Using sensors, tags, and other IoT devices to track goods through the global supply chain is one of the fundamental use cases for the Internet of Things, and also one of the most impactful.
Cisco and DHL, the world’s largest logistics provider, estimated last year that US$1.9 trillion dollars of economic value could be created by the use of IoT devices and asset tracking solutions in the global supply chain and logistics sector.
The enormous potential value created by these asset tracking technologies is due to the incredibly broad array of benefits that companies can obtain from them. Asset tracking solutions can create fiscal savings for supply chain and logistics operators at almost every step in the supply chain journey including extraction, transportation, production, storage, and final delivery to the customer. They can also help with compliance reporting and result in new revenue opportunities for supply chain and logistics operators.
All of these benefits are derived from the insights that companies can gain from the data that asset tracking solutions provide. Tracking tags and sensors can deliver real-time data about the location of goods in transit or in a warehouse, as well as data on the condition of those goods such as temperature, pressure, or potential damage to their packaging. However, gaining operational insights from these solutions can be a challenging task if companies don’t implement organizational changes and other technologies that enable them to take instant action on real-time tracking data.
A report from BI Intelligence examines the various technologies that can be used for asset tracking today, and breaks down trends impacting adoption of these different technologies. We also explain the multitude of different benefits that can potentially be derived from these technologies, and detail how different industries are taking advantage of some of these benefits. Lastly, we detail the major challenges involved in implementing asset tracking solutions, and offer some best practices for overcoming these challenges.
Here are some of the key takeaways from the report:
- Asset tracking solutions allow companies to completely overhaul their supply chain and logistics operations so they can deliver more goods faster and more cheaply.
- The productivity gains that asset tracking solutions enable could lead to enormous savings for companies: Cisco and DHL estimated that IoT technologies like asset tracking solutions could create US$1.9 trillion in economic value for the global supply chain and logistics sector.
- Legacy asset tracking technologies like barcode scanners are gradually being replaced with newer internet-connected tracking solutions that provide real-time tracking data, as well as other information on the condition of goods in transit.
- Analyzing real-time tracking data for operational insights can deliver a wide range of benefits including decreased fuel and storage costs, the automation of inventory-related tasks to free up employees for more valuable assignments, improved compliance reporting, and new revenue opportunities.
- Retail, manufacturing, oil and gas, agriculture, and pharmaceuticals are some of the leading industries adopting asset tracking solutions to help them deliver goods more quickly and efficiently.
- Deriving the full value of asset tracking solutions will require enterprises to implement a digital strategy that also includes analytics and data processing tools to help them glean insights from asset tracking data.
In full, the report:
- Compares the different categories of asset tracking technologies that are available for supply chain and logistics operators.
- Details the broad array of benefits that enterprises can reap from asset tracking solutions and the data they provide, including increased revenue, reduced operational expenses, and improved customer satisfaction.
- Examines adoption trends regarding asset tracking solutions across various industry sectors including retail, agriculture, and manufacturing.
- Explains the biggest challenges involved in implementing asset tracking solutions and how enterprises can overcome these obstacles to overhaul their supply chain and logistics operations.
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