Navigating the digital landscape: situation and risk assessment of digital solutions in forwarding companies
Abstract
This research emphasises the transformative power of digital solutions in Lithuanian forwarding companies, addressing the necessity for a systematic risk assessment to optimise processes and mitigate associated risks. The survey indicates an increasing adoption of digital solutions, with around two-thirds of companies already utilising them. A case study employing the AHP method identifies three key digital solutions: invoice automation, waybill digitisation and blockchain. A combined solution called a “document flow and management system”, showed significant potential for time and cost savings. Three risks – synchronising participants, employee resistance, and a lack of specialists – are identified as having the highest overall assessment and were selected for further analysis while implementing the prioritised digital solution. The expert evaluation identifies employee resistance as the most probable risk, posing potential significant losses in the initial post-implementation phase. Although issues with synchronising participants could yield similar losses, experts view this risk as less probable than employee resistance. After the AHP analysis, it was decided to evaluate the current information and document flow process, in other words, to optimise the process. The optimisation results show that freight forwarding companies could reduce document management time by up to 59%.
Keyword : risk of digital solutions, FinTech solutions, forwarding companies, supply-chain
How to Cite
Lapinskaitė, I., Ingaunytė, N., Zemlickienė, V., & Martinkutė-Kaulienė, R. (2024). Navigating the digital landscape: situation and risk assessment of digital solutions in forwarding companies. Technological and Economic Development of Economy, 30(4), 976–1008. https://doi.org/10.3846/tede.2024.21366
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Herczeg, G., Akkerman, R., & Hauschild, M. Z. (2018). Supply chain collaboration in industrial symbiosis networks. Journal of Cleaner Production, 171, 1058–1067. https://doi.org/10.1016/j.jclepro.2017.10.046
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Hohenstein, N.-O. (2022). Supply chain risk management in the COVID-19 pandemic: Strategies and empirical lessons for improving global logistics service providers’ performance. The International Journal of Logistics Management, 33(4), 1336–1365. https://doi.org/10.1108/IJLM-02-2021-0109
Holland Fintech & Dinalog. (2017). Best practises: Fintech solutions for logistics challenges (pp. 1–8). www.raabkarcher.nl
International Organisation for Standardisation. (2009). Risk management – Principles and guidelines (ISO 31000:2009). https://www.iso.org/obp/ui/#iso:std:iso:31000:ed-1:v1:en
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Kenyon, T. (2021). What is the impact of digital transformation on fintech? FinTech Magazine. https://fintechmagazine.com/sustainability/what-impact-digital-transformation-fintech
Kodym, O., Kubáč, L., & Kavka, L. (2020). Risks associated with Logistics 4.0 and their minimization using Blockchain. Open Engineering, 10(1), 74–85. https://doi.org/10.1515/eng-2020-0017
Kontautaitė, D., & Zinkevičiūtė, V. (2013). Ekspedicinių įmonių veiklos kokybės gerinimo poreikis ir galimybės. Mokslas – Lietuvos ateitis, 5(1), 22–28. https://doi.org/10.3846/mla.2013.04
Korchagina, E., Kalinina, O., Burova, A., & Ostrovskaya, N. (2020). Main logistics digitalization features for business. E3S Web of Conferences, 164, Article 10023. https://doi.org/10.1051/e3sconf/202016410023
Kottler, F. (2018). Potential and barriers to the implementation of blockchain technology in supply chain management. SSRN. https://doi.org/10.2139/ssrn.3231695
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/J.BUSHOR.2017.09.003
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Mikl, J., Kummer, S., Breitbarth, T., & Herold, D. (2021). Start-ups in the logistics industry: Advancing a framework for the disruptive potential of digital freight forwarder platforms (DFFs). In 8th International Conference on New Ideas in Management, Economics and Accounting (pp. 1–12). https://doi.org/10.33422/8th.imeaconf.2021.03.61
Moșteanu, N. R. (2019). International financial markets face to face with Artificial Intelligence and digital era. Theoretical and Applied Economics, XXVI(3), 123–134.
Muchahari, M., & Sinha, S. (2013). A survey on web services and trust in cloud computing environment. In National Workshop on Network Security 2013, Tezpur University.
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Plotnikov, V., Makarov, I., Shamrina, I., & Shirokova, O. (2019). Transport development as a factor in the economics security of regions and cities. E3S Web of Conference, 91, Article 05032. https://doi.org/10.1051/e3sconf/20199105032
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