In today' world, innovation has been changing at an extraordinary pace. Nowadays a variety of technologies are used for asset tracking and management in different-different industries. One of the industries is Logistics.
According to the Allied Market Research,
“The global logistics market is anticipated to register a CAGR of 3.48% from 2016 to 2022 to attain a market size of around $12,256 billion by 2022. Asia-Pacific is anticipated to contribute significantly in terms of revenue to the logistics market share.”
What is Logistics?
Logistics is generally the detailed organization and implementation of a complex operation. Logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations.
The resources managed in logistics may include tangible goods such as materials, equipment, and supplies, as well as food and other consumable items. The logistics of physical items usually involves the integration of information flow, materials handling, production, packaging, inventory, transportation, warehousing, and often security.
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Railways, roadways, waterways & airways are the mode of transport of the logistics industry. The end-users of logistics include healthcare, manufacturing, agriculture, government, education, technology, banking, oil & gas, hospitality, etc.
What is IoT?
The Internet of Things (IoT) portrays the network of physical objects, which we term as “things”. These objects are embedded with sensors, software, and other technologies.
The objective of connecting the objects is to exchange information with different gadgets and systems over the internet protocol. These devices can range from ordinary household objects to sophisticated industrial tools.
IoT technology is proving to be beneficial for several sectors such as transportation, manufacturing, agriculture, etc.
How IoT Asset Management Provides Advantages to Logistic Industry?
Whenever the assets & goods are located in-door, outdoor, or in-transition. IoT is capable of getting real-time information which can play a crucial role in future events and planning.
For instance, let us take an agriculture-based organization. As the human population grows continuously, so does the demand for and supply of food. Smart farming with IoT is one of the rapidly growing sectors.
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Farmers can utilize actionable information to improve yields and for increased return on investment. Detecting for soil moisture and nutrients, controlling water utilization for plant growth, and deciding which fertilizers are best for a growing plantation are some simple and effective usages of IoT technology.
Similarly, IoT can provide analytics on fast-selling stocks and thus help in managing assets and growing the business.
Supply Chain Efficiency
The supply chain is liable for delivering heavy equipment which represents more than 2500 megatons of carbon impression every year. It is significant that organizations show more responsible & dependable behaviour in order to keep track of the equipment. This is one more territory where IoT can revolutionize & change the whole way of working.
Through IoT sensors & asset management software it empowers the organizations to track, analyze and monitor supply chain movement at every level. With IoT sensor, it is simple to understand where good are located and when they can be expected at a particular location.
Iot Is Data-Driven Technology
The use of IoT innovations in the business isn't constrained to the specialized angles, it can provide great insights that improve the capacity to forecast demand. The information retrieved through IoT can empower organizations to understand customer behaviour, how do they utilize an item, what are customer requirements and requests.
IoT can give information that can follow back to the activities that drive the buyer. With IoT data, you will be able to better understand your customer. It can provide patterns such as when they buy your product, why they buy your product & how they utilize them. IoT is making it simpler for the manufacturers and providers to unravel the customer's point of view.
Keeping the asset safe is a big concern. In the logistics industry travelling is a huge part, when the asset is on road it is prone to accident. Most accidents on road only. All the roads are not equipped with street lights to provide visibility at night. When streets are not well maintained, it results in accidents, injuries, and loss of lives. Thousands of people lose their lives every year in road accidents.
According to the data, one death occurs every four minutes in India. Moreover, the related medical expenses run into billions, besides the property damage too.
Usage of mobile phones while driving is a major cause of accidents. The United States of America wants to decrease accidents linked to smartphone usage on the road. This problem is aimed to be solved with IoT technology.
There are American companies assisting the government toward this objective. They are utilizing IoT sensors with mobile phones to check driver behavior. When enough information is gathered, the application can offer instructions to drivers to take due care while driving.
Because IoT provides accurate data and information. It helps in collecting information about the traffic when you have all the information you can create a strategy accordingly in order to save fuel expenses and to avoid traffic jams.
Not just that, IoT can play a crucial in vehicle maintenance. As we have said above, IoT is a data-driven technology, it collects all the information about vehicle repair & maintenance.
When a vehicle is assigned to an employee, IoT technology gives transparency. In clear words, it can track where vehicle has been travelled through that you can know if vehicle is used for personal reason or some other.
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Indeed IoT is a powerful tool &technology, you can guess it by the fact that Amazon uses this technology. It can collect & analyze that data with its IoT sensors. Undoubtedly, IoT asset management can be very helpful to logistic business especially because it is data-driven technology.
It can assist in you in overcoming several problems such as maintenance, compliance, tracking asset etc. Moreover, you will see growth in your business after implementing IoT asset management. If you need any assistance implementing this technology, we are just a call away. You can also contact us here.