A yearly survey conducted by global law firm Norton Rose Fulbright founded that 43% of respondents believe that big data and predictive analytics will mostly drive change in the transportation industry over the next five years. The survey includes 196 logistics providers, manufacturers, financiers, government regulators etc.
According to the latest poll conducted by them, The way ahead, the results were as following.
41% of respondents view new technology as the “optimal investment opportunity” for their industry, ahead of investment in infrastructure improvements.
However, the transport sector increasingly looks to become more “digitized” in the next five years. Also, technology investment is on the rise and it seems to continue.
59% believe that the industry will face heightened competition. But with fleet management software, big data and predictive analytics, give fleet managers the ability to anticipate repairs and maintenance and to better understand and forecast consumer behavior. So, this gives them a significant competitive advantage.
Finally, inadequate infrastructure is believed to pose the greatest challenge to the operational efficiency of the logistics industry. Together with a lack of suitably qualified people, both cited by 27%.