GoBOLT is a tech-enabled E2E logistics firm co-founded by three young players. For GoBOLT, reducing transportation logistics costs has always been the number one priority. There are several ways to optimize transportation costs, improve the supply chain procedures and save money for businesses.
Manufacturing Today in conversation with Sumit Sharma, Co-Founder, GoBOLT to know more about the Supply Chain Management Platform
How logistics can help improve efficiency and reduce costs?
With automated and cost-effective logistics systems, organizations can implement major strategic changes which will help in improving operational efficiency. It helps in reducing manual errors and improves scalability and provides a proactive approach to customer satisfaction. There are the right tools and technologies like industrial weighing scales that will help save money.
How big is GoBolt compared to your competitors?
With the use of cutting-edge technology, an extensive network & specially designed fleet, our trucks have high asset utilization of 1000 Kms a day as compared to the industry average of 250Km a day at a truck level. GoBOLT helps reduce costs by 15% in two-months basis the annual cost. In terms of revenue, we have raised a total of $26.3M in funding over two rounds. We are one of the fastest-growing in the logistics segment if you look at the industry average growth pace.
Why do Logistics companies look towards investing in the power of IoT?
In recent years, technology has become a combination of hardware and software. Historically, the IoT has been used in the logistics of hardware technology solutions. Only processes are automated. When data is generated by a self-learning mechanism, it is used to improve the efficiency of the system, enabling self-maintenance and self-improvement. Big data and artificial intelligence enable smart supplier management, smart purchases, smart contracts, tracking and tracking, from payment automation to recalculation, enabling people to see all attributes and track logistic providers. Customers will be empowered at every step in India, up to the Performance Dashboard
How are tech-enabled logistics firms reshaping the supply chain?
There is a massive advancement in the logistics industry in terms of technology like artificial intelligence and augmented intelligence, advanced analytics, and automation. These Increased technological advancements are reshaping industries, and logistics and supply chain management Companies within the logistics and supply chain sphere must continue getting ready for all of these bigger changes with innovations. From digital twins to blockchain to real-time supply chain visibility.
How Covid-19 pandemic affect the market and your business?
Covid has been a huge unpredictable slowdown for the industry as the transport market has gone down 20 – 25 per cent. But at the same time, we are seeing a huge push towards the online and the digital part of it. We saw a steady increase in terms of the sectors beginning to pick up the FMCG sector really picked from then on. GoBolt has benefited from a Covid-19 because we see a surge of users and we are a digital option for our users.
How both the logistics sector and the e-commerce marketplace have been transformed by technology?
In terms of service supply chains and manufacturing, the current Indian logistics industry encompasses both inward and outward components. Experts predict that the logistics business would increase at a rate of 10-15 per cent every year. The e-commerce marketplace expands with passing time, which allows the logistics sector to achieve new heights of success. The fact that more consumers are making everyday online transactions is a greater stepping stone for all of these courier companies in India. The internet retail industry, unlike any other, has undergone a change in the last five years. Infrastructure upgrades, improved awareness, technologically advanced logistics platforms, and enticing online shopping offers all contributed to the growth of the eCommerce and logistics sectors.