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IoT Value

IoT to Provide $1.9 Trillion Boost to Supply Chain, Logistics

IoT ValueThe Internet of Things (IoT) will generate $8 trillion worldwide in value over the next decade, according to a trend report by DHL and Cisco.

The report says this will come from five primary drivers: innovation and revenue ($2.1 trillion), asset utilization ($2.1 trillion), supply chain and logistics ($1.9 trillion), employee productivity improvements ($1.2 trillion) and enhanced customer and citizen experience ($700 billion).

DHL and Cisco estimate there will be 50 billion devices connected to the internet by 2020 compared to 15 billion today. The combination of increased revenues and lower costs that is created or will migrate among companies and industries when new connections are made shows huge potential when the internet and networks expand their connections to warehousing, freight transportation and other elements of the supply chain.

The report says for any organization with a supply chain or logistics operations, IoT will have “game-changing consequences,” from creating more last mile delivery options for customers, to more efficient warehousing operations and freight transportation. In warehousing, connected pallets and items will be a driver for smarter inventory management. In freight transportation, tracking and tracing of goods becomes faster, more accurate, predictive and secure while analytics of a connected fleet can help to predict asset failure and to schedule maintenance checks automatically. Finally, connecting delivery personnel with surrounding vehicles and people can become a way of monetizing and optimizing the return trip to improve efficiency and service in last mile delivery.

Cisco and DHL are now also collaborating on a joint IoT innovation project that will improve decision-making in the warehouse operations through near real-time data analytics based on Wi-Fi location data of selected devices.

Earlier this month IBM said it will invest $3 billion over the next four years to establish a new IoT unit, and that it is building a cloud-based open platform designed to help clients and ecosystem partners build IoT systems.

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