Blog Post
The essential elements of real time tracking
Adapt Ideations • Sep 15, 2019
Asset tracking is a systematic management system solution that allows for particular assets to be tracked in real time.
One may ask what asset tracking really is? Asset tracking is a systematic management system solution that allows for particular assets to be tracked in real time. The solution relies upon a number of elements in order for it be considered successful including its capability of being used on different platforms, how up to date is the real time data that is being received and how the data is being used. Effectively asset tracking can be applied to any industry as such whether it is retail, food, or even logistics companies. It is predicted by Gartner Inc.
that 8 billion connected IoT devices already exist today. Gartner
also believes that the impact of these devices, which includes increased efficiency, customer service and safety in the workplace is estimated to be worth $2 trillion dollars in economic value.
One of the essential elements of real time tracking is greater transparency. Due to the real time data that is collected at various points of time, greater transparency is attained. In particular, the data that is collected can be accessed at any point of time once stored in the cloud platform. Overall this allows for greater customer & client satisfaction due to the greater transparency. In a world of growing mistrust and inefficiencies in the supply chain, the ability to track assets and effectively see where the assets have been is considerably powerful for companies that incorporate real time tracking. This not only applies to assets, it can also help improve employee’s safety for consignments which may have significant value.
Real time tracking identifies inefficiencies much quicker than relying on manual labour, which is prone to human error. This points to greater quality control & greater inventory management. It goes without saying that due to the collection of the data and real time updates, a company is able to leverage its greater transparency within the supply chain. With inefficiencies being identified much earlier on, it allows companies to understand and predict when an asset has been tampered with, or even when maintenance needs to be scheduled. Greater transparency does in fact have a powerful effect on companies that use such technology and is open to unlocking its full potential.
One key feature of real time tracking is that it is location enabled. Effectively this promotes greater transparency in the supply chain by the visibility of the asset. This may include ID, exact location and even the time where it was at that location. Essentially every aspect of movement is tracked. This links to the prevention of fraud and cash flow issues due to disappearing assets or assets that deviate from the route that it is meant to take. The National Insurance Crime Bureau
in the US have pointed out that anywhere from $300 million to $1 billion of equipment and tools are believed to be stolen each year. It goes without saying that securing your assets with real time tracking is a necessity in today’s industries.
The significance of data cannot be utilised without the knowledge of how to analyse and handle big data. With the use of real time data, companies are able to make decisions based on the data. This signifies the utilisation of smart decisions that is derived from the data. Long gone are the days of making choices simply based on employee’s assumptions about what strategies may work and what may not. Many companies, which offer such asset tracking solutions may offer the use of a dashboard portal as well to display the data that is being collected. The data collected can allow for companies to make quick easy decisions and identify when there may be something wrong. This highlights the every-day usefulness of real time tracking as it gives us an insight into past and recent asset behaviour while also informing us of potential future behaviour.
The last very important element of real time asset tracking is the connectivity that the tracker can offer. Many trackers may only offer certain modes of connectivity, which can leave gaps in the data collected when there may be a gap in connectivity. However, there are also many companies such as ours that effectively use cross platform connection meaning that our trackers can be used across different networks thus the data collected is never compromised.
Can you now see why real time tracking is so important to every industry?
Powerful and reliable, asset tracking and monitoring solutions.
Innovative monitoring solutions for high-value & temperature-sensitive assets.
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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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