It is widely known that the COVID-19 pandemic had a ripple effect on many daily operations across the globe; manufacturing problems caused shipping delays, shipping delays resulted in retail shortages, and retail shortages created a lack in food items and raw materials for consumers.
A study conducted by McKinsey & Company confirmed that 73 percent of supply-chain executives encountered issues in their supplier base, with 75 percent facing problems with distribution and production of materials. Likewise, 85 percent of respondents said they experienced trouble with inefficient digital technologies in their supply chains.
The COVID-19 pandemic has created a long-lasting effect on the supply chain and logistics industry. Not only has this resulted in supplier and production problems, but has also produced labor shortages, a lack of equipment availability, and increased inflation. The current climate of supply chain can appear highly unpredictable, but Internet of Things (IoT) can aid in mitigating the domino effect of global bottlenecks.
Inefficiencies in the digitization of the supply chain can generate a slower, more flawed production in the overall picture. Here are some logistic challenges businesses might be facing currently and in the coming years:
Whatever hurdles you may run into, there are IoT solutions to mitigate all obstacles.
The cold chain monitoring market is one that relies on certain temperature-controlled technology to deliver goods from point A to point B. Rapid advancements in IoT have allowed this industry to grow exponentially. According to Future Market Insights, this market is anticipated to grow to a value of $17.8 billion by 2031.
IoT technology monitors and regulates the cargo for sensitive goods, such as pharmaceutical drugs and food products. This is accomplished through real-time sensor readings, and companies can track the pallets based on current conditions. Real-time monitoring can reduce complications in the supply chain process. The later a problem is noticed or addressed, the timelier and more expensive it becomes to resolve it.
Another advantage to IoT in cold chain monitoring is the impact of sustainability it creates. Preventing larger scale problems can have a large impact on the environment: lesser risk of damaged and spoiled goods results in lesser waste associated with tarnished cargo.
Global logistics can seem tricky, especially if you have high-value shipments traveling multi-modal. Alleviating damage, theft, or loss is crucial when optimizing your supply chain, and gaining better visibility can help guarantee the safety of your parcels. Powerful IoT technology uses GPS location information to track any shipment anywhere in the world. If an incident were to occur, the robust systems notify your team instantly, so you are not left worrying about the whereabouts and conditions of your inventory.
KORE offers a multitude of comprehensive solutions that best fit your supply chain management needs. From critical asset tracking and cold chain monitoring to multi-modal transportation and inventory management, we provide the peace of mind needed to preserve and protect your assets.
To discover more about real-time monitoring and visibility services, download our datasheet, “Container Tracking Solutions”.
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