{"id":15339,"date":"2021-04-12T18:20:30","date_gmt":"2021-04-12T12:50:30","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=15339"},"modified":"2021-04-12T18:45:00","modified_gmt":"2021-04-12T13:15:00","slug":"iot-assurance-cold-supply-chain-risks","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/iot-assurance-cold-supply-chain-risks\/","title":{"rendered":"How IoT assurance helps manage cold supply chain risks"},"content":{"rendered":"

To keep up with the needs of consumers and shippers, the cold supply chain sector is constantly\u00a0<\/span>evolving<\/span>. The suppliers of cold chain products had to\u00a0<\/span>acclimatize<\/span>\u00a0to the changing needs as people change<\/span>d<\/span>\u00a0their consumption patterns.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to a report published on\u00a0<\/span>Allied Market Research<\/span><\/i><\/b>, \u201c<\/span>The global cold chain logistics market is very vast, valued at USD 159 billion in 2018 and is expected to reach USD 585 billion by 2026, registering a compounded annual growth rate (CAGR) of 17.9% from 2019 to 2026.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

Understanding the\u00a0importance of\u00a0cold supply chain management\u00a0<\/strong><\/h4>\n

In the wake of the Covid-19 pandemic, the cold supply chain has become more relevant than ever as the vaccines that require stable refrigerated temperature\u00a0<\/span>are being transported\u00a0<\/span>a<\/span>round the globe\u00a0<\/span>to get to you in usable or unspoiled condition.<\/span>\u00a0<\/span><\/p>\n

According to\u00a0<\/span>IQVIA Institute for Human Data Science<\/span><\/i><\/b>, \u201c<\/span>The pharmaceutical industry loses $35 billion a year due to failures in temperature-controlled logistics chains.\u201d<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

A<\/span>n<\/span>\u00a0efficacious cold\u00a0<\/span>supply chain\u00a0<\/span>ensures\u00a0<\/span>that\u00a0<\/span>temperature-sensitive products are kept within optimal temperature ranges and\u00a0<\/span>maintain<\/span>\u00a0the desired state from start to finish.<\/span>\u00a0<\/span><\/p>\n

While<\/span>\u00a0the cold chain is a logistics management process that involves performing a chain of tasks to prepare, store, and transport products along the cold supply chain, t<\/span>he quality of the shipment may be compromised if the cold chain shipment is not kept cold at every link of the chain, resulting in useless products.<\/span>\u00a0<\/span><\/p>\n

According to a report published on\u00a0<\/span>Supply Chain Dive<\/span><\/i><\/b>, \u201c<\/span>Supply Chains cause 40% of food waste in North America, of which 14% is caused by handling and storage.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

To safeguard the products across the supply chain, it is imperative to\u00a0<\/span>have an ecosystem of Internet of Things (IoT) in\u00a0<\/span>the\u00a0<\/span>cold supply chain.<\/span>\u00a0<\/span><\/p>\n

IoT ecosystem in cold supply chain\u00a0<\/strong><\/h4>\n

To\u00a0<\/span>drive down their operational costs\u00a0<\/span>and unlock the full competitive advantage, enterprises might think of assimilating IoT technologies with analytical and automation capabilities.\u00a0<\/span>\u00a0<\/span><\/p>\n

While the concept of an IoT ecosystem is technology agnostic, the relevant technologies for this ecosystem in\u00a0<\/span>the\u00a0<\/span>cold supply chain tend to be cloud computing, blockchain, predictive analysis, and artificial intelligence (AI).<\/span>\u00a0<\/span><\/p>\n

Industry experts believe that compelling value could also be created by assimilating augmented reality, edge and quantum computing, and other technologies.<\/span>\u00a0<\/span><\/p>\n

Regardless of the technologies involved, all the elements of the IoT ecosystem\u00a0<\/span>amalgamate<\/span>\u00a0together to ensure the seamless flow of information to action.<\/span>\u00a0<\/span><\/p>\n

According to\u00a0<\/span>Earl Perkins<\/span><\/i><\/b>, Research Vice President at\u00a0<\/span>Gartner<\/span><\/i><\/b>, \u201c<\/span>The pace of innovation has generated requirements for millions of devices, most network (primarily wireless) connected in some capacity. Unfortunately, most of these devices have little or no protection at the software and infrastructure levels.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

Challenges\u00a0afflicting\u00a0Cold Supply Chain sector\u00a0<\/strong><\/h4>\n

Since the handling of environmentally sensitive products requires close monitoring under prescribed conditions throughout the supply chain, it is essential to manage specific<\/span>\u00a0cold<\/span>\u00a0supply chain risks<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Few major challenges encountered in the cold supply chain sector are as follows:<\/span>\u00a0<\/span><\/p>\n