Data science and IoT together have touched every bit of our life and it is needless to say that at the same time it has proven to be fruitful for various industries as well. In today’s era when we are witnessing e-commerce industry is at boom, but in the background, there is another industry that is expanding rapidly. Any guess? Well, not that hard to tell the industry in the context is “Logistics & Fleet management” and is supporting wing for various other business.
Data science and IoT together have touched every bit of our life and it is needless to say that at the same time it has proven to be fruitful for various industries as well. In today’s era when we are witnessing e-commerce industry is at boom, but in the background, there is another industry that is expanding rapidly. Any guess? Well, not that hard to tell the industry in the context is “Logistics & Fleet management” and is supporting wing for various other business.
As a consumer, you might be able to see only a few far-eye benefits (like real-time monitoring, Route Optimization, Planning & monitoring) of how data science and IoT are helping logistics management. But according to a recent study by howtogetrid, there are numerous benefits that data science and IoT offers to logistics management which redefines it. This makes it more reliable, secure and transparent.
How data science & IoT revolutionized working of logistics management
IoT with the help of GPS and RFID (Radio-frequency identification) is offering following key benefits to logistics management.
Capacity Sensing – In logistic management, accurate information on storage capacity plays a crucial role. Any misleading information with this regard can lead to a hindrance in the business working leading to a possible loss. IoT has helped logistics management firms to keep a track of storage capacity in real time to know the exact position of how more items they can store in the warehouse to avoid any arising loss due to lack of such information.
Route planning – Limited time and high fuel cost are a major concern for any logistic management business. If by any means they can save the time taken for transportation or fuel cost then it would earn a high-profit margin for the firm. IoT with the help of GPS technology is performing the job to the fullest; it can analyze and display the time and cost efficient route for the delivery of the product.
Theft Detection & Prevention – One of the major issue that any logistic management firm may face is of theft during the logistic process. Think of a situation where you order or send any product via logistic firm and at the time of delivery you find an empty box? Whom you are going to blame and ask a refund for? For sure, the logistic management firm assisting your package delivery. IoT has come up with tools and software’s that offer a sound solution to avoid any theft or box tampering at any stage of package delivery.
Environment monitoring & management – At times there are delicate products or medical products that are needed to be maintained at a particular temperature and thus demand extra care in handling and special packaging to avoid any damage to the product. Logistic management business needed a helping hand that can monitor and manage these particular packages, Data Science & IoT offer certain tools that can easily manage and adjust the temperature of such delicate products and ensure their safe delivery.
Real time tracking – If you have ever ordered any package online or have taken courier service then you would surely be well-versed with the benefit of real-time tracking. As the name suggests, real-time tracking allows you to keep a track of your package from origin till the delivery is made. It allows the consumer to know where their package lies and by what time it could be delivered to them or helps to track any possible delay in the route with its possible cause.
Predictive Analysis – It is one of a standard feature of data science that have also proven to be fruitful for logistic management industry. Predictive analysis is based on historical data, analyzing which the logistic management business can easily predict the workload that they might have to bear in mere future.
These are a handful of the main benefits that IoT and data science have offered to logistic management industry. According to financialexpress.com, logistic management industry has shown a growth of 15% in last five years, such growth response from the sector also demands an improved technical platform offering secure, smooth and transparent working and needless to say that Data Science and IoT have provided such platform to the industry.