Tuesday, May 21, 2024

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বাংলা
Dhaka Tribune

Transforming the way we handle freight

A key industry for Bangladesh which can benefit greatly by integrating current technology into its operations

Update : 24 Apr 2024, 03:52 PM

The freight forwarding industry plays a vital role in international trade, connecting businesses, and facilitating the movement of goods across borders.

As a key player in the global supply chain, the freight forwarding industry in Bangladesh is also contributing significantly to the country's economy. However, the freight forwarding industry seems to be at a crossroads, due to traditional methods facing disruption from technological advancements.

Globally technological advancements are reshaping operational processes and enhancing efficiency. Bangladesh's freight forwarding industry is poised to undergo significant changes in line with these trends as well.

Technology is revolutionizing the freight forwarding industry by enhancing efficiency, reducing costs, and improving customer service throughout the world. Technologies such as Transportation Management Systems are helping  optimize the logistics parts of the freight forwarding eco-system by automating tasks, streamlining operations, and minimizing errors. 

Real-time tracking with GPS and Electronic Data Interchange is bringing unprecedented visibility into shipments, enabling pro-active management and informed decision-making. GPS tracking specifically allows freight forwarders to monitor shipments in real-time, which helps ensure the timely delivery of goods and enhancement of the customer service experience.

Furthermore, artificial intelligence (AI) and machine learning (ML) are transforming the industry through analyzing immense amounts of data at any given time, which enables freight forwarding entities to make data-driven decisions; predict delays and costs; optimize routes for quicker delivery that eventually results saving costs, improved delivery times, and enhanced customer satisfaction. It seems that by leveraging these technologies, freight forwarders are achieving greater operational efficiency and thus contributing for enhancing competitiveness and speed to market in the overall international trade landscape.

Embracing technology is the key for the industry to thrive and contribute more to the economic growth of Bangladesh

The freight forwarding industry in Bangladesh can pivot away from its heavy reliance on traditional and paper-based documentation processes to fully technology based automated systems which will tremendously help bring efficiency into the business process. Deploying real-time tracking and data analytics will make the Bangladesh’s freight forwarding robust, and build our capacity to compete with our technology-driven counterparts in the global market.

Embracing the global best practices of the freight forwarding industry within Bangladesh can greatly benefit the sector by enhancing efficiency, transparency, reduction of cost, and offering better customer services. This will eventually make our industry more competitive, and help us attract foreign investment, thereby contribute more to the national economy.

However, the government can play a crucial role in this transformation by investing in infrastructure development, promoting technology adoption, and by creating a supportive regulatory environment. On the other hand, our freight forwarding industry can augment its growth by fostering increased collaboration, establishing use of standardized technologies and platforms, and by sharing best practices. 

By and large, embracing technology is the key for the industry to thrive and contribute more to the economic growth of Bangladesh. The government’s current initiative of Smart Bangladesh Vision 2041 can propel our freight forwarding industry’s overall development and growth by complementing our tech-savvy mindset, penchant for innovation, and inclination to use advanced technologies, and this will bring the desired transformation within the freight forwarding industry of Bangladesh.

By aligning with and embracing the global best practices, our freight forwarding industry can unlock a new era of efficiency, competitiveness, and growth, contribute more to the national GDP growth and to the overall economic development of Bangladesh. Therefore, to achieve the desired goal government and the freight forwarding industry must work together to pave our way for a sustainable and prosperous future.

 

Kabir Ahmed is President, Bangladesh Freight Forwarding Association.

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