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    1. Industry Trends

    Logistics to See $1.9 Trillion Impact from IoT

    April 21, 2015
    iot, internet of things, logistics, supply chain, technology
    A new report from DHL and Cisco predicts a logistics revolution from the Internet of Things.

    DHL and Cisco's The Internet of Things Trend Report predicts that as many as 50 billion devices will be connected to the Internet by 2020 – up from 15 billion today.

    That shift is expected to carry a dramatic impact on the supply chain and logistics sector… and impact that could be worth just shy of $2 trillion.

    "For any organization with a supply chain or logistics operations, IoT will have game-changing consequences, from creating more 'last mile' delivery options for customers, to more efficient warehousing operations and freight transportation," the report explains.

    The main benefit to the industry is the ability of the IoT to connect in real time millions of shipments being moved, tracked and stowed each day. In warehousing, connected pallets and items will be a driver for smarter inventory management.

    In freight transportation, tracking and tracing of goods becomes faster, more accurate, predictive and secure while analytics of a connected fleet can help to predict asset failure and to schedule maintenance checks automatically.

    Finally, connecting delivery personnel with surrounding vehicles and people can become a way of monetizing and optimizing the return trip to improve efficiency and service in last mile delivery.

    To achieve this, however, there will be some key success factors required:

    • Clear and standardized approach for the use of unique identifiers or 'tags' for various types of assets among different industries on a global scale entire networks before implementing new solutions – and this means substantial investment must be made 
    • Seamless interoperability for exchanging sensor information in heterogeneous environments 
    • Establishment of trust and ownership of data and overcoming privacy issues in the IoT-powered supply chain 
    • Clear focus on reference architecture for the IoT
    • Change in business mindset to embrace the full potential of the Internet of Things

    http://mhlnews.com/technology-automation/logistics-see-19-trillion-impact-iot

     

    Read more on the Iot Revolution at Material Handling & Logistics.

    MH&L is an NED companion site with Penton's Manufacturing and Supply Chain Group. 

     

     
    About the Author

    Adrienne Selko | Senior Editor - MH&L, IW, & EHS Today

    Adrienne Selko has written about many topics over the 17 years she has been with Endeavor Business Media and currently focuses on workforce development strategies. Previously Adrienne was in corporate communications at a medical manufacturing company as well as a large regional bank.

    She is the author of Do I Have to Wear Garlic Around My Neck? which made the Cleveland Plain Dealer's best sellers list. She is a senior editor at Material Handling & Logistics, EHS Today, and IndustryWeek. 

    Editorial Mission Statement:

    Manufacturing is the enviable position of creating products, processes, and policies that solve the world’s problems. When the industry stepped up to manufacture what was necessary to combat the pandemic, it revealed its true nature. My goal is to showcase the sector’s ability to address a broad range of workforce issues including technology, training, diversity & inclusion, with a goal of enticing future generations to join this amazing sector.

    Why I Find Manufacturing Interesting: 

    On my first day working for a company that made medical equipment such as MRIs, I toured the plant floor. On every wall was a photo of a person, mostly children. I asked my supervisor why this was the case and he said that the work we do at this company has saved these people’s lives. “We never forget how important our work is and everyone’s contribution to that.” From that moment on I was hooked on manufacturing.

    I have talked with many people in this field who have transformed their own career development to assist others. For example, companies are hiring those with disabilities, those previously incarcerated, and other talent pools that have been underutilized. I have talked with leaders who have brought out the best in their workforce, as well as employees doing their best work while doing good for the world.