Drones, AI, and data: FarEye’s Last-Mile Leaders event showcases future of last-mile delivery

FarEye, a global last-mile technology platform, hosted the Last-Mile Leaders event on April 19 at Jaypee Hotel in Greater Noida, India, in collaboration with Microsoft. The event, which brought together supply chain leaders and industry experts under one roof, centred on the theme of profit, people, and the planet.

Over 40 supply chain experts from more than 20 countries, representing diverse industries, including retail, logistics, postal, consumer packaged goods (CPG), and pharmaceuticals, came together to explore the transformative potential of technology in driving cost reduction in the logistics sector.

Kushal Nahata, Co-founder and CEO of FarEye, kicked off the event with a bold keynote, envisioning a future where autonomous drones revolutionise urban deliveries, reducing times and costs significantly. "Within the next five years, autonomous drones will handle 30% of urban deliveries, reducing delivery times and costs dramatically," he claimed. This outlook underscores FarEye's pivotal role in shaping industry trends.

He encouraged industry leaders to challenge conventional practices and work together to build a sustainable, affordable, and customer-centric future. The event featured various sessions, including fireside chats, roundtable discussions, and numerous networking opportunities.

FarEye’s Last-Mile Leaders aligned with the transformative objectives of India's National Logistics Policy, unveiled by Prime Minister Narendra Modi in September 2022, to enhance the country's economy and bolster the competitiveness of businesses.

The event encompassed the entire spectrum of the supply chain and logistics industry, addressing topics such as leveraging AI in the last mile, unlocking last-mile excellence through data-driven insights, revolutionising the last mile for the ultimate consumer experience, and more.

Dr Ajai Chowdhry, Co-founder of HCL and Chairman of the Mission Governing Board of the National Quantum Mission of India, joined the event as the Guest of Honour. "In today's era, where AI stands as the foremost game-changer across all sectors and industries, it is truly exciting to see supply chain leaders from around the world coming together for discussions on leveraging AI in last-mile logistics. FarEye has been leading the charge in utilising cutting-edge technologies, including AI, to empower businesses in the logistics sector and has established itself as a leader in the last-mile industry,” he said.

The groundbreaking initiative at the event was the last-mile Innovation Nexus, which served as the epicentre of logistics innovation, providing a direct platform for promising logistics startups to engage with industry leaders, foster connections and catalyse progress. Industry experts like Deepak Gaur of Elevation Capital, Sushil Sharma of Marwari Catalysts, Arpit Agarwal of Blume Ventures, Gautam Kumar and Suryansh Jalan of FarEye participated.

Nahata said, "The last-mile Innovation Nexus wasn't just a showcase; it was a launchpad for startups to secure transformative partnerships. It was also exciting to see the surge in the adoption of AI, robotics, and embedded data analytics, all geared toward enhancing the efficiency and effectiveness of logistics operations. These technologies are not just trends; they are driving forces behind the evolution of our industry. We are proud to support the vision of young founders and their dedication to building robust organisations. The passion for driving change and creating impact is palpable."

Strengthening the company's efforts towards reducing logistics costs, the event saw the launch of the Last-Mile Trends Report 2024, unveiling pioneering perspectives into the future of last-mile delivery. Drawing from insights gathered from over 300 leaders across five continents, it represents companies with a combined revenue exceeding $100 billion. The report highlighted crucial factors influencing the sector's strategic decisions and market dynamics, including:

• The perfect delivery: The needle has shifted from cost and satisfaction to cost and speed, with 54% claiming to deliver the same day/next day compared to less than 35% last year.
• Cost is on top of mind: 80% of supply chain leaders believe measuring the delivery cost is a top priority, compared to only 50% last year.
• Top drivers of cost: For organisations with outsourced fleets, 56% said carrier performance is the biggest challenge. At the same time, 43% cited routing as the primary obstacle in matching the promise of delivery speed.

Overall, FarEye's Last-Mile Leaders event was a testament to the collaborative efforts required to drive innovation and transformation in the logistics sector. Setting the stage for cost reductions and transformative innovations lays the foundation for a more efficient and sustainable future in logistics.