The Impact Of Asset Tracking & Monitoring Solutions On End-To-End Visibility
What Is Asset Tracking & How Can It Improve Supply Chain Visibility?
Asset tracking is the process of monitoring the state of goods through the phases of the supply chain. According to IT Chronicles, asset tracking and monitoring are both crucial to inventory management systems and the collection of vital data on assets. Asset tracking can be implemented for product shipments that are stationary in a storage facility or moving from one point to another. There are various methods in which assets can be tracked, for example using Bluetooth, GPS, RFID, and more.
In this article, we cover the following topics:
- Major Hurdles That Companies Experience When Monitoring Their Assets Due To Lack Of Supply Chain Visibility Including Loss Or Theft Of Inventory, Lack Of Accurate Recorded Data & Unforeseen Costs Due To Loss Or Damage Of Goods
- How Are Adapt Ideations and Toll Group Working Together To Improve Supply Chain Visibility?
A popular type of device that utilises such technology and can be used to keep track of goods are data loggers. Data loggers are small devices that are able to provide vital data in near real-time to users and their clients based on a range of metrics, including location, temperature, humidity, shock & tampering. This innovative solution allows the user to see the status of their consignments and take instant or even pre-emptive action if any violations are to occur.
Data loggers have revolutionised the transportation of goods as they hold the key to
end-to-end supply chain visibility. From the moment a consignment has been dispatched, a data logger has the ability to send alerts to the user at timed intervals to alert them of the status of their shipment. The data can be consistently shared until the trip is complete, eventually resulting in a log of all activity that has occurred during the trip. Each device is generally connected to an online software that stores and formats the data into a readable version for the client to later download.
Major Hurdles In Supply Chain Visibility.
Major Hurdles That Companies Experience When Monitoring Their Assets Due To Lack Of Supply Chain Visibility.
There are various challenges that supply chain stakeholders face on a day-to-day basis when it comes to a lack of supply chain visibility during transportation of their goods. A few that are most significant include loss or theft of inventory, lack of accurate recorded data, lack of OTIF transparency and records, and unforeseen costs due to loss or damage of goods. It is estimated that billions of dollars in assets are lost or go missing every year resulting in negative implications for companies. Fortunately, a simple yet effective solution to curb these issues is to implement an asset tracking & monitoring solution within the supply chain, namely data loggers.
1. Loss or theft of inventory
When there are goods being transported from one location to another, loss of products is bound to happen due to lack of consistent visibility. If there is no way to monitor the shipment throughout its journey, a plethora of issues could appear. In order to maintain complete supply chain visibility and ensure that the consignment remains safe, has not been tampered with, and is travelling on the correct path to reach its destination on time, a data logger should be included within the shipment.
The device provides an additional layer of safety as it can share location, temperature, shock & tamper data directly with the client in intervals. This is not only reassuring for the client but also increases the security on these goods and ensures that they will safely arrive to their intended destination.
2. Lack of accurate recorded data
Whether it’s a missing shipment or just a wrongly recorded item location, it is imperative that there is accurate data collected in order to avoid confusion. Unfortunately, misplaced products are often a result of a lack of accurate inventory management. If one box is sent to the wrong warehouse, it can cause a ripple effect and eventually create a much larger issue for both the sender and receiver.
By making use of a data logger in this situation as a pre-emptive measure, these challenges can be remedied before they even occur. For example, if a company wants to monitor the transportation of a large consignment of goods from point A to point B, by including a data logger within the shipment, they will be able to monitor the location of their goods and continue to track their location after delivery therefore avoiding the possibility of missing products altogether.
3. Unforeseen costs due to loss or damage of goods
When goods are transported in large shipments, there is always a significant risk of damage or loss of product along the journey. Often times, these consignments amount to a high cost or value and any damage to them has a direct effect on the companies involved. It can also be extremely costly to utilise expedited shipping when resending lost or damaged products throughout distribution. Having a data logger in such shipments can help to avoid such supply chain visibility challenges.
Through accurate location and tamper detection, both parties can be instantly alerted if a shipment has deviated off course, or even if the set parameters of goods have been violated. As this data is transmitted in intervals, there is a much higher chance of these goods being easily recovered. Data loggers can also help offer insight into any weaknesses within the user’s own supply chain management processes, which can then be remedied to avoid further challenges from occurring in the future.
How Are Adapt Ideations and Toll Group Working Together To Improve Supply Chain Visibility?
Recently Adapt Ideations and Toll Group announced their innovation partnership. Adapt Ideations’ active asset tracking solutions are featured in Toll Group’s recently launched innovation centre in Singapore. Adapt Ideations’ range of solutions enables users and their clients to have vital data based on a wide range of metrics such as temperature, location, shock & tamper detection. Adapt Ideations caters to a wide range of industries including but not limited to cold chain logistics, pharmaceuticals, and the food & beverage sector. Through our relationship with Toll Group as innovation partners, we are excited to continue to help bring further visibility to companies meeting their asset tracking and monitoring needs.
Enquire to find out more about our innovative solutions and how they can be utilised at enquiries@adaptideations.com
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