Blog Post
Reimagining supply chain visibility with smart IoT based asset trackers
Adapt Ideations • Apr 01, 2019
Smart IoT sensors create greater automation and use of data analytics improving visibility and transparency in the supply chain.
Supply chain visibility is no longer a question due to consumers continually expecting more from manufacturers and suppliers. Visibility in the supply chain simply means knowing where an item is in the supply chain route, where a product has come from or even what materials have been used and where they have been sourced. It goes without saying that supply chain visibility will continually grow in the coming years.
IoT asset trackers are based on the concept of tracking a high-value item, machinery, or even consignment. The tag is usually attached to the item and then tracked via several variables and the data is transported back to the cloud platform where entities can gain access to the data. With the rise of IoT, items are continually becoming smarter and their capabilities are endless. Consumers are expecting these companies that offer the products to endlessly go above and beyond. Over the years buying behavior due to the rise of digital technology has changed greatly for both B2B and B2C customers as they now have many channels to conduct research and compare their choices.
In the realm of industrial IoT, the benefits are endless as possibilities continue to rise with the increasing popularity of IoT in the supply chain. For example, many may already know and can draw conclusions on such benefits including increased efficiency, reduction in expenses and increasing customer experience and satisfaction. The popularity of smart IoT sensors is primarily due to the fact they are relatively low cost, offer affordable connectivity, connection to a cloud platform, and have a large capability of processing data and storing it. The popularity itself is highlighted by the statistics. IHS Markit
has estimated that IoT devices will reach 125 billion in 2030. No wonder why these IoT devices are rapidly becoming more technologically advanced at the expansive rate they are increasing.
Smart IoT asset trackers not only improves visibility but also helps to prevent loss. With the increasing element of visibility and transparency in the supply chain, asset trackers can prevent damage. Not only this but with the ongoing improvements and increasing upgrades to the sensor technology used in asset tracking, companies are now able to set a geo-fence area for the items that they are tracking. For example, if a consignment was to deviate from the route or area that was set as a boundary or exposed to temperatures that it was not meant to, all concerned entities would be advised through notifications sent to the portal.
Asset trackers are now able to easily help identify consignments that may have been tampered with. This has a huge impact on the pharmaceutical and food industry as it would significantly reduce counterfeit drugs, drugs that have lower potency than what it is meant to, and even fresh food that may go off due to deviations in temperature. In an article
written by Anant Kadiyala, he has pointed out that he believes that anywhere between 14-35 percent of vaccines are at risk of losing their potency or effectiveness due to incorrect storage and handling. With increased efficiency, companies are also able to gain deeper insights into their operations effectively leading these entities to make decisions based on the data they receive from the asset trackers.
Smart IoT sensors create greater automation and use of data analytics improving visibility and transparency in the supply chain. IoT solutions adopted in companies essentially point to the notion of connected machines and/or items with people, processes and systems. The idea behind using these IoT asset trackers is to increase the accuracy of the information collected, reduce costs, improve efficiency and eliminate non-compliance, therefore, bringing greater visibility to companies and allowing them to be an industry leader.
Blockchain truly unlocks the full potential of IoT. Blockchain and IoT go hand in hand complementing one another uniquely promoting and leveraging IoT asset tracking solutions even further. Blockchain further promotes solving problems with visibility, transparency, and accountability of concerned entities. Blockchain in itself is a distributed ledger that allows certain parties to enter details and verify them.
How does this exactly relate to the supply chain? Blockchain enhances the supply chain by creating one ledger shared over several servers that entities can access to verify where a product may be in the supply chain. This establishes greater compliance in the industry and allows each party to be accountable for their actions while also strengthening the partner's relationships. Of course, this also links back to developing a better relationship between manufacturers and suppliers with their loyal customers and deepening their trust. Blockchain technology essentially enhances IoT asset tracking and shared access of the data between concerned entities.
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Temperature-controlled logistics is a crucial aspect of global supply chains, particularly in the pharmaceutical industry. Maintaining the correct temperature during transportation is not just a logistical issue but also a critical factor in ensuring the safety and efficacy of life-saving vaccines and other temperature-sensitive products. As the demand for temperature-sensitive products like vaccines and biologics continues to surge, ensuring their safe transportation is paramount. Any deviation in temperature during transit can compromise the efficacy of these products, leading to significant financial losses and potential health risks. This blog delves into the evolution of temperature-controlled logistics, critical challenges faced in this sector, and groundbreaking innovations that address these challenges. With a focus on real-time monitoring through IoT solutions, we aim to showcase the advancements that contribute to the efficiency and compliance of global pharmaceutical supply chains. Evolution of Temperature-Controlled Logistics Temperature control has undergone a remarkable transformation in the last two decades. Stringent global regulations, customer demand for new temperature ranges, emerging markets with extreme temperatures, and the growing value of drugs like biologics have been essential driving forces. These factors have spurred the evolution of temperature-controlled logistics to meet the demands of a rapidly changing world. The landscape of temperature-controlled logistics is evolving, thanks to technological advancements. Trends include the growing availability of prequalified shippers simplifying the validation process, sophisticated supply chain services, a rising interest in reusable packaging, and advances in temperature-monitoring technology. These innovations contribute to the industry's ability to adapt and thrive in a dynamic environment. Temperature-controlled logistics involves managing the flow of products through a cold chain. Divided into food and pharmaceutical sectors, the global market size of cold chain logistics is projected to grow significantly. From USD 242.39 billion in 2021 to USD 647.47 billion by 2028, exhibiting a CAGR of 15.1%, the industry is expanding rapidly, reflecting its critical role in modern commerce. 3 Key Challenges in Temperature-Controlled Logistics Compliance Issues Stringent Regulatory Standards: Global temperature-controlled logistics operates within a framework of strict regulations set by health and safety authorities. Meeting diverse regulatory requirements across international borders poses a significant challenge for companies in this sector. Documentation & Reporting: Compliance involves meticulous documentation and reporting of temperature-sensitive shipments. Keeping up with the evolving documentation standards requires streamlined processes and robust systems. Validation & Qualification: Ensuring the validation and qualification of equipment and processes according to regulatory standards is an ongoing challenge. The need for continuous validation adds complexity and time constraints to logistics operations. Risks of Temperature Deviations Product Integrity: Temperature-sensitive products, especially pharmaceuticals and biologics, are highly susceptible to temperature deviations. Even brief exposure to temperature breaches during transit can compromise the integrity and efficacy of these products. Financial Implications: Temperature deviations can lead to significant financial losses for companies. Replacing or disposing of compromised products and potential legal repercussions contribute to financial challenges. Supply Chain Disruptions: Temperature deviations can disrupt the entire supply chain, leading to delays in product availability. This not only affects businesses but can have critical implications for healthcare providers and patients relying on timely access to medications. Security & Theft Concerns Value of Cargo: Temperature-sensitive cargo, such as pharmaceuticals, vaccines, and high-value perishable goods, can become a target for theft. The significant value of these products heightens security concerns throughout the supply chain. Vulnerability During Transit: The vulnerability of cargo during transit, particularly in unsecured areas, poses a constant risk. The potential for theft during transportation adds complexity to securing temperature-controlled shipments. Need for Tracking & Monitoring: Ensuring the security of temperature-sensitive cargo requires robust tracking and monitoring systems. Integrating security features, such as real-time location tracking and tamper-evident technologies, is essential to mitigate theft risks. In navigating the intricate landscape of temperature-controlled logistics, companies must address these multifaceted challenges to uphold compliance, safeguard product integrity, and ensure the security of valuable shipments. Innovative solutions, such as advanced monitoring technologies and comprehensive security measures, are crucial in overcoming these challenges and fostering a resilient and efficient supply chain.
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