The shipping and logistics industry is struggling to invest in the latest digital technology to solve its unique problems. Given the rapid pace of change in today’s digitized landscape, delays in finding the right digital solutions can amplify the industry’s challenges. At the recently conducted Lloyd’s Loading List roundtable discussion sponsored by WNS, experts highlighted several factors shaping the contours of the industry’s technology investments:
Faced with a shrinking talent pool, companies are increasingly buying digital solutions from technology start-ups instead of developing them in-house
The industry’s incompatible data systems and ‘over-customized’ digital solutions that cannot be replicated elsewhere are hindering broader digitization
Companies’ wariness towards sharing commercial secrets / technical solutions is adversely affecting customer experience
In order to ramp-up investments in new technologies, logistics companies must recognize standardization as a common goal. They should also work towards identifying partners to share experiences and best practices for improving customer experience. With customers demanding immediate answers for their challenges, logistics players have to quicken their pace of technology adoption to keep up with the tide of change.
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