How Can READYTrak and READYAsset help your Supply Chain?
Asset tracking in supply chains is undergoing many changes that promise to deliver new benefits. Traditional asset tracking technologies like barcode and RFID ID are being supplemented or replaced with IOT enabled tracking methodologies. These new Internet of Things (IoT) devices can provide real-time tracking, as well as information on the condition of items in the field or in transit.
Specifically, tracking tags and sensors can provide real-time location data about goods in transit or sitting in a warehouse. Additionally, some sensors can collect temperature and pressure data, or whether packaging is damaged. Unfortunately, many companies that use such sensors do not take advantage of this data to improve operations.
In fact, even though modern sensors provide real-time data, most companies still only make use of this data to spot trends, analyzing it after the fact. Gaining operational insights from the devices can be challenging if a company does not have solutions in place to take instant action on real-time tracking data.
What’s needed are solutions that can collect and analyze real-time data so a company could optimize operations. A solution should also help automate inventory-related tasks. Thus, freeing up employees to do work that delivers greater value to the business.
Modernizing the Supply Chain
Many industries, including manufacturing, healthcare, retail/eCommerce and more are embracing Industry 4.0 methodologies using IoT and artificial intelligence (AI). Companies and logistics companies using these technologies in their supply chains can enhance inventory management and improve logistics and transportation. Some areas where the technologies are being used in supply chains include:
Asset tracking: Past techniques to track assets are passive. A tracking number would need to be manually read, or a bar code manually scanned. The information would need to be entered into a system along with geographical data. With IoT sensors, organizations can track the location of their assets in real-time. The information provided by IoT devices can provide information such as current location and time spent in transit. Using this information, companies can spot inefficiencies in their supply chain and identify what causes these inefficiencies.
Monitoring: Perishable or hazardous products need to be stored and transported at certain temperatures, moisture levels, and in sealed or special packaging or containers. With IoT sensors, environmental conditions can be monitored. And alerts sent if a threshold value is exceeded, IoT sensors can notify concerned parties. Companies can use the technology in two modes:
- Reactive, taking action after temperature exceeds a threshold or a package is damaged
- Pro-active, spotting unacceptable temperature increases or leaking packages, which if continued, could put the products or employees at risk.
Making use of the IoT data in this manner can help deliver higher-quality products.
Inventory management: Many business supply chains are complex today. There likely are multiple company-owned warehouses for storing goods, third-party warehouses, and the use of multiple transportation companies. IoT sensors can provide real-time data about stock levels and stock locations.
IoT sensor data can be used to let a company know when products leave the warehouse and are delivered to their destination. Additionally, the information sent by IoT sensors be analyzed to manage inventory effectively.
Modern Solutions to Make use of Modern Technologies
Llumin asset tracking and management solutions offer features that make them well-suited for supply chain applications.
READYAsset can help companies know what an asset (an individual item, carton, pallet, or tractor-trailer) is, where it is located, and its state. LLumin asset management software lets companies upload interior photos, architectural drawings or auto CAD drawings of facilities. When used for supply chains, companies could then draw in merchandise and other assets to gain a top-down perspective of the location and condition of all critical assets. READYAsset’s ESRI ArcGIS Interface offers maximum visibility. Letting companies view, locate and manage assets throughout their enterprise or supply chain, but looking at those assets from the perspective of proximity or geo information.
Lumin’s READYTrak Materials Management Software suite manages every aspect of your enterprise-wide materials requirements and demand fulfillment. Its inventory, purchasing and usage tracking capabilities incorporate advanced functionality that provides the visibility needed for improved safety and regulatory compliance with OSHA, EPA, FDA, Sarbanes-Oxley, ISO and more.