Innovation is critical in all industries, but especially among transportation companies. As technology changes rapidly, many fleets can be left behind if they fail to keep up with the times and make the adjustments necessary to stay at the top of their fields, whether they're responsible for long-haul routes or last mile delivery.
Transportation professionals address new challenges and opportunities
Such topics were recently discussed at the Frost & Sullivan Urban Mobility 3.0: New Urban Mobility Business Models workshop and businesses were urged to take into account the rapidly changing market and needs of clients. Sarwant Singh, partner and global practice director at Frost & Sullivan, spoke of how companies need to address the alterations within the market and use these to their advantage as they grow and develop.
"Megatrends like urbanization,connectivity and e-commerce are creating new opportunities, for example smart parking management solutions for OEMs and home delivery for logistics companies, thereby boosting demand for light commercial vehicles," he said.
This jump in demand for light commercial vehicles may end up costing business owners less in operational expenses. According to BusinessGreen, the World Business Council Sustainability Development's Vision 2050 report predicts there will be a 50 percent drop in energy use within the shipping and transportation industries. With more sustainable solutions, business owners can see expenses drop, especially if they focus on continually taking the most direct route when completing pickups and deliveries.
Transportation company owners who aren't already investing in the innovative technology necessary to cut costs and keep up with the times may already find themselves struggling to stay ahead of the competition. Failure to replace older vehicles with more fuel efficient models, use route optimization software and remain aware of new trends within the industry can put a business at risk and prevent it from moving successfully into the future.