Ruwan Waidyaratne

TECH FUELLED TRANSFORMATION

Underscoring the complexities of the contemporary logistics environment

Perceptions of the logistics sector as it stands today
The logistics sector is a vital cog in the global economy; it’s rapidly evolving through automation, robotics and data analytics, to enhance efficiency and cost effectiveness.

Strengths of Sri Lanka’s logistics sector
A strategic geolocation and skilled workforce, which has experience in international trade.

Opportunities for growth
Sri Lanka’s logistics sector is poised for growth as it’s fuelled by booming regional economies – particularly neighbouring India.

Key challenges facing the sector
Escalating costs, labour shortages, and the need for faster and more transparent deliveries.

Innovations driving efficiency in last mile delivery
AI powered route optimisation, and autonomous vehicles like drones and delivery robots.

Outcomes of adopting these innovations
Faster deliveries and lower costs.

Trends in e-commerce
Demand for faster delivery demands and omni-channel fulfilment.

Impact of the above on the logistics sector
They are compelling logistics companies to adapt through automation, flexibility and wider delivery options.

Tech’s role in reshaping the logistics landscape
From automation and data driven optimisation, to real-time tracking and emerging technologies, logistics is undergoing a tech fuelled transformation.

Consequences of the tech transformation
Faster and more efficient and transparent deliveries.

Leveraging data analytics in logistics operations
Companies use analytics for insights to optimise everything from inventory levels, routes and warehouse operations to risk management as more information enhances decision making.

Sustainability in modern logistics practices
Modern logistics prioritises sustainability by minimising the environmental impact.

Use of autonomous vehicles for logistics
Autonomous vehicles promise a logistics revolution with the potential for 24/7 operations, optimised routes and substantial cost reductions.

Addressing workforce shortages
There should be a multipronged approach that includes improved work environments, competitive wages and increased efficiency by leveraging technology.

What more…?
This approach should encompass enhanced employee wellbeing achieved through various initiatives.

Importance of regulations
Streamlined regulations are the lifeblood of a thriving logistics sector.

Regulations that Sri Lanka must have in place
Evolving customs procedures and arbitration frameworks that are in line with global standards.

Impact of these regulations
They will ensure that Sri Lanka remains competitive in the ever-changing trade landscape.

Opportunities in cross border trade
Sri Lanka’s strategic geolocation makes cross border trade a cornerstone of its economic growth.

Example of cross border trade
Initiatives such as free zones capitalise on the cross border trade advantage – i.e. to attract international trade and propel the country’s position as a key logistics hub.

Security challenges in global logistics
The escalating threat of cyber attacks, disruptive impact of natural disasters such as floods and fires, and heightened security concerns due to geopolitical tensions are a few risks that loom large.

Optimising operations through collaboration
Logistics companies are partnering across the supply chain to share data, streamline processes and improve overall efficiency – this can include collaboration with competitors.

Focus areas for improvement (by logistics professionals)
The future of logistics belongs to professionals who aggressively adopt technology and develop a customer centric mindset.

How a change of mindset can be achieved
By understanding how technology empowers logistics professionals to deliver greater value to customers, they will be able to propel the sector forward.

Qualities one needs to pursue a career in logistics
A problem solving mind, a keen eye for detail, and the ability to navigate a dynamic tech driven landscape with strong communications and teamwork.

Mantra for success
Fuel progress with agility and precision, stay hungry for knowledge, adapt swiftly and look after your people.

– Compiled by Dona Senara
Ruwan Waidyaratne is the Managing Director of Hayleys Advantis.