Jake Medwell, the co-founder of 8VC, a company that helps businesses create the innovative technology they need to improve their industry, expresses concern over the logistics industry.
Based on the recent budget allocations of the government and recent conversations with the former Vice President of UPS, Jake Medwell believes the industry suffers from chaotic management.
The federal government hasn’t allocated funds for the physical infrastructure of highways and networks, at least not in any meaningful way, and the last bill that created significant changes in Logistics, the FAST Act, expires this year. However, he expects it to be extended for another year or two, as it has been since 2018.
The FAST Act of 2015 made some significant automation changes for freight companies. Truckers had to change from paper logs to electronic ones. But even with this change and the small automation phases the industry has experienced already, logistics still suffers from a lack of automation given the complexity of the processes.
Jake Medwell believes the key problems relate to the technologies logistics companies use and how they manage their coordinated efforts. He thinks the biggest problem in the industry comes from the inconsistent use of technology.
Because there are many industries and parties involved in getting products from one place to another, it has been impossible to have centralized control over every delivery aspect. This fragmentation leads to inefficiency. Medwell believes that 8VC may be able to offer a software solution that synchronizes information for all parties.
8VC is a team of high tech experts working to help businesses optimize their processes through innovative platform technology.