Why IoT in Logistics?
In a collaborative effort between DHL Trend Research and Cisco Consulting, the "Internet of Things" in Logistics states, "IoT by itself will generate $8 trillion worldwide in Value at Stake over the next decade which accounts for more than 42 percent of IoE’s overall Value at Stake. This value will come from five primary drivers: innovation and revenue; asset utilization; supply chain and logistics; employee productivity improvements; and enhanced customer and citizen experience. Supply chain and logistics alone are estimated to provide $1.9 trillion in value, which is a promising indication of the untapped potential and profits to gain from utilizing IoT in the logistics industry.
The report also states, "In essence, IoT in the world of logistics will be about “sensing and sense making”. “Sensing” is the monitoring of different assets within a supply chain through different technologies and mediums; “sense making” is concerned with handling vast amounts of data sets that are generated as a result, and then turning this data into insights that drive new solutions.