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Thai Logistics Operators Need to Step Up in Conjunction with the Expansion of BRI
- The Belt and Road Initiative (BRI) or "One Belt, One Road" is a grand project initiated by China since 2013 to weave a web of economies around the world through development of infrastructure, trade connection, investment, and tourism.
- This opens various opportunities because it helps create a transportation network connecting China with many countries in Asia, Europe, and Africa, giving Thai logistics operators accessibility to new markets and facilitate expansion of businesses abroad.
- BRI supports multi-modal transportation via land, water, and air, thus enabling logistics operators to offer a variety of services that better match what customers need.
- The connectivity between BRI partner countries enhances supply chain efficiency that entails faster and more efficient delivery.
- To maximize BRI benefits, Thai logistics operators are encouraged to deepen their understanding of the project and adopt modern technologies such as AI, Big Data, Blockchain, Chatbots, and AR.
Thai logistics operators need to upgrade their operations systematically by using ERP (Enterprise Resource Planning) to manage logistics processes. Meanwhile, the following technologies are non-negotiable to succeed in this business that connects billions of people:
Artificial Intelligence (AI) and Big Data can help plan, manage warehouses and monitor other processes in the supply chain. They can reduce lead times and improve customer satisfaction especially regarding data analysis and forecasting by using previously collected order data and market trends to predict demand for products, improve stock management, reduce shortages and overstocking. It can also analyze traffic, weather patterns and other situations to suggest the best route options to reduce transportation times and save fuel. Moreover, it also helps to predict what products or services are profitable and identifies future customer groups as well as opportunities and risks.
Blockchain can track goods and reduce document forgery, create transparency and full traceability without the need for paper documents. It can reduce logistics companies' document management costs by up to 25% according to McKinsey & Company in 2023. It can also connect to Internet of Things (IoT) to increase work efficiency and data accuracy through real-time monitoring on inventory and delivery status.
Conversational Systems (Chatbots) can provide 24/7 customer support by answering frequently asked questions about order status, shipping information and other logistics-related inquiries quickly, so customers do not need to call or email customer service.
Augmented Reality (AR) can overlay digital data such as inventory levels, storage locations, and picking instructions onto the real-world warehouse environment, thus allowing operators to quickly search for items, reduce picking and packing errors, and improve overall warehouse efficiency.
In addition to implementing modern technologies, Thai logistics operators also need to analyze the main routes of the BRI and assess the infrastructure on each route to identify areas where freight transport can become more efficient, as well as learn and adapt to international regulations and standards. High-standard services should be developed and offered to build customer confidence. At the same time, comprehensive risk planning and management, such as financial risk, market risk, and political risk, must be implemented. Sustainable approach that includes eco-friendly practices and meaningful CSR projects will also help constitute a good and sustainable brand image.
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