India- Transformation brought by Internet of Things in Logistics

(MENAFN- VMR News) In the year 1999, Kevin Ashton was the first to introduce the term 'Internet of Things'. While it has not reached its full potential yet, it is estimated to grow every year at a fast pace along with maintaining the hype. Since IoT has come into the picture of reality, the advancements has taken the world by storm. By the year 2020, it is estimated to grow rapidly and the predictions are anticipated to reach close to 50 billion objects.

To streamline the various business processes, most of the logistic companies are grasping IoT technology for transforming their applications in the manufacturing processes, warehouse management, supply chain management and transportation system. This reduces the cost and gives time to work on the resourceful operations in the businesses which rapidly drives the market growth.

In the logistics industry, security and safety of warehouse management is the primary objective of the businesses. IoT technology enhances theft prevention of assets from warehouse thus assists in keeping the assets secure. By the use of IoT technology, it mitigates the risks of theft and helps in detecting and monitoring data among different locations at any time through remote alarms, sensors, text message alert systems and video surveillance cameras. Many of the companies feel satisfied by the fact of keeping their staff secure and safe by the use of IoT as it was a major challenging aspect for the logistics companies. The risks of work-related accidents has been reduced immensely while enhancing the safety and productivity in the warehouse management. The proper use of inventories and activities are taking place for the businesses as the technology allows to see an entire view of the warehouse resulting in business growth as whole.

In terms of delivery, IoT technology has been useful for the logistics along with time management. Logistics companies can prevent themselves from the problem of late deliveries due to natural calamities or treacherous roads by using IoT technologies like GPS and RFID. GPS and RFID allows real time tracking which helps to find alternative map routes and deliver information to companies regarding the delays. The users on the other hand can easily transmit data related to detecting the location of their goods with the help of radio frequency identification tags which comes with an integrated circuit. It enables monitoring fuel cost, quick deliveries and diagnostics which leads to the reduction of inventory damages and increase safety. IoT technology delivers upto 95% accuracy in stock keeping, according to RFID Journal.

IoT is booming for the logistic companies as it is bringing customer efficiency and transparency to the customers as well boosts business growth as per the report published by Value Market Research on IoT for Logistics market . It is leading to build up the business relationships and promote repeat purchases as customers can easily make orders and do payments through IoT technology. For Example; Apple pay, Amazon etc. The customers are more satisfied with goods and services in this era of internet of technology because of the less interference from the staff since the tracking of goods till the delivery to the end consumer.

Companies like OHL, Cargotec, Union Pacific, etc. are transforming their businesses and expanding the market with help of Internet of Technology.

Naira Shekhawat has been into Content Writing just after completing her Graduation in English Literature. Her love for words has won her many accolades in her respective jobs ever since. Naira covers business sections for VMR News. She is a traveller by heart and loves writing on food blogs as a freelancer.

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