In the transportation industry population growth and today`s digital age are already causing demand to increase. “Demand” in this case goes beyond volume to include market pressures and a wide variety of competitive, economic, and policy issues. Resource constraints, regulations, evolving competition, higher customer expectations, and economic, as well as climate-related volatility, are the “new norms.” To meet this demand, digitization of four fundamental elements –assets, talent, operations, and the network – is enabling transportation companies to rethink their business models and focus on how to drive revenue growth while managing operational costs.
To succeed, the industry will need to continue to reevaluate what has worked in the past by putting in place a conscious digital vision with clearly articulated strategies. In particular, new business models such as defining service product cata-logs and providing comprehensive solution portfolios are value drivers using today’s technology. To deliver, the industry will not only need to improve existing business processes, but will also have to fund and prioritize investments for the right technology platform that can deliver on the vision.