The COVID-19 pandemic has created a domino effect of changes for our economy and supply chain. The cold chain monitoring market is one that relies on temperature-controlled technology to transport goods from point A to point B without the cargo being spoiled. Internet of Things (IoT) technology closely monitors and regulates the system for perishable goods, such as pharmaceutical drugs and food products.
The cold chain monitoring market is not unknown to the supply chain, but the rapid advancement of IoT has allowed us to get a closer look at the data provided from these ecosystems. According to Future Market Insights, the cold chain monitoring and IoT market is anticipated to grow to a value of $17.8 billion by 2031.
Time-sensitive products need advanced technology to support secure transportation. So, where does IoT play a role in this? Real-time sensors are attached to the transported goods, and companies can track the pallets based on real-time conditions.
In a recent interview with IoT Business Development Lead for Sony Europe, a partner with KORE, Anna Hoyer, we discussed real-time monitoring conditions in the supply chain. Hoyer says, “IoT is a source of real time information from a physical, critical asset.”
Monitoring these conditions reduces any complications on the payload while the cargo is in transit. When coming across an issue in the supply chain, the later you address the problem, the more expensive it becomes to resolve it.
IoT in the cold chain monitoring market impacts the efficiency and environmental goals for a sustainable future. Real-time monitoring of sensors lessens the risk of damaged and spoiled goods, which in turn reduces the waste associated with tarnished cargo. Overall, this helps support sustainability, as well as increasing the efficiency of and efficacy of shipments.
Hoyer explains that visibility mitigates crisis situations. Preventing damage on sensitive goods improves response time and reduces emissions from idle time, and fuel from the vehicles, which has a large impact on the environment.
IoT is just a small piece of the substantial puzzle in the cold chain monitoring market. Data provides companies with proactive, visible solutions, but more importantly, it all comes down to how the companies use that critical data for supply chain implementation.
KORE specializes in quality control and comprehensive tracking for your company. With the KORE Critical Asset Monitoring solution, our IoT smart tracking technology enables notifications, such as temperature changes and route deviations. Actionable analytics can help your company fully optimize your supply chain management.
To learn more about cold chain management and IoT in supply chains, watch our Quickfire Interview with Sony.