The global supply chain and logistics industry is a massive one, worth trillions of dollars. It is also a complex industry, with many different players involved. The industry is responsible for the movement of goods all over the world, and it plays a vital role in the global economy.
A study by McKinsey found that IoT could save the global supply chain $1 trillion per year. A study by Gartner found that 87% of supply chain leaders believe that IoT will have a significant impact on their industry.
IoT solutions are becoming increasingly popular in the supply chain and logistics industry. IoT devices can be used to track the movement of goods, monitor inventory levels, and optimize transportation routes. IoT can also be used to improve safety and security in the supply chain.
The industry is expected to grow at a CAGR of 5.8% over the next five years.
Challenges
The supply chain and logistics industry is a complex and ever-evolving ecosystem, responsible for the movement of goods from suppliers to manufacturers to retailers to consumers. It is a critical component of the global economy, but it also faces a number of challenges, including:
1. Complexity:
The supply chain is a global network of businesses and individuals, each with its own unique needs and requirements. This complexity can make it difficult to coordinate and manage the movement of goods efficiently.
2.Visibility:
It can be difficult to track the movement of goods in real-time, especially across multiple borders. This lack of visibility can lead to delays, disruptions, and inventory shortages.
3. Efficiency:
The supply chain is often not as efficient as it could be. This can lead to higher costs and longer lead times, ultimately impacting the bottom line of businesses.
4. Accuracy:
The supply chain is prone to errors, which can lead to lost or damaged goods, customer dissatisfaction, and financial losses.
5. Security:
The supply chain is a target for criminals, who may engage in theft, fraud, and other illegal activities. This can disrupt the movement of goods and cause significant financial losses.
To address these challenges, the supply chain and logistics industry is increasingly turning to innovative technologies such as the Internet of Things (IoT). IoT solutions can help to improve visibility, efficiency, accuracy, and security across the supply chain.
For example, IoT devices can be used to track the movement of goods in real-time, providing businesses with greater visibility and control over their inventory. IoT can also be used to automate tasks and optimize transportation routes, improving efficiency and reducing costs. Additionally, IoT can be used to monitor the condition of goods and prevent theft, which can improve accuracy and security.
As the supply chain and logistics industry continues to evolve, IoT is poised to play an increasingly important role in helping businesses overcome the challenges they face and deliver better customer service.
Use cases- Supply chain & logistics
Supply chain monitoring is the process of tracking and monitoring the movement of goods and materials through the supply chain. This can be done using a variety of technologies, including IoT devices, RFID tags, and GPS trackers.
Supply chain monitoring can be used for a variety of purposes, including:
1.Improving visibility:
Supply chain monitoring can help businesses to improve their visibility into the supply chain. This can help them to identify and address potential problems early on, and to make better decisions about inventory management and transportation.
2. Reducing risk:
Supply chain monitoring can help businesses to reduce their risk by identifying potential disruptions to the supply chain. This can help them to develop contingency plans and to minimize the impact of disruptions on their operations.
3. Improving efficiency:
Supply chain monitoring can help businesses to improve their efficiency by identifying bottlenecks and areas for improvement. This can help them to reduce costs and improve their bottom line.
Here are some specific use cases of supply chain monitoring:
The Internet of Things (IoT) has revolutionized the way supply chains are managed. IoT devices can be used to track the movement of goods, monitor storage conditions, improve arrival time estimates, and enhance contingency planning.
1. Real-time Tracking
IoT devices can be attached to products or storage containers to track their location in real-time. This information can be used to identify and address potential delays, disruptions, or theft.
2.Storage Condition Monitoring
IoT sensors can be used to monitor environmental factors such as temperature, humidity, and light exposure in storage facilities. This information can be used to ensure that goods are stored in optimal conditions to prevent spoilage.
3. Improved Arrival Time Estimates
IoT data can be used to track the movement of goods and identify potential bottlenecks. This information can be used to improve arrival time estimates and ensure that goods are delivered on time.
4. Enhanced Contingency Planning
IoT data can be used to analyze previous shipments and identify potential risk factors. This information can be used to develop contingency plans to mitigate disruptions.
5. Warehouse Management
IoT devices can be used to track the location of goods in warehouses and automate tasks such as picking and packing. This can improve efficiency and productivity while reducing costs.
6. Post-arrival Administrative Tasks
IoT data can be used to trigger post-arrival administrative tasks such as onward shipping requests, quality inspections, or payments. This can streamline workflows and reduce manual errors.
Here are some examples of how companies are using IoT to improve their supply chain management:
Walmart uses IoT to track the movement of products from its suppliers to its warehouses to its stores. This allows Walmart to ensure that products are in stock where they are needed and to identify and address any potential delays or disruptions.
FedEx uses IoT to track its fleet of delivery trucks. This allows FedEx to optimize delivery routes and reduce fuel consumption.
Amazon uses IoT to automate its warehouses and pick and pack orders more efficiently. Amazon also uses IoT to monitor inventory levels and optimize the placement of goods in its warehouses.
Maersk uses IoT to monitor the temperature of refrigerated containers during shipping. This helps to ensure that perishable goods are transported and stored in optimal conditions.
IoT is transforming supply chain management by making it more efficient, visible, and secure. As IoT technology continues to develop, we can expect to see even more innovative and groundbreaking applications in this field.
Thingsup IoT Solution for Supply chain & logistic monitoring
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1. Real-time monitoring
Real-time temperature monitoring of reefer vans is a system that uses multiple sensors to track the temperature, humidity, door status, and vehicle health status of refrigerated vans. It helps to ensure that perishable goods are transported and stored at the correct temperature to prevent spoilage, and identify and resolve any problems with the reefer van.
2. Sensor monitoring
The Thingsup platform supports over 50 types of sensors and allows you to analyze, compare, and filter sensor data from a single screen. You can also download the data in Excel or PDF format. This makes it easy to get a comprehensive overview of your sensor data and make informed decisions.
3. Temperature Analytics
Day, week, month, and yearly analytics on sensor values provide fleet managers with a comprehensive overview of reefer van operations, including minimum, maximum, and average values for temperature, humidity, door status, and vehicle health status. Graphs and tables can be downloaded in PDF format or printed directly, making it easy to share the data with others.
4. Custom Alert
Customizable alerts allow you to receive notifications when sensor data meets certain criteria. You can customize the alerts to match your specific process needs and receive them via email, SMS, or app notification. You can also group alerts together to make it easier to manage them.
5. Shipment planning
User Shipment Planning helps to plan your deliveries with time and speed optimization, add waypoints, estimate delivery times, and set shipment temperature criteria for individual shipments. It can also be integrated with ERP systems to automate the delivery process.
The shipment monitoring feature provides a real-time overview of shipment status, performance, and health, including alerts for delays, failures, and temperature excursions. This information helps to stay on top of your deliveries and improve your delivery operations.
6. Customizable reports
The custom reporting tool allows you to create your own custom reports with the parameters you like and get them on email, daily, weekly, or monthly automatically. You can also create charts, tables, and comparison tables of information easily and share the reports with your teammates with report links.
Benefits of IoT-based monitoring of supply chain & logistics
Here are some of the key advantages of using IoT in supply chain and logistics:
1. Enhanced visibility:
IoT devices can be used to track the movement of goods and materials throughout the supply chain, from manufacturing to retail. This visibility can help businesses to identify and address potential problems early on, and to make better decisions about inventory management and transportation.
2. Better collaboration between teams:
IoT can help to break down silos and improve collaboration between different teams within a business, as well as with suppliers and customers. This can lead to faster decision-making and more efficient operations.
3. Optimum utilization of assets:
IoT can help businesses to optimize their use of assets, such as vehicles, equipment, and inventory. This can lead to cost savings and improved performance.
4. Improved customer experience:
IoT can help businesses to deliver a better customer experience by providing real-time tracking information and by enabling more flexible and responsive delivery options.
5. Better inventory management:
IoT can help businesses to improve their inventory management by providing real-time data on stock levels and inventory locations. This can help to reduce stockouts and overstocking and to improve the overall efficiency of the supply chain.
6. Regulatory compliance:
IoT can help businesses to comply with regulatory requirements, such as those related to food safety and pharmaceutical traceability.
7. Process automation:
IoT can be used to automate many tasks in the supply chain and logistics industry, such as order processing, warehousing, and transportation. This can lead to cost savings and improved efficiency.
Conclusion
Supply chain and logistics monitoring is the process of tracking and managing the flow of goods and materials throughout the supply chain. This includes monitoring the movement of goods from suppliers to manufacturers, warehouses, and retailers, as well as the transportation of goods to customers.
Effective supply chain and logistics monitoring can help businesses to:
Improve visibility and transparency: Businesses can gain real-time visibility into the location and status of their goods at every stage of the supply chain. This can help to identify and resolve potential problems quickly and efficiently.
Reduce costs: By optimizing their supply chain and logistics operations, businesses can reduce costs such as transportation costs, inventory costs, and storage costs.
Improve customer service: By ensuring that goods are delivered on time and in full, businesses can improve customer satisfaction and loyalty.
IoT-based supply chain and logistics monitoring is the use of IoT sensors and devices to track and monitor the movement of goods and materials. IoT-based monitoring can provide businesses with more real-time and detailed data than traditional monitoring methods, such as manual tracking and paper-based records.
