In February this year, the Safety and Shipping Review released its 2019 report. This report revealed that the cost of around 230 000 insurance industry claims over the past five years had almost reached $10 billion. The international shipping industry is just one part of an entire complex supply chain that is riddled with fraud, theft, human error and loss. Cargo theft has been around since the days of pirates and bandits on horseback, but today the supply chain has a secret weapon that could potentially save the cargo and the costs. This weapon is technology and IoT.
How can technology and IoT help?
Technology and IoT have the potential to provide businesses with the critical insights needed into cargo movement throughout the supply chain by capturing data across every point of the cargo’s journey from when it leaves its starting point to when it arrives at its destination (or if it doesn’t). The sensors used to do this have not only become a lot more cost-effective, but they are also equally adaptable and capable of handling variable conditions as they track cargo across air, land and sea. They are able to provide a level of visibility into our supply chains that have only ever been imagined. With high levels of theft and lost cargo, these technologies are only going to become more and more relevant.
When it comes to transporting goods, there are a number of elements that are out of the control of humans, weather being one of these. Damage or loss of cargo due to weather might not be avoidable, but with the use of tech and IoT sensors it becomes possible to pick these damages or losses up early on and handle the problems accordingly. Unfortunately, the customers don’t care much about why they don’t have their items. They want their merchandise and they want it on time. IoT and technology can be used to streamline, transform and redefine efficiencies.
Making sure you know what is happening with your cargo at all times makes all the difference. TSI’s system is event-based which means that as soon as something happens, you will know about it through an alert that has been set up on a platform that suits you. To find out more about our technology and how it can help your business, send us an email at firstname.lastname@example.org .