With global and domestic logistics demands increasing, the logistics industry has seen a significant increase. The Australian logistics industry is expected to reach $187 billion by 2021 as reported by Ken Research in 2017. However, with increased demand of logistics services the industry has been dealing with new challenges associated with damaged goods. The rush of delivering products and a lack of asset monitoring has resulted in high costs due to damaged goods. With the increasing demand of logistics services, the industry must ensure that they implement effective and reliable asset monitoring solutions.
There are a multitude of hidden costs that have arisen over the past year due to the increase in demand for logistics services. Reverse logistics, the costs of returns and damaged goods are all challenges that are costing the logistics industry. A report by Packaging Digest found that as much as 11% of the unit loads delivered for distribution have been damaged. This demonstrates ineffective supply chain management and a lack of visibility. An article by DataPine (2017) states that 98% of 3PL companies agree that data-assisted decisions have greatly increased their processes in place in regards to logistics. The utilisation of IoT enabled asset monitoring solutions enables companies to achieve greater visibility across the entire supply chain and assure quality.
Business downtime and operational inefficiencies can result in unnecessary costs for businesses. Reliable and effective asset monitoring solutions can reduce time and money that is spent on returns, refunds and associated business reputation damage. IoT enabled asset monitoring solutions assists companies to collect vital data on how products are being handled and subsequent notifications allows prompt action to be taken. It is estimated by DataPine (2017) that approximately 81% of shipping logistics companies believe that data analytics derived from digital asset monitoring solutions will become a vital part of logistics supply chain processes.
Adapt Ideations’ IoT enabled asset tracker Kelvin Pro empowers companies to digitally track the location of their cargo at any given time. The asset tracker utilises IoT connectivity to collect near real-time data from the moving asset and relays it promptly back to the business. The asset tracker is fitted with shock, light and temperature sensors that send near real-time alerts back if any deviations occur. The future of efficient and reliable asset monitoring relies on the utilisation of IoT enabled asset tracking devices and the data collected.
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enquiries@adaptideations.com to find out how our innovative solutions can benefit your operations.
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