The digital age appears to be upon everyone. But while some industries are already getting the benefits of the new digital future there are others that are struggling to find their way. The logistics and transportation industry – a tons $ business – is apparently one of the latter examples. It was not until recently that the huge industry players have started making changes to their business models. Such a lack of initiative has formed a perfect playground for dynamicand young companies who try to disrupt this industry.
Moreover, by now, there are so many fresh set of players already out there that they cannot be deserted anymore. Although many of such types of startups are still rather tiny in terms of revenues, they have got the attention of the huge incumbents as possible competitors andacquisition targets. Even the number of Funded Logistics companies in Singapore and otherwise has gone up because of the changing trends.
There have been factors that have made countries logistic hub transportation for development. Development is not just limited to one or two country; but it is going beyond boundaries. The authorities and governments acknowledge the significance of including the private sector in policy decisions. In many countries, over time, port and airport operators were toocorporatized, to make sure that they remain responsive to the requirements of the industry. The point is once the private sector gets involved in the tasks or industries; there comes a lot of growth and competition. In the race to get ahead of other competitors, the authorities make sure to introduce new things and concepts for utmost outcomes.
For example, the government of Singapore has started attracted investors to Singapore by make sure that they have a proper investment climate and developing the exact incentives for private sector participation. In the present time,twenty of the world’s top twenty five logistics firms manage their regional or global operations from Singapore. Possessingso many heavy hitters at this place motivates local companies to rival international standards. Certainly such a thing not just motivate the professional to come up with the better ideas, working ways and solutions but also boosts the will to do better in them.
Moreover, extensive consultation with the private sector is also boosted before public investment is approved. It is to ensure that the infrastructure constructed will be fulfilling realistic business needs. Moreover, the authorities also encourage the private sector to invest in balancing infrastructure. You know robust private sector partnership makes sure that initiatives are commercially maintainable for the long-term, and never become a burden on public funds. Even the recently Logistics leading companies in Singaporedo understand and second these concepts. After all, once the private sector is involved, the financial burdens on the government or public sector eliminates to a greater extent.
Thus it is true that infrastructure, connectivity and processes, and involvement of private sector –form an integrated ecosystem that permits the logistics to flourish. Once there is determination and fire to do something; the areas, cities and countries can be transformed!