While reading one of eft’s newest industry publications, The Internet of Things (IoT) in Supply Chain and Logistics 2016 Research Findings, we were struck by one overarching theme: location information will always be important.
In a survey of 600 respondents from manufacturers, retailers, and logistics providers across the country, asked:
“What’s the biggest challenge in your supply chain?”
The number one response:
timeliness of information.
When questioning respondents who stated that IoT is on their road map:
“What type of information are companies looking to gain from IoT in their supply chain?”
Over 70% of respondents are looking for location information.
“Location will always be important, but is increasingly becoming a standard”
Early adoption of real-time tracking datacollection will allow manufacturers, retailers, and other shippers to differentiate themselves from their competitors.
Companies are looking to invest in IoT and other technologies, like real time location tracking, in order to better serve their customers and stand out from the competition.
Over 87% were looking to expand their usage of IoT.
80% are looking for solutions to improve operational visibility of land shipments.
Over 50% were collecting data from their owned mobile assets (like trucks and trailers).
50% are looking to deploy GPS tracking in order to increase real-time information and operational visibility.
What do these have in common? FourKites real-time tracking platform can help you accomplish all of the above.
When asked what their IoT networks were primarily used for, 41% who were using their Iot for optimization and prediction, but 61% said that they were only analyzing half of their IoT data.
While collecting and analyzing IoT data, such as real-time ELD location information, can present a challenge to a company without a tracking platform, this challenge brings to light the hidden potential of what can be accomplished when this data is leveraged as an operational and competitive advantage.
How can you leverage real-time location information? The respondents answered that for you.
What are the top reasons companies are looking to deploy IoT?
The top three reasons are:
- To improve customer service with better information
- To provide customers with more frequent updates on shipment pick-up or delivery
- To improve speed, delivery time frames through data analytics collected
During follow-up interviews from the 2014 survey, eft learned that 50% of the respondents from 2014 had achieved ROI of their IoT investments before or within their expected 2-year time-frame.
All statistics and quotes here are courtesy of eft (eyefortransport). You can access the research and learn more about efthere.
We at FourKites know the value of real-time location information and have built our platform with your ROI in mind. We help our users overcome supply chain challenges by providing real-time freight visibility. Click here to request more information, ask a question, or speak with someone who can help you better understand the hidden potential of your IoT.