The logistics and transport industry might not have been that quick to jump on the mobility and digitization bandwagon initially, but in the last few years, that has changed quite significantly as more and more companies note an increased bottom line as a result of embracing these approaches.
In fact, a white paper from the World Economic Forum states that digitization in logistics could provide $1.5 trillion in value through the year 2025. Meanwhile, an IDG survey points to a device explosion that will render mobility business-critical. That survey shows that 64 percent of businesses are placing a high priority on mobility in their overall technology efforts.
IoT innovations are enjoying a lot more attention from the transport and logistics sector, with advanced GPS, telematics, and mobile tracking solutions taking center stage. Businesses are already noting a number of advantages, including improved customer retention, faster decision making, and better communication internally as well as externally.
Making the Most of IoT Data
However, it’s crucial to keep in mind that mobility management simply can’t work in isolation. Nearly half of business leaders say that business conditions are challenging at the moment, particularly when it comes to price pressure from customers and controlling costs. The trend toward mergers and acquisitions is also growing, which can make mobility even more challenging as legacy systems need to be migrated.
The competitive advantage that IoT can bring industry players is monumental. Sensors in vehicles can form a custom IoT network of sorts, and connecting it with the fleet management system can help businesses gain access to previously unseen amounts of useful data.
These investments can be expensive, but it’s something that can pay off significantly in the long run if the right approach is used. When multiple systems are able to work in unison and the vast amounts of data collected are integrated and analyzed properly, organizations can find themselves leapfrogging the competition.
This blog post was based off of an article from Supply Chain Digital. View the original here.