How IoT-Enabled Asset Tracking Adds Value to Logistics and Supply Chain

Logistics asset management
pixabay

Internet of Things (Industry 4.0 or the fourth industrial revolution) is facilitating more and more physical objects to connect to the internet and exchange data with minimal human intervention. IDC estimates that by 2018, nearly one-third of the top twenty market leaders in almost every industry will experience disruption generated by IoT. The implications are huge, especially for asset-intensive industries such as logistics and transportation, manufacturing, construction and aviation. These industries face numerous challenges which could be addressed through enterprise asset management solutions such as IoT-based asset monitoring systems.

Overcoming Business Challenges

Asset-intensive industries deal with highly volatile supply-chains, that are affected by unpredictable events such as natural disasters, adverse weather conditions, changes in legislation, political swings, sudden surge in oil price, international trade policy updates, inflation, measures to minimize environmental impacts, necessity to maintain occupational health and safety standards, and so on.

Ineffective management of the above processes increases the operational expense and reduces profitability. Businesses in asset-heavy segments require increasingly connected, smart and prevalent devices throughout their supply-chain, to locate their moveable assets, regulate costs and open up new and innovative services for customers.

BI Intelligence points out that the application of IoT devices and asset tracking solutions account for $1.9 trillion of economic value in the global supply chain and logistics domain. Building a flexible and customized solution to track your assets, without making significant process changes can save both your time and money. This, in turn, paves way for the creation of new business opportunities and improved operational efficiency in industries.

Enterprise Asset Management with IoT

The application of IoT brings numerous advantages to businesses which include:

  • Real-time data: IoT delivers real-time visibility to into the status, availability, and performance of your assets. Effective utilization of this data in coordination with a command center ensures 360-degree asset visibility across the entire organization, and reduces the time-to-resolution in analyzing machine data.
  • Supply chain optimization: IoT-based enterprise asset management solution enhances the supply chain, automates warehouse management and order fulfillment, and optimizes delivery. For example, real-time traffic and weather updates can help in re-routing delivery and making contingency plans in case of service delays, which ultimately results in cost reduction.
  • Integration benefits: Information collected from sensor-integrated assets can be used to automate ordering new supplies, replenishing exhausting stocks, and delivering replacements. When businesses integrate IoT devices with the wider enterprise, remote tracking systems, and fixed as well as mobile applications, they can gain the advantages of data generated across the entire organization.
  • Customer service: Tracking assets in real-time enables businesses to respond quickly to customer needs, gain centralized view of all resources, share context-aware information, enrich customer services, and dynamically alter business plans to accommodate crucial changes.
  • Insights generation: Systematic asset monitoring is significant for generating insights that businesses need to succeed. For instance, it helps logistics and fleet management companies to locate moving or missing goods, track inventory records, and provide convincing customer insights.

The leading beneficiary of IoT in 2017 was the manufacturing sector, with the hottest applications being industrial assets management, inventory and warehouse management and supply chain management. Increasing interconnection of assets such as machinery, plants, equipment has forced manufacturing to embrace digitalization. With IoT-enabled asset tracking, the asset-intensive manufacturing sector has gained the agility to fulfill customer demands, detect design and quality issues, and track resources precisely.

Businesses that rise to face the challenges posed by digital transformation should look towards IoT immediately. Increased visibility of shipments, enhanced security and extreme care of assets in transit enable organizations to concentrate on more productive areas of business. IoT has implemented the operational enhancements which businesses need to differentiate themselves and compete effectively in the market.

Similar Articles

Custom App Development

What if the world had no outliers? Nobody who thought differently? Just uniform thought and actions and procedures where everyone does the same thing in the same way without any thought? Sounds very discomforting, right? No doubt our individuality makes it not only difficult but impossible to always follow one set of similar rules and procedures in every aspect.

dash cam

There are many benefits of using the car dash cam. A dashboard camera can be useful in providing video evidence in case of car accidents. This article reveals some few tips on how to choose the best dash cam for your car.

liquid ring compressor system

Most industrial processes probably look for appropriate displacement devices that provide the best functionality for their processes. Apparently, Liquid Ring Compressors are designed to handle highly toxic, explosive and corrosive gases, and have a history of reliable performance

lubricating equipments

It’s important to understand how increased friction between two parts of a machine causes wear and tear. When your machinery or equipment maintenance team doesn't lubricate equipment properly, it causes equipment to overheat or get failed in peak production hours. It can also cause the surface to get tarnished.

Cloud Computing Benefits for Business Success

Cloud computing has brought about a significant transformation all across, irrespective of industry, geography, and size of the organization. Relieving the critical hardware maintenance burden and costs, the cloud computing technology increased the pace of business, minimizing human-intensive tasks and maximizing overall productivity.

How Important Is It to Measure Customer Lifetime Value for Your Business

We have often referred to CLV or LTV (Customer Lifetime Value/Lifetime Value) as the most secluded key performance indicator, which is particularly difficult to handle as this metric is a forward-looking indicator which identifies both the customer’s upside potential along with customer centricity of a business

Most Essential Online CRM Tools That Can Boost Profitability

If you are running a small or medium-sized business, like many others, you too might consider using online CRM tools that can help you to communicate and keep track of your customers more effectively.

Key Reasons For Investing in Sales Force Automation Software

Sales Force Automation or as it is abbreviated SFA is a powerful software tool that enhances sales win rates, decreases the duration of sales cycles, and thereby increases your sales rep’s productivity which increases revenue.

launch

NASA’s Voyager Interstellar Mission (VIM) is still making news headlines nearly 5 decades after its official launch in 1972. Thanks to the skills and efforts of much-dedicated personnel, the Voyager 1 and 2 spacecraft — which are still fully operational, has delivered unprecedented knowledge about the outer planets that had never existed in all history of planetary science and astronomy.