Running a successful business means having an effective supply chain. The logistics industry has been the backbone for a successful business, and like any business, logistics need to evolve. Strengthening the supply chain involves various ways, and one of them is to digitise the process and use the latest technology available. One such company is GoBOLT, a tech-enabled E2E logistics firm based out of Gurgaon, which aims at reducing transportation logistics costs.

Founded by three SP Jain engineering graduates – Parag Aggarwal, Naitik Baghla, and Sumit Sharma – in 2015, GoBOLT is innovating the Logistics sector through hybrid asset ownership models and cutting edge technology. Over the years, the logistics industry has seen tremendous growth, with the advent of technology and a surge in e-commerce.

“India’s logistics sector has grown unprecedentedly in recent years. For the past five years, technology has been a combination of hardware and software solutions. Previously, hardware technology solutions were deploying the IoT in logistics. We are now using big data and AI/ML to optimize the logistics and supply chain and transform any kind of manual activity into a digital footprint,” said Sumit Sharma, the Co-founder of GoBOLT.

He added, “Since some processes are automated, they use a self-learning engine to process the data when it is generated, making the system self-sustaining and self-improving.” Big data and AI also contribute towards smart supplier management, smart sourcing, smart contracts, and tracking, allowing customers to keep track.

There is no doubt that the pandemic affected the logistics business. The lockdowns were a major hurdle for the movement of raw materials and completed products causing inconvenience to manufacturers. The pandemic also exposed some of the previously unknown weaknesses in some areas and has exacerbated and hastened issues that previously existed in the supply chain. Sumit added, “Technologies such as IoT devices or sensors, which provide vital data on where commodities are in the supply chain and their condition — for example, products for which temperature monitoring is critical — are enabling this tidal change.”

Speaking about the role of IoT in the logistics industry and why companies are looking to invest in it, Sumit said, “Efficiency in operations is critical for logistics and transportation companies. IoT optimises logistics procedures and ensures that there are no prospects of lower production or income. With a variety of technological perks, the digital age provides some relief to businesses. As a result of technological improvements, the internet of things is currently playing an increasingly important role in the logistics industry.” Investment in IoT also allows businesses to connect their gadgets to a centralised cloud network.

GoBOLT is also investing in IoT. “From basic GPS to fuel consumption, driving pattern, speed pattern, traffic, etc., IoT-enabled devices offer valuable data across multiple points, will upscale the entire sector, and will also help drivers keep themselves and vehicles safe on the road,” added Sumit.

Another factor that has a significant impact on the supply chain is clean mobility. Sumit said, “Heterogeneous fleets of conventional internal combustion engine cars as well as various types of vehicles using “green” technology, such as plug-in hybrid electric vehicles and electric vehicles, are now used in logistics and transportation (L&T) systems (EVs).”

The introduction of electric and alternate fuel vehicles into L&T activities needs planning. Charging infrastructure and range are two pressing concerns at the moment for the logistics industry when it comes to EVs. Sumit said, “The limited driving range of electric vehicles (EVs) is limited by the quantity of electricity stored in their batteries, posing non-trivial additional constraints for planning effective distribution routes.”