Supply chain visibility solutions have shifted from a nice-to-have to a need-to-have, especially in light of the recent events. As a result, the supply chain visibility market has grown significantly over the past year — largely due to issues brought on by the global COVID-19 pandemic. Valued at $15.85 billion in 2019, the global supply chain management market is projected to reach $37.41 billion by 2027, growing at a CAGR of 11.2%.
Having a robust critical asset monitoring solution has helped supply chain managers not only build a resilient supply chain that can better survive modern challenges but also gives them the actionable data needed to navigate today’s supply chain landscape.
For the supply chain management industry, COVID-19 has provided a bit of a boost by driving the adoption of supply chain visibility solutions. Businesses have experienced numerous disruptions with imbalances in supply chains and transportation as a result of the pandemic. As supply chain managers look for technology solutions to help them optimize routes and mitigate risks, solutions like Critical Asset Monitoring are providing the real-time visibility they need.
Because supply chain visibility is on the corporate agenda across many industry verticals, key players in supply chain management solutions are seeing a significant increase in interest in their solutions. The increased interest in and adoption of supply chain visibility solutions will likely help drive further innovations, such as AI-powered supply chain predictability.
As businesses prepare for a digital transformation of supply chain management and automation, it’s important to understand the main problems, key metrics for improvements, and barriers to optimization for each unique supply chain. Once the challenges and goals are firmly identified, then it’s possible to build a use case and test a solution such as Critical Asset Monitoring.
Depending on the use case, there are some considerations when entering into a proof-of-concept for supply chain visibility solutions. Time sensitivity is a major factor, as certain use cases like last-mile visibility for vaccine delivery need to be executed quickly and efficiently. Similarly, transport of sensitive goods may require special considerations for transport mode depending on whether the asset is sensitive to temperature, shock, or other damage.
Optimizing an end-to-end supply chain requires the ability to reliably track goods from points of production through to storage and final delivery. Critical Asset Monitoring from KORE provides package-level condition monitoring, location tracking, global connectivity, multi-carrier communications, and tracking device certification that instills next-level confidence as high-value assets move across road, rail, air, and sea. With real-time alerts, stakeholders are notified of anomaly events such as temperature deviation, shock, and tilt, enabling full visibility into the condition of high-value assets.
To learn more about the market landscape for supply chain visibility, watch the quickfire interview video with Erik Lund, Head of IoT Tracking for Sony Network Communications Europe.
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