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Innovation: How IoT will revolutionize supply chain businesses

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Innovation

By Juliet Umeh

How to keep track of assets has always been a challenge for Asset Management Industry. This is as knowing where things are at any given time can be critical to transforming business operations. It can reduce risk, save money, improve efficiency, and drive new service revenue.

For instance, containers keep missing all over the world and it usually takes months to find them in the cases where they are ever found.

However, technology experts are of the opinion that a combination of mobile computing, analytics, and cloud services, all of which are fuelled by the Internet of Things, IoT, is changing how delivery and asset management companies are conducting their operations.

Interestingly, experts say Asset tracking is one of the fastest-growing industrial IoT markets today.

It is estimated to worth $3.93 Billion by 2023.

Also, Delivery company DHL and tech giant Cisco estimated in 2015 that IoT technologies such as asset tracking solutions could have an impact of more than $1.9 trillion in the supply chain and logistics sector.

According to their estimate, there will be 267 billion IoT asset tracking devices deployed in the global industry by 2027.

All these were revealed at the Disrupting Asset Tracking webinar organised by Technology Company, IoT Africa Networks Ltd in conjunction with Connected Finland, recently.

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The event was to shed light on the challenges facing the asset management industry.

The Executive Chairman of IoT Africa Networks Ltd, Lare Ayoola, said the difference between lost and found can be as little as 12 Bytes, with the deployment of IoT based solutions.

He said: “IoT Africa Networks Ltd in partnership with Sigfox enables one to observe the entire asset tracking network whether industrial, commercial, business or residential in a convenient and budget-friendly manner.

“You might not be able to rely on electricity in Nigeria, but you can rely on Sigfox. This is because the Sigfox devices can be powered without electricity. Their battery life can last for more than four years on a single charge,” Ayoola said.

He noted that IoT on the supply chain management can transform inventory, logistics, manufacturing, distribution, construction, insurance, security companies, and more.

Also, Founder, Connected Finland, Tom Lindblad, said the IoT network, that Sigfox and IoT Africa provide, is enabling them to track things they never could have before. He said IoT connectivity are tracking assets along the supply chain and receiving alerts on anomalies such as unauthorized trailer detachments, virtually fence and manage herds, intercontinental sea-freight tracking, recovery of stolen vehicles, monitor the logistic supply chain, track industrial assets, enable real-time tracking of consumer’s luggage worldwide.

Lindblad said: “The IoT Africa Networks, Sigfox, Tranter IT, and Connected Finland partnerships are strategic and critical for development in Nigeria. The major drive for IoT in Nigeria is for companies and cities to connect everything and stay in control of their assets and business operations.”

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