Technological Innovation is Driving the Way Logistics Industry Thinks & Functions
Date: Tuesday , August 23, 2016
Headquartered in Bangalore, Locus is a logistics automation platform which enables enterprises to dispatch, manage & track their on-demand and scheduled deliveries with features such as automated smart dispatches, proprietary route deviation engine, simulation, route optimizations, scheduling, tracking for end-customer and predictive analytics.
Innovations in Technology are changing how the world does business. Technology is dramatically changing how entities in the logistics industry function in almost every aspect. From increased affordability and efficiency to transparency, technology becomes an integral, if not the exclusive, part of the industry.
India has been identified as a highly unorganized market,when it comes to logistics and supply chain. The path taken, by logistics companies for their operations are adding extra resources on board to solve problems. For example, hyperlocal logistics startups have various human resources in different areas of their operations and further need more manpower to coordinate amongst these areas. Even after this, things go wrong on the field and ultimately create a chaos. This manpower intensive approach does not add any value to the industry as a whole.
Fortunately, this is leading to somewhat of a stalemate for businesses in the digital age.Technological evolution is on the rise; enterprises and startups are trying to gain competitive advantage by making technologies mainstream. It is being used to help analyze current logistics processes and determine alternative ways of ensuring a given product reaches its destination at a prescribed time.
With the increase in demand for more integrated solutions, the need for innovative automation technology has come to the forefront. Hence, the allure of launching a tech startup is easy to understand. However, as a business expands, it will inevitably face challenges. Some of the challenges that startups face in the initial phase of growing are:
Building A Talented & Motivated Team
During the early stages of any startup, huge strides can be made with a small and focused team. Recruiting top talent cannot happen overnight, but it has to be a key priority. Hiring for tech startups can be a nerve-wrecking experience. Not everyone is flexible enough to work in a startup due to fear of failure. Also, there is no point hiring lots of people if the company is in the process of finishing the product to the point where it perfectly meets the market need. This is a common mistake, and will just result in a fast burn. The team you build is the biggest asset to your startup.
Finding Product Market Fit
When a tech startup finds its market, the demand for its products and services skyrocket; and the company needs to grow and adapt to fill the needs of its growing client base. Venturing out of your office and being close to your clients can give you a clear understanding of what is actually happening in your business. These insights can guide your decisions and you can figure out where you should focus.
Finding Reliable Vendors
Most of the startups are good with their ideas and/or products, but have little or no knowledge about other vendors like law and accounting that are needed to effectively run a business. If you don\'t make selecting good vendors a part of your growth plan, you\'re likely to regret it. Reliability and stability are probably the key factors to look for in vendors. This can be mitigated by talking to other founders and angel investors in your connections. Building relationships and contacts can be the key here.
Challenges faced by startups could vary from smallest task to the biggest one. What really matters here is how each of the challenges are handled by the founders and how these situations are mitigated. Companies should strive for innovation and building products that solve hard problems.