How IoT assurance helps manage cold supply chain risks

1. How IoT assurance helps manage cold supply chain risks

2. How IoT assurance helps manage cold supply chain risks To keep up with the needs of consumers and shippers, the cold supply chain sector is constantly evolving. The suppliers of cold chain products had to acclimatize to the changing needs as people changed their consumption patterns. According to a report published on Allied Market Research, “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.” Understanding the importance of cold supply chain management 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 are being transported around the globe to get to you in usable or unspoiled condition. According to IQVIA Institute for Human Data Science, “The pharmaceutical industry loses $35 billion a year due to failures in temperature-controlled logistics chains.” An efficacious cold supply chain ensures that temperature-sensitive products are kept within optimal temperature ranges and maintain the desired state from start to finish. While the 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, the 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.

3. How IoT assurance helps manage cold supply chain risks • According to Earl Perkins, Research Vice President at Gartner, “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.” • Challenges afflicting Cold Supply Chain sector • Since the handling of environmentally sensitive products requires close monitoring under prescribed conditions throughout the supply chain, it is essential to manage specific cold supply chain risks. • Few major challenges encountered in the cold supply chain sector are as follows: • Difficulty in maintaining the specified range of temperature throughout the supply chain. • Lack of understanding about cold supply chain best practices. • Ensuring compliance with temperature requirements. • Lack of effective security measures affecting supply chain’s auditability and integrity. • By leveraging digital solutions like IoT assurance experts with cold chain management, enterprises can expect higher revenues, reduced costs, and increased speed-to-market.

4. How IoT assurance helps manage cold supply chain risks Enterprises are marching inexorably toward becoming digital businesses warranting efficiencies in productivity, cost savings, better customer experience, and other competitive advantages. The world is increasing the visibility and importance of cold chain management to transport the COVID-19 vaccine. Using an IoT solution built around several multipurpose sensors to monitor inventory reduces inventory inconsistency, improves product safety, and maximizes the ROI of temperature-controlled material shipment. Cigniti’s IoT assurance experts have in-depth experience in testing end-to-end logistics & transportation management software. Cigniti has a proven track record of establishing 100% test automation to several top ranked Fortune 500 third party logistics providers, ensuring a seamless user experience. Cigniti’sTest Center of Excellence(TCoE) has helped achieve vast benefits to customers involved in Supply Chain business, and the IoT assurance experts are well equipped to deliver heightened customer experience assurance across the cold supply chain sector. Read Full Blog at: https://www.cigniti.com/blog/iot-assurance-cold-supply-chain-risks