Innovations and technological advancements in asset monitoring and logistics are driving the adoption of IoT solutions for logistics and supply chain management. According to a recent report from Grand View Research, the global asset management market is expected to grow at a compound annual growth rate (CAGR) of 25.9% from 2020 to 2027.
The report states that companies are adopting advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT) for accurately monitoring their physical properties, including sensitive and high-value assets.
Asset tracking solutions have existed in the market for many years, and include tools such as RFID and barcodes, data loggers, transport management systems (TMS), and distributed ledgers. According to an article from Sony Network Communications about the pros and cons of existing tracking technologies and tools, a common element of these existing tracking solutions is the need for manual steps.
Without these time-consuming manual steps being done correctly, there is no data. The collection and distribution of real-time data is the primary benefit of IoT asset monitoring solutions over existing technologies and tools.
While IoT asset monitoring solutions offer many benefits to logistics and manufacturing companies, the complexity of deploying, managing, and scaling IoT technologies has been costly for companies to handle using internal IT resources alone. A popular report found that nearly three-quarters of all IoT projects started will not be considered successful by the organizations using them.
IoT managed services help companies reduce the complexity of deployments by handling three of the seven steps to IoT success, including deployment/forward logistics, operations management and support, and sustainment/reverse logistics.
Moving high-risk, high-value goods across the globe is a multifaceted, multi-modal transport challenge. IoT-enabled asset monitoring can ensure safe, secure, on-time, in-full delivery. KORE enables supply chain management with a full suite of IoT managed services to help companies deploy, manage, and scale their logistics solutions.
IoT managed services are included in the KORE Critical Asset Monitoring solution, an advanced, comprehensive solution to visualize and mitigate the risks associated with global, multi-modal supply chain operations. The solution includes hardware for condition monitoring at the package level, communications, cloud analytics, and reporting tools as a service. KORE customers can easily visualize the conditions of an asset in transportation and get early detection of risk events that can jeopardize the quality, integrity, and security of the product.
Download the eBook, “Three Ways IoT Is Driving Innovation in Logistics and Supply Chain Management,” to learn the many ways that IoT is helping logistics organizations remain competitive in a rapidly changing industry.
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