According to a report, the Canadian trucking industry generated total revenue of CAD 37.9 billion in 2016. With such a huge market size and the potential growth expected in the coming years, trucking companies can benefit hugely by leveraging advanced technological solutions.
The entire transportation industry is already undergoing major changes. Technologies like AI, computer vision, and ML have started making inroads in the sector. Software companies dealing with technologies can deliver solutions like mobile apps to provide a seamless experience to the people employed in this industry.
Back office operations can be made highly efficient using technologies like AI. Even with proper training, human consistency varies from day to day and person to person. AI can help overcome this issue by allowing for a better allocation of resources to a certain task. AI can be employed to read, edit and organize documents. The chances of errors are reduced with the use of AI, saving time and money. The human resources saved can be allocated to other significant tasks, thus increasing the efficiency of the company.
Delivery of goods is the primary aspect on which the trucking industry operates. Any error or mishap during the delivery process can lead to a huge financial and reputational loss for the company. AI and ML help simplify the delivery process by collecting and analyzing data shared by the vehicles on the network. For example, the data collected trucks moving through Edmonton can be analyzed to suggest shorter, safer routes to drivers for delivery. The autopilot feature helps drivers relax during their journey without affecting the delivery process.
With the increase in electronic payments, it is nearly impossible for humans to keep track of all the transactions and detect frauds. AI can massively help in minimizing the chances of payment frauds. AI and ML can monitor and analyze the data real-time to look for suspicious activities. They can thwart these suspicious transactions and alert the user for the same. For example, if the system detects an account login for a company based in Edmonton from a different location, it can stop the transaction from going through and alert the authorities.
The primary concern with the implementation of technology in any sector is its effect on human jobs. AI doesn’t completely eliminate the need for humans. It just lowers the human dependency for the processes involved in the trucking industry. With the use of technologies like AI, truck drivers and other employees will only benefit and have their work made simpler.
New technologies are enabling companies to manage, measure and better engage the current workforce. They also provide software companies with ample business opportunities to grow and expand. It is critical for trucking companies to anticipate and adapt to the technological changes to drive the industry forward.