The Evolving Role of IoT in Logistics
In today’s world, logistics is an important component for allowing companies to differentiate themselves and stand out from their competitors in the industry. A company that has a productive logistics system will be able to offer better products to its customers and consequently, both customer satisfaction and the company's position in the market can be enhanced. As a result, many companies across industries are feeling extreme pressure from customers' rising demands for speed, customization, and more-and looking to their supply chains to fulfill these needs.
According to several studies by Deloitte, only 6 percent of organizations have full visibility into their supply chains, and 65 percent of companies have poor or no visibility beyond Tier-1 suppliers and this situation creates a problem for the operations. A further issue is that industrial regulations force transport and logistics organizations to do more with less, resulting in a decrease in profits.
To gain some insight into supply chains, it appears that transportation providers are embracing the Internet of Things (IoT) technologies. In both cases, visibility and agility are key-the ability to quickly respond to changes in demand as well as ensure regulatory compliance.
Many industries and business sectors are still grappling with the possibilities associated with data-driven technology, but transportation and logistics companies are far ahead of the curve. The logistics industry is aiming to build holistic ecosystems in which physical and digital worlds constantly exchange information and lead to meaningful action. In order to achieve this transformation, companies must move from a traditional siloed approach to integrating IoT technologies to a more holistic, integrated approach that integrates IoT technologies with traditional systems and other technologies.
As cloud storage becomes more accessible and the ubiquity of connectivity increases, IoT-enabled processes are becoming more common across a range of industries. The IoT market is expected to exceed $1 trillion in revenue by 2022, and a recent survey indicates that 80 percent of companies plan to adopt the technology over the next five years.
For its part, the transportation industry has adopted IoT technologies, including telematics hardware and software in trucking, with an estimated US$71 billion in spending in 2019, despite uneven progress. The United States has been leading the way in the adoption of telematics, with 42 percent of all commercial vehicles projected to be equipped by 2021, due in part to regulatory requirements that require the use of digital logs with location tracking. By 2026, North America, Western Europe, and developed Asia are expected to have 95 percent or more of their trucks connected through telematics hardware and software.
Technological developments are playing an increasingly important role in the coordination, implementation, and control of the flow. With the use of additional technologies within transportation and logistics, an opportunity arises to integrate disparate systems and move to a more advanced digital capability. Those providing transportation services need to leverage the next generation of sensor-based systems: true Internet of Things ecosystems - to differentiate themselves and create value for their customers.
The IoT systems in the transportation industry provide many benefits in different stages of the process. As examples, we can cite terminal operations, transportation safety, predictive maintenance, fleet monitoring and routing, and product life management (cold chain). In this field, we can find a wide range of good examples from companies.
As an example, a fleet management solution uses sensors to collect fleet data and telematics to transmit this data to a centralized control tower. The control tower makes real-time decisions on fleet allocation using predictive analytics, onboard diagnostics, and intelligent data science, resulting in fleet scheduling and route optimization, as well as improved shipment visibility. In other examples, some companies use IoT technologies to order parts from various countries and ship vehicles to suppliers, and RFID technology to deliver products to stores around the world.
How can we support your business in the path of sustainability as Trilleco? With the assistance of our IoT and location tracking technologies such as GPS, terminals can get updated information on inbound shipments, such as expected time of docking, shipment quantity, storage requirements, and more. Combining IoT with AI and predictive analytics enables terminals to use this data intelligently to better plan outbound shipments and manage capacity. Using IoT-enabled dashboards, the terminal can maintain updated metrics on capacity utilization and shipment timing.
Our IIoT NoCode platform supports a lot of other areas as well. Our optimization parameters should maximize efficiency and cost reduction for your company. The platform allows the creation of various processes/workflows and applications (from our experience 10 times faster). We can also integrate more than 5,000 smart devices as well as other components such as databases, plugins, micro services, etc. in one fell swoop. Another advantages of our NoCode platform is that change request get incorporated easily without long time spend or complexity.
Our IIoT NoCode platform that stitches together sensor-based data with legacy systems (such as transportation and warehouse management systems) and newer technologies (such as cloud-based storage, and predictive analytics) holds tremendous promise for those engaged in moving goods. And while visioning big is important, it is just as crucial to understand that in order to reach sustainability and to optimize efficiency, long-term solutions must be adjusted over time.