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Bigdata and Analytics Revolution in Transport and Logistics Industry

The transport and logistics sector plays a crucial role in the global economy, ensuring goods are delivered efficiently from one place to another. With the advancement of technology, big data has become an indispensable tool in optimizing operations and improving decision-making processes within this industry.

Big data and analytics help organizations optimize their operations, enhance efficiency, improve customer service, and make data-driven decisions. From delivering goods to managing complex supply chains, every aspect of this sector requires precision & efficiency. And that’s precisely where big data and analytics step in as game-changers.

Here are some key roles and applications of big data and analytics in transport and logistics:

Route Optimization: Big data analytics can analyze historical traffic data, weather conditions, and other relevant information to optimize delivery routes. This helps reduce fuel consumption, minimize delivery times, and lower operational costs. Also, by enabling real-time tracking and monitoring, vast amounts can be collected of data from various sources like GPS devices, sensors, and RFID tags. This way companies can have a detailed view of their supply chain network. This allows them to track shipments, monitor vehicle performance, analyze traffic patterns, and make informed decisions on route optimization.

Demand Forecasting & Inventory Management: By analyzing customer preferences and historical sales data along with other variables such as seasonality or promotional activities, market trends, businesses can accurately forecast future demand for products or services. This helps optimize inventory management strategies by ensuring adequate stock levels while avoiding overstocking or stockouts.

Predictive Maintenance: Sensors and data analytics can monitor the condition of vehicles and equipment in real-time. Predictive maintenance algorithms can predict when maintenance is needed. This helps in identifying and resolving issues quickly and enhancing overall operational efficiency.

Customer Experience: Analyzing customer data and feedback can help logistics companies tailor their services to meet customer needs better. This can lead to improved customer satisfaction and loyalty. Additionally, through sentiment analysis techniques applied on social media platforms or customer feedback surveys, companies gain insights into customers’ needs and expectations. These insights allow them to tailor their services accordingly which ultimately leads to higher customer satisfaction rates.

Risk Management: Data analytics can assess and mitigate risks associated with supply chain disruptions, such as natural disasters or geopolitical events. Companies can develop contingency plans and make informed decisions to minimize disruptions.

Cost Reduction: By analyzing operational data, logistics companies can identify areas where costs can be reduced, such as optimizing warehouse layouts, improving vehicle routing, and streamlining processes.

Regulatory Compliance: Big data analytics can help ensure compliance with various regulations, such as emissions standards, safety regulations, and customs requirements, by tracking and reporting relevant data.

Sustainability: Analyzing data related to fuel consumption and emissions can help logistics companies reduce their environmental impact and meet sustainability goals.

Market Intelligence: Data analytics can provide valuable insights into market trends, competitor activities, and customer preferences, helping logistics companies make strategic decisions and stay competitive.

Capacity Planning: By analyzing data on shipping volumes and resource utilization, logistics companies can plan for future capacity needs, whether it involves expanding their fleet or warehouse space.

Challenges of Using Big Data in Transport and Logistics

Data Integration: One of the major challenges in using big data in transport & logistics is integrating various sources of data. The industry generates massive amounts of information from multiple channels, such as GPS trackers, sensors, weather forecasts, and customer feedback. However, this data often exists in different formats and systems, making it difficult to integrate and analyze effectively.

Data Quality: Ensuring the accuracy and reliability of the collected data poses another challenge. With numerous variables involved in transportation operations, there is a risk of incomplete or inconsistent data sets that can lead to misleading insights or flawed decision-making.

Privacy Concerns: As big data analytics rely on collecting vast amounts of personal information about individuals’ movements and behaviors, privacy concerns arise within the transport and logistics sector. Companies must adhere to strict regulations regarding consent, storage security, anonymization techniques, and user rights protection.

Scalability Issues: Dealing with large volumes of real-time streaming data requires robust infrastructure capable of handling high velocity processing. Scaling up existing systems to accommodate increasing volumes can be complex and costly for organizations.

Skilled Workforce: Building a competent team with expertise in big data analytics is crucial but challenging due to its niche nature. Finding professionals who possess both technical skills (data mining techniques) as well as domain knowledge (transportation operations) may prove difficult.

Technology Adoption: Embracing new technologies like IoT devices or cloud computing for effective collection and analysis presents implementation challenges for traditional transportation companies that may have outdated infrastructure or resistance to change.

Data Security: Protecting sensitive information from unauthorized access remains a critical concern when dealing with big datasets containing valuable business intelligence that could be exploited if not adequately protected.

Addressing these challenges requires collaboration between stakeholders to develop innovative solutions tailored specifically for the transport industry’s unique needs.

In summary, big data and analytics are transforming the transport and logistics industry by providing valuable insights, optimizing operations, reducing costs, improving customer service, and helping companies stay competitive in a rapidly changing environment. This data-driven approach is becoming increasingly essential for success in the industry.

Digital Transformation in the Construction Equipment Rental Market

17 May 2021
by: Aisha Javed
in: BlogPost
Tags: #constructionequipment, #Digitalization, #efta, #electroniccatalog, #era, #futureofconstruction, #MachineRental, #rentaga, #RentalMarket, #sustainability, #sustainablefuture, DigitalTransformation
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Internet and digital mobility are changing our lives faster than ever before! It’s affecting a variety of industries across the world in a number of creative ways and fundamentally changing the way we do business. Additionally, 2020 taught us that there is no alternative to digitization. Even in the construction industry, which is not one of the most changeable industries, a lot has happened in the last few years. Since 2016, the construction and construction machinery industries around the world have only known one thing: GROWTH. Then came the Covid-19 crisis, along with every other business, construction sites also faced severe lockdowns and disruptions to their activity. If we look at current trends in the construction industry, it quickly becomes clear: Digitalization is advancing and offering huge opportunities and ways to improve their productivity to players in the construction industry.

Digitalization, in the world of construction, is affecting the following 4 main areas, logistics, procurement, production/construction, and sales/marketing. Renting and leasing of construction machinery is also on the rise. A report released by the European Rental Association (ERA) with the support of the ERA Statistics Committee, highlighted construction machinery rental market size in the EU. The equipment rental industry in the EU-15 area countries saw growth of 4.1% in 2019. In 2020, there was an estimated decrease of 10.4%. The ERA had forecasted rental growth of 4.8% this year, prior to the COVID-19 outbreak. These 15 countries account for more than 95% of the equipment rental industry in the EU, European Free Trade Association (EFTA), and the UK.

Renting is an inherently sustainable model. By renting construction equipment, companies and individuals not only contribute to a more sustainable world but also make economic decisions, as buying a piece of new equipment involves a high cost, maintenance, operational, and storage-related issues. Renting is becoming a viable possibility for newer businesses as well. The European equipment rental market is worth €28 billion a year and is growing year on year, according to statistics from the European Rental Association (ERA). Europe’s rental businesses are spending €5 billion a year on new fleets, providing users with the latest machines.

The construction machines rental industry has traditionally been characterized as medium and small-sized companies that mainly operate locally and serve regional markets. As we saw that construction sites came back to operations by end of 2020 but it was a challenge to rent construction machines like, excavators, cranes, work platforms, and similar equipment to complete their construction projects. The main reason was that this industry was working on a very old-fashioned way by calling to the rental companies and asking for availability and price quotes to rent machines but due Covid-19 most of the people were operating from home that made it very difficult for them to complete their work on time. This created the need of e-platforms that would connect construction companies and other businesses to machine rental companies as quickly as possible from anywhere anytime. Looking at digital business in machine rentals, many players came into market like BigRentz in the USA while Tracktor, Rentaga, Bullswap, SmartYard and Klarx in the Europe. However, our evaluation found Rentaga (www.rentaga.com) is the only real marketplace that offers complete end to end electronic solution with online comparison of rental offers and immediate booking of rented equipment to its customers. This is a big breakthrough towards the e-platforms and doing digital businesses in the machine rentals industry, now construction companies, maintenance companies, engineering companies can rent their machines from their work sites by visiting www.rentaga.com. They can do immediate comparison of equipment from multiple suppliers, know the specifications, check availabilities and book multiple machines in one order. This makes machine renting easy and smart.

This is a real step towards digital transformation in construction equipment rental market!

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COVID19: Digitization Recovery Plan for 2021

To help repair the economic and social damage caused by the coronavirus pandemic, digitization will continue to boost in 2021. All those lock-down measures in response to the coronavirus outbreak have frozen the economic activity in certain sectors and harshly disrupted others, which resulted in worldwide unemployment and bankruptcies. In order to overcome all restrictions in the contactless world, citizens and businesses are relying on the internet and connectivity as social and economic activities became more digital.

What is now very clear, is that COVID-19 has accelerated digitalization. IT decision-makers are under pressure with using new technologies to modernize legacy processes and recognize and implement new business model innovation opportunities, more than ever before. All digital business transformations must begin and end with a crisis recovery plan and must reinforce companies’ foundations for a modern and more sustainable future. Additionally, as customers are getting more used to doing things digitally. This opens up opportunities for businesses to introduce new products and to reduce costs. The Belgian government has also agreed on an investment package of 4,3 billion EUR in digitalization, sustainability, education, health care, R&D, 5G, mobility.

Here below are the top digital transformation trends that will shape 2021.

Businesses’ journey to the cloud will accelerate in order to digitize quickly and effectively in the response of COVID-19. Across industries, this acceleration will result in their digital business transformation for long-term growth and profitability. This migration of infrastructure and applications to the cloud will enable leaders to innovate quickly, by significantly reducing development and solution delivery cycles, empowering operational efficiency through cost optimization, and benefiting from real-time accessibility of data.

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Companies will invest in 5G in order to enhance the experience of workforce mobility (remote work), videoconferencing, and digital collaboration. This adoption is motivated by the need for more bandwidth, faster speeds, reliable and resilient connectivity as businesses cannot afford to be disconnected. 5G will boost the company’s existing network by providing diverse connectivity, to ensure scalability for growth and business continuity with a faster response time, delivering a quality user experience subsequently increasing productivity and customer service. The IEEE 2020 Global Survey of CIOs and CTOs surveyed 350 CIOs or CTOs in the US, China, UK, India, and Brazil from Sept. 21-Oct. 9, 2020, revealed that 52% have accelerated 5G adoption. Doubtlessly, with all these earlier mentioned benefits, the value and adoption of 5G will become increasingly mainstream in 2021. Additionally, by 2030, 5G modules are expected to account for almost 30 percent of total B2B 5G IoT module revenues.

Worldwide industries will turn their attention to robot resilience in 2021. Organizations will accelerate automation projects more critically. With intelligent automation projects, ROI is realized instantaneously, offsetting the upfront investment. Automation (RPA) allows organizations to automate certain types of work processes to reduce the time spent on costly manual tasks and reallocate resources elsewhere. Software robots will automate the work of most people by taking the unpredictable, dreary, and monotonous tasks, faster and with fewer mistakes, while human capital resources will be assigned to higher-value tasks or to fill critical gaps.

COVID-19 has forced companies all over the world to adapt to and embrace remote work. With the safety concerns that continue to grow, companies are negotiating remote work policies as their business strategy for the long term. Even though many companies succeeded in the rapid transitions to remote work, they are realizing that remote work is here to stay. Companies and employees are realizing the significant benefits of remote work, such as increased flexibility, autonomy and productivity, better work and life balance, lowered business expenses, etc. according to a Gartner study, 74% of CFOs and Finance Leaders say that they will move at least 5% of their employees to remote working permanently post-pandemic, another 25% of the participants say they will move 10% of their workforce to remote working permanently.

Countries around the world are working on more comprehensive and accessible electronic health records. The access of the patient to his medical record by electronic means is part of the eHealth Action Plan validated by all the Belgian ministers of health. By simply asking your healthcare provider to activate the option, you can access to the contents of your documents. The online medical record allows the patient to have their health record at any time. Additionally, the AI healthcare market is expected to exceed $34 billion by 2025 as artificial intelligence is already playing a huge role in the digital transformation of healthcare. In fact, AI is being used currently for AI-assisted robotic surgery, assist pathologists in making more accurate diagnoses and treat illness, detect cancer in its earliest stages and subsequently develop new treatments, and doctors are using AI-enhanced microscopes to scan for harmful bacteria’s in blood samples at a faster rate than is possible using manual scanning.

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