Global, multi-modal supply chains are seeing the many benefits of IoT-enabled logistics. However, adopting new Internet of Things (IoT) technology is not without its obstacles, especially for companies that are not familiar with the complexities of IoT. The logistics market has its own unique set of challenges, and with the right implementation strategy, supply chain IoT can address those and help companies see the benefits they are looking for.
The Hidden Challenges of IoT
The current reality is that most IoT projects fail, and there are several reasons for that. In order to overcome the challenges that cause deployments to fall short of expectations, including supply chain IoT projects, it’s important to first identify and understand the common obstacles to successful deployment.
A large problem for companies who deploy IoT solutions with in-house resources, is a lack of expertise. Few internal IT teams are well-versed in the complexities of IoT, and this often results in projects that fail to see a positive ROI. Allocating the appropriate resources and collaborating with IoT experts is the best way to ensure success with supply chain IoT.
Regulatory compliance is another challenge that is often overlooked when companies are looking to adopt new IoT technology. Privacy and data laws, as well as regulations and standards for temperature-controlled shipments and medical supply chains, make selecting and deploying the right IoT solution imperative to ensure compliance.
A lack of data action-ability is another obstacle that causes new IoT projects to fail. Accurately and efficiently collecting large amounts of data is one of the great promises of IoT, but that data is effectively useless without the ability to analyse and interpret it for actionable insights.
The Logistics Market Today
The current state of the logistics market makes it a prime industry for supply chain IoT adoption. Market fragmentation has been an issue, contributing to the lack of a single, comprehensive solution that can be deployed at large scale. Without a common technical system for track and trace, the market needs a solution for real-time visibility and traceability—with actionable data.
This lack of real-time visibility and traceability results in business stagnation, as logistics companies struggle or fail to create added value for customers. Low customer satisfaction is caused by their unmet need for proactive and early detection through sensor data such as position, temperature, shock, and more.
Benefits of Supply Chain IoT
Because of the fragmentation and business stagnation in the market, logistics companies stand to benefit greatly from the advantages of supply chain IoT adoption. IoT-enabled logistics offer increased data availability and action-ability, proactive anomaly event detection and delivery information, improved KPI measurements, improved planning and workflows, quality assurance, and increased revenue, product offering, and competitiveness.
The Role of the IoT Enabler
Because one of the most common factors in failed IoT projects is lack of expertise, selecting the right technology partner is critical to the success of supply chain IoT adoption. Unlike internal IT teams, IoT enablers leverage years of experience and industry expertise to help companies deploy, manage, and scale their IoT-enabled logistics.
KORE is a pioneer, a leader, and a trusted advisor in IoT implementation and deployment. With a dedication to driving innovation for customers, KORE helps simplify complexity, accelerate IoT deployments, and maximise IoT investments. With nearly two decades of IoT knowledge and experience, KORE is poised to help companies reap the benefits of supply chain IoT adoption.
KORE provides real-time monitoring and visibility services for in-transit goods and remote assets across supply chains with a global reach through a solution called Critical Asset Management, which launched in Spring 2020. This comprehensive solution is based on advanced trackers, sensors, algorithms, cloud services, and a suite of managed services.
If you’d like to learn more about supply chain IoT adoption, don’t miss our upcoming webinar on Tuesday, July 28th at 6pm GMT: Overcoming the Barriers to Supply Chain IoT Adoption
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