IoT technology can significantly impact every industry by allowing greater efficiency to be achieved by companies. The costs associated with the distribution and service of goods can increase suddenly when effective supply chain management is absent. Cost minimisation is a key performance indicator of all businesses, as its accomplishment enables greater profit growth to occur. IoT enhanced asset tracking solutions revolutionises supply chain management as they enable businesses to digitally track and monitor their assets. Innovative asset tracking solutions allows companies to achieve greater traceability throughout their supply chain.
Greater supply chain visibility is becoming necessary due to a greater demand for transparency from clients and consumers. It can also increase a company’s operational efficiency by enabling immediate action to take place when necessary to avert issues in the supply chain such as theft, damage and waste. A case study conducted on Walmart by Trade Gecko in 2018, believes the company is one of the best examples of efficient supply chain management. The mega-company currently operates 11,700 stores under 59 company names while maintaining a continuous USD $32 billion in inventory.
Further analysis of Walmart’s success by the Wall Street Journal stated that Walmart invested USD $2 billion into enhancing its e-commerce capabilities through investments into technology. These investments made between 2015-2017 prepared the company for the booming e-commerce demand. As evident by Walmart’s steady business growth the move towards the utilisation of innovative solutions such as asset trackers will result in enhanced business operations.
A study by McKinsey in 2016 projects that the move towards supply chain 4.0 whereby digital tools become more common in supply chain operations will reduce operational costs by 30 per cent. The same study further reports that the implementation of supply chain 4.0 can lead to a potential significant 75% decrease in lost sales.
Adapt Ideations' IoT enabled asset tracking solution LISA gives companies the power to monitor their assets during transportation. By being able to digitally track and monitor consignments in near real-time, companies will be able to manage their operations more effectively.
The innovative asset tracking solution is an easy to use solution that features location tracking and geo-fencing capabilities that enable greater visibility to be achieved. Deviations from the set parameters result in near real-time alerts allowing necessary measures to be taken. IoT is transforming supply chain operations of companies, allowing greater end-to-end visibility to be achieved. Adapt Ideations’ IoT enabled asset tracking solution digitally transforms asset management functions of companies.
Enquire today at enquiries@adaptideations.com to find out more about our asset tracking solution and how it can optimise your operations.
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by Alcott Global on Supplify's Supply Chain Tech Map 2.0
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