‘Eye’ing the future of digital logistics
Kushal Nahata, Co-Founder and CEO, FarEye, talks about how the company is strengthening the logistics infrastructure and making the ecosystem more efficient to operate.
According to a recent announcement, the Government of India is highly committed to reducing logistics cost from 14 per cent of GDP to about 10 per cent by 2022. To improve the state of logistics and its infrastructure, there is a need for data-driven and planned approach towards achieving operational excellence and reducing costs. Logistics is going to be a ‘game-changer’ in the Indian ecosystem and the initiative taken by the Department of Industrial Policy & Promotion, helps in increasing the speed for the functioning of the business, improving the ease of doing business with significant success.
The key challenges include: complicated networks, increasing in coordination costs across the supply chain coupled with deficient infrastructure, entry taxes and poor vehicle-loadcarrying capacities, resulting in delays and damages.
With the complaints in the e-commerce marketplace model increasing, improving logistics infrastructure and deploying ICT based solutions are the most crucial link, for a better tomorrow. The logistics sector is being touted as one of the main beneficiaries of the new GST regime. Reforms in GST has reduced the logistics costs of companies producing non-bulk goods by as much as 20 per cent, according to an estimate by Crisil. Organised logistics sector could be a $50 billion opportunity in India by 2025 helped by formalisation of the sector, consultancy firm Alvarez & Marsal said in an industry report.
Where does FarEye fit in?
According to a recent study, India suffers a huge loss of $21.3 billion annually on account of delays and additional fuel consumption due to poor road conditions and frequent halts. FarEye is changing the underlying ground level challenge faced by the logistics industry; lack of real-time visibility and operational inefficiency. As a Carrier-agnostic SaaS platform, FarEye uses mobility along with geo-intelligence and big data to improve operational excellence. It enables digital logistics for express courier, retail, ecommerce and FTL/LTL distribution as an integrated layer for business to monitor real-time supply chain, with live ETA and event alerts. FarEye empowers business by quickly building and deploying customised cloud applications that are stable, secure, and scalable without worrying about the integration with end hardware or existing/ external software setups. It all happens at a speed of light with a simple drag & drop functionality. FarEye platform helps in logistics-process modelling and building applications to make logistics processes efficient and transparent and called as OS for logistics operations.
Kushal Nahata Co-Founder and CEO FarEye