The IoT Has Permanently Changed The Supply Chain industry
The Internet of Things (IoT) is a technology that can change the world and has already changed the supply chain industry for the better. Gone are the days when a company got word that its shipment was en route, only to get informed weeks later, the load had either disappeared or worse yet, delivered to the wrong location.
One article, from the Statesman, points out that in 2014, cargo theft in the United States accounted for more than $10 billion in losses in the fourth quarter of that year alone. Just two years later, the technology is in place that allows a company to track its shipment as closely as it wants, in whatever form it wants.
A firm can put a tracker on a pallet of items, or it can track single packages. Sensors at each stop take the logging (and potential fraud) out of the hands of the weigh stations and drivers. The recording is all done automatically, and the data gets sent wherever the company needs it.
The best news for the supply chain industry is the IoT technology can do a lot more than just telling someone where a product is at any given time. Issues like intentionally careless driving and fuel theft can all be cut off using real-time data collated and reported without so much as a push of the button.
This technology has already changed how the shipping and supply chain business world works. There’s no reason to think it’s going backward anytime soon. Use of IoT is a new reality and soon, it’s going to spread to other industries in a big way.