of AI and Data driven predictive analysis include route optimization, inventory management and prevent occurrences of dangerous incidents in the warehouse, which can previously only be tracked and analyzed after they had occurred.
- Tech Integration
Through effective integration of AI, ML, IoT and Data driven insights on a single platform, it is possible to build a seamless cool supply string network that allows complete transparency and real time tracking. Incorporation also offers 360° presence into frosty chain fleets, including KPIs such as capacity utilization, driving speed, plus idling times. This information openness ensures optimum allocation associated with consignments, maximizes capacity utilization, and enhances cargo security. Data powered predictive evaluation usespowerful algorithms which help reduce time and resource usage on performing repetitive but critical processes. Use cases for AI and ML are numerous plus the trend will just pick up pace in 2023
- Bloc kchain
This is fast catching up as a preferred tech adoption for cold supply chain companies, as blockchain offers a transparent and secure platform to manage and monitor inventory because it moves through the supply string. And smart, digitally programmed contracts automatically enact or document relevant events when specific terms are met, offering a way with regard to supply chain stakeholders to collaborate and share information (and money) more efficiently. Given the significance of consistent temperature control and monitoring in chilly supply string networks, blockchain can prove to become a gamechanger. From building credibility plus quality assurance to effectively identifying errors or inefficiencies in real time, Blockchain has been helping cold supply chain businesses to enhance efficiency, improve customer experience, and drive better ROI.
Historically, the particular cold chain logistics business is technologically underserved. Yet if we are to heal its pain points then tech ownership and automation would undoubtedly have in order to be in its forefront. While the above are some key tech trends that may accelerate the particular growth of the industry and help reach its full potential, the require for huge investments within developing tech-enabled facilities, continues to remain a challenge. The GOI’splan to allow 100% FDI in logistics is a welcome step to secure such investments. Going forward, tech integration coupled along with favorable government policies would pave the way for a robust plus optimized unbroken cold provide chain. In other words, for us to survive and grow since an economic climate, it will be vital in order to embrace tech enabled solutions to build a good unbroken cool supply string network.
Mr. Swarup Bose, Founder plus CEO, Celcius