Given the fast-changing trends and feasibility of the electronics market, manufacturers need to be flexible and adaptable to keep up with constantly evolving demands. Producing high-quality products while also minimizing costs and integrating everything into a rapid delivery system puts huge pressure on those in the industry to meet customer demands. Logistics remain a challenge in 2018 for manufactures and supplier partners required to deliver speed and accuracy faster than ever before. Unsurprisingly, it was found that more than 80% of 300 companies interviewed in a study consider they are facing significantly more risks than 5 years ago in terms of theft, products delays or counterfeit items.
For the global electrical and electronics manufacturing market, with a production valuing €4.008 billion, it is estimated that yearly theft of products from the supply chain amounts to around €30 billion. The most targeted are household items such as appliances and tools, accounting for 17% of all cargo theft, followed by electronics, with no less than 13%. Still, suppliers have the responsibility to make sure that all the pieces are secured and arrive in time for parts assembly. In Europe, thefts from trucks are also on the rise with a reported 89% increase in theft incidents between 2014 & 2015.
IoT technology, already in place for manufacturers who incorporate it into household appliances, is quickly becoming the solution for full and indisputable network transparency in logistics. IoT connects physical objects that are integrated with sensors and software allowing them to transfer and collect data without requiring human-to-computer interaction.
With almost 20 billion devices predicted to be connected to the IoT by 2020, it is becoming essential that organizations invest in new technologies to keep up with the evolving customer demands. IoT is especially relevant to the electronics industry for which shipping comes with unique challenges. Still, out of 78% manufactures admitting to being worried about supply chain disruptions, only 19% actually plan for them.
ParceLive, a real- time parcel tracking service, allows users to harness the power of the IoT in a way that is both easy to implement and scale. A global returns service ensures that trackers are seamlessly returned via the postal network after use meaning that users require no additional infrastructure and minimal process alterations. Implementing live data into existing systems means that companies can receive live alerts and create real-time workflows direct from a consignment. The ability to be made aware in real time when shipments have entered into dangerous areas, been subject to breaches or remained in one place for too long is now a real capability for many in the logistics industry.
To receive more information on how to incorporate live data across your logistics network you can request more information from Hanhaa by clicking the link below.