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The Future of Air Cargo: Why 2025 Will Be a Game-Changer
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A fully digitalised trade shipment has been sent from Burnley to Singapore on 25 September’23 in what calls as a“landmark moment” for paperless trade. AI and blockchain technologies are playing a significant role in transforming freight forwarding into a paperless and digital process. Post pandemic is the trigger point in accelerating the shipping towards being completely digital which is backed up by innovations in AI and blockchain. Let’s dive to know how having a Freight Software will bridge this gap to the future.
AI for Optimization
Artificial Intelligence (AI) algorithms are being used to optimize various aspects of freight forwarding, including route planning, load consolidation, and warehouse management. Such one of the use case by Elyxr Freight is AI Rate Cloud where rates are autofilled for the enquiries based on the data prefilled into the system and also from online through the integrations with shipping lines. This combination gives the spot rates as well as planned rates provided by liners.
Predictive Analytics
AI-powered predictive analytics enable freight forwarders to anticipate demand patterns, identify potential bottlenecks, and optimize resource allocation. By leveraging historical data and real-time information, predictive analytics help enhance decision-making and improve the overall effectiveness of freight forwarding operations.
Document Automation:
AI technologies, such as natural language processing (NLP) and optical character recognition (OCR), are being used to automate the generation, processing, and validation of shipping documents. Elyxr Freight maintains document repository to digitalize all the documents for the shipments and uses OCR for getting data from multiple documents to generate HBL’s. This automation reduces the reliance on manual data entry, minimizes errors, and accelerates the document processing workflow, facilitating the transition to paperless shipping.
Blockchain for Transparency and Security:
Blockchain technology offers a decentralized and immutable ledger that ensures transparency, traceability, and security throughout the freight forwarding process. Elysr Freight uses decentralized and immutable ledger where all transactions and data related to the freight shipment are recorded. This ensures that once information is added to the blockchain, it cannot be altered or tampered with, providing a high level of data integrity and preventing fraud.
Smart Contracts:
Blockchain-based smart contracts automate and enforce contractual agreements between parties involved in freight forwarding, such as shippers, carriers, and customs authorities. These self-executing contracts automatically trigger predefined actions (e.g., payment release, document verification) upon the fulfillment of specified conditions, streamlining contract management and reducing administrative overhead.
Supply Chain Visibility:
AI and blockchain technologies provide enhanced visibility into the supply chain by enabling real-time tracking and tracing of shipments. Elyxr Freight gives you real time shipment tracking using the api integraions with liners providing complete visibility on shipment tracking. Apart from that, internal visibility such as quotes, shipments and documents management, best rates across liners, analytics which helps in data driven decision making for businesses. All of this are built and integrated in Elyxr Freight making it best platform to transform into digital for Freight forwarders
Risk Management:
AI-powered risk assessment tools analyze various factors, such as weather conditions, geopolitical events, and market trends, to proactively identify potential risks to shipments. By integrating with blockchain-based risk management platforms, freight forwarders can implement preventive measures, mitigate risks, and ensure the smooth flow of goods across the supply chain.
Overall, the combination of AI and blockchain technologies offers a powerful toolkit for freight forwarders to digitize and streamline their operations and Elyxr Freight is one such Freight software which paves the way or a future where paperless and digital shipping becomes the norm.
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