How IoT is Reshaping The Logistics Industry
No matter the size of your business, logistics plays a vital role in ensuring that you meet customer expectations and keep up with your competitors. As our global economy becomes increasingly interconnected and fast-paced, well-managed logistics is a critical element in global supply chain management that keeps things running smoothly.
The logistics industry is known to generate large amounts of data – from warehouse inventory to transportation modes and from the number of deliveries to the types of routes. Therefore, it is imperative for businesses to properly coordinate all this information so that productivity and efficiency are maintained. Consequently, it is the industry that has the most to gain from adopting the Internet of Things (IoT) solutions.
How Do IoT Solutions Benefit The Logistics Industry?
Referring to a network of physical objects embedded with software that connects and transmits data to other devices without human intervention, IoT has the potential to revolutionise the way we operate devices by providing instant data. As such, here are 3 advantages of utilising IoT solutions in the logistics industry.
1. Better Inventory Management
Inventory forms the bedrock of the logistics industry. Without adequate inventory management, business operations cannot operate smoothly and customer needs will not be met properly as well. That’s why businesses can easily enhance their inventory management capabilities with IoT devices. With real-time location tracking enabled, there is greater transparency and accountability of the movement of goods coming in and out of warehouses. This allows companies to replenish inventories as necessary and reduce the loss or unauthorised use of products.
Furthermore, in places where goods and people see heavy traffic, location tracking systems can detect bottlenecks and send alerts so that businesses can resolve them quickly. Besides that, the use of environmental sensors for businesses with environmentally sensitive goods lets them ensure that their products are still in conducive conditions.
2. Faster Incident Response Timing
Be it through GPS trackers on vehicles or sensors in warehouses, IoT devices are able to deliver real-time data that allows your business to effectively monitor your goods, vehicles, and employees. Equipped with Bluetooth technology, sensors send data over the cloud and lets you make changes without having to be present on-location. This is especially useful in emergency situations – whereby sensors will alert the appropriate authorities and have them handle the situation with just a few taps of a button. In addition, goods being tagged with safety trackers helps to ensure that they reach their allocated destinations and reduce risks of theft.
3. Greater Forecast Accuracy/Capabilities
IoT and Big Data often go hand in hand. As IoT devices produce a large volume and variety of data that often cannot be properly analysed with traditional data-processing software, big Data ensures that these disparate groups of data are comprehensively analysed. It also discerns patterns that help to improve business efficacy. With GPS tracking, your vehicles will be able to identify routes that will move goods quickly and effectively – and detect the best timings for deliveries. Sensors can monitor the health of your vehicles so that you can schedule maintenance and keep your vehicles in top condition. Future forecasting is essential for inventory management in warehouses.
With sensors and movement tracking, businesses can effectively take stock of the flow of goods coming in and out of their warehouses. This gives them a better understanding of customer buying cycles and ensures that they stock up their inventory accordingly – thus reducing wastage.
All in all, for the logistics industry, IoT solutions offer various benefits. In addition, the current pandemic has demonstrated just how important it is for logistics firms to ensure effective management of goods. Health supplies need to enter hospitals promptly and supermarkets need to ensure that essential products are stocked at all times. To ensure this, organisations can make fast decisions based on reliable and real-time data with IoT devices. Moreover, businesses will be able to boost their profits with increased effectiveness and keep ahead of the competition.
Whatever industry you are from, IoT solutions can help improve your business operations! Visit our website or contact us at ask@overdrive.sg to learn more about them.
