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How Will Adoption of Internet of Things (IoT) Facilitate Logistics Sector?

IoT
Archives, Global Logistics, Global Trade Daily, Trucking

How Will Adoption of Internet of Things (IoT) Facilitate Logistics Sector?

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The expansion of the e-commerce sector, which will account for a 17% share in global retail sales by 2021, has increased the incorporation of the internet of things (IoT) technology for enhancing the logistics ecosystem. The booming e-commerce industry, on account of the changing consumer behavior, requires fast and free shipping with competitive product pricing. To keep up with this changing customer behavior, various companies have started adopting IoT solutions in their logistics activities to manage a sudden order rise, time-sensitive needs of customers, and inconsistent shipping.

The adoption of IoT solutions improves the efficiency of logistics operations, as they help in tracking the inventory and warehousing, monitoring the driver activity, allowing for smart location management, and updating the delivery status. The benefits offered by IoT technology are imperative for the success of any logistics company. This realization will, therefore, increase the IoT in logistics market size from $34,504.8 million in 2019 to $100,984.5 million by 2030. According to P&S Intelligence, the market will advance at a CAGR of 13.2% during 2020–2030.

Additionally, the rapid digitization in the logistics sector is propelling the demand for IoT solutions. Logistics and trucking companies across the globe are using data analytics, telematics, self-driving, and robotic technologies to attain operational efficiency and combat issues such as the shortage of truckers. Besides, the integration of robotics in supply chain management, data analytics, warehousing, and machine learning has helped in solving the issue of labor shortage and enhancing technical efficiency.

Furthermore, the developments in the 5G network technology will fuel the demand for IoT solutions from the logistics industry. The 5G technology will improve the experience of drivers by providing better insurance coverage for vehicles and real-time traffic updates. Moreover, this cellular network technology allows logistics companies to cut down the latency, thus ensuring higher efficiency in operations. Apart from this, the logistics industry also uses local area network (LAN) technology-based IoT solutions to improve its operations.

In the past, the North American logistics sector displayed the highest adoption of IoT solutions, on account of the rapid digital transformation in the region. Moreover, the emergence of new IT startups due to the surging internet penetration and expanding scope of e-commerce has facilitated the adoption of IoT technology in the logistics industry. Besides, a surge in advertising and marketing activities pertaining to robotics, near-field communication (NFC), low-power wide-area network (LPWAN), artificial intelligence (AI), and radio-frequency identification (RFID) technologies and an increase in the efforts to educate and train professionals in these technologies widen the scope for companies offering IoT solutions for regional logistics companies.

This will be because of the fact that blockchain for supply chain management has the ability to replace conventional processes as it uses ledger technology that makes logistics operations sustainable and ethical. Geographically, the market will demonstrate the fastest growth in Asia-Pacific in the coming years, as per the estimates of the market research company, P&S Intelligence. Rapid technological advancements in the logistics industry are the major factor fueling the expansion of the IoT in the logistics market in this region.

Source: P&S Intelligence

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Rahul has around 2+ years of experience in market research and consulting services for the automotive domain. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining, and BOM costing. He has successfully delivered multiple projects in market entry and share analysis and others.

Some of the projects delivered by him include Artificial Intelligence in Transportation Market, Global Electric vehicle and Charging Infrastructure Market, and Mobility-as-a-Service Market.

Commodity Management global
Archives, Global Logistics, Global Trade Daily

The Need for Commodity Analytics in Commodity Management Software

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The management of commodities and the risks associated with this activity have evolved since the introduction of Energy Trading and Risk Management (ETRM) software in the 1990s. Over time, the type and quantity of data to be managed changed and these solutions later evolved to Commodity Trading and Risk Management (CTRM) software in the mid-2000s that grew in scope to include support for commodities other than energy. In addition to support for additional commodity types, ETRM and CTRM software has grown further into the supply chain and the functional footprint of these systems has dramatically increased. Now, we are seeing another generational shift from what were primarily transaction-based systems to solutions that provide sophisticated, real-time, analytics along with transaction management.

Commodity Management is a Big Data Business

Inherently, the commodities industry has always been a big data business. Physical trades that are hedged with financial derivatives create thousands of individual data points. And each of those data points represent multiple decisions to be made and perhaps reconsidered before the trade is eventually closed. Prices move, markets change, and regulations are updated. For example, as a market data provider, GlobalView is constantly adding new data sources to meet the needs of commodity market participants. Today’s focus on analytics is driven by the need for more data.

All of this data drives complexity in decision making. Those companies who are best equipped to leverage the data available to them to make the best decisions will gain a competitive advantage. It’s a whole new world. No longer is the typical CTRM software system adequate for companies exposed to commodity market risk. While the ability to capture the data that surrounds each transaction or engagement is still required in CTRM software, that functionality alone is not enough. As margins tighten and conditions get tougher, commodities companies need systems that do more.

A Generational Shift from Data Capture to Data Analytics

To remain competitive, today’s commodities companies need next-generation systems that support real-time decision making to move beyond data capture to data analytics. The ability to analyze information to create predictive models allows firms to develop accurate, repeatable formulas that take into account market conditions to identify optimal scenarios. Using advanced visualization techniques coupled with user-controlled, predictive analytics, commodities companies can optimize operations.

Commodities companies can no longer afford to wait days and weeks to understand market changes, analyze the alternatives, and make decisions. Instead, all business users need the power to analyze data the way they want. The solution that will enable real-time decision making requires two components: the right technology to handle the large volume of data generated by the commodities industry and built-in commodity specific intelligence to analyze the data. In addition, the most useful analytics solutions will enable business users to start using the solution immediately without an extended and costly implementation project.

Today’s Next-Generation Commodity Management Solution is Smart Commodity Management

Smart Commodity Management includes Commodity Analytics Cloud, an advanced data aggregation and analytics tool, and InSight CM, an integrated system for managing commodity transactions end-to-end. These two solutions together provide the analytical and operational solutions that commodities companies need to manage in today’s complex and volatile markets.

Analytics are the future of commodity management. Commodities companies need to look at advanced analytics solutions to ensure future success. Geared specifically for commodities companies in the agriculture, manufacturing, energy, and metals industries, Commodity Analytics Cloud provides traders, risk managers, analysts, supply chain/logistics managers, IT specialists, back office personnel, and executives with previously unavailable insights into key business areas.

Commodity Analytics Cloud brings together data from multiple internal and external sources including ETRM, CTRM, ERP, CRM, spreadsheets, and market data, including GlobalView’s MarketView data, which is available in a special bundled package price.

Eka Software Solutions is a global leader in providing digital commodity management solutions, driven by cloud, blockchain, machine learning and analytics.

To talk to Eka experts please write to info@eka1.com

data
Archives, Global Trade Daily, In The News

Made Dizzy By COVID-19 Data? Artificial Intelligence Helps Clear Things Up.

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As governors begin to make decisions about reopening the economy, Americans are left to wonder whether they should follow their state government’s lead – or make their own decisions about when to return to normal.

One problem for the average person: How to decipher the multitudes of data about COVID-19 and evaluate whether the country or any particular state is – or is not – flattening the curve.

“It’s easy to find tons of data online with charts and graphs, but all those numbers can be overwhelming,” says Sharon Daniels, chief executive officer of Arria (www.arria.com), which specializes in a form of artificial intelligence known as Natural Language Generation (NLG). “You see a line on a graph, but what is it telling you?”

Daniels’ company is among those trying to simplify that complex chore for Americans, using artificial intelligence to transform that raw data into an easy-to-understand narrative. To this end, Arria is involved with two online initiatives – the COVID-19 Live Report and the COVID-19 U.S. Tracking Report – that give Americans access to NLG as they try to grasp all the information coming their way from scientists, government officials, and the media.

Each of these free dashboards allows anyone – from government leaders to journalists to citizens – to review up-to-date COVID-19 data, along with critical insights transformed into writing by Arria’s Natural Language Generation software. The software uses language analytics and computational linguistics to “think” like a writer, pulling the most important information to the top of the narrative, providing critical insights, and giving meaning to the tabulated reports and visualizations.

Just as an example, a resident of Pulaski County, KY, who checked in on April 23 would have learned that in their community the previous day “there were 2 new cases and no deaths reported. During the past 7 days, cases have increased by 7, which means the seven-day rolling average for cases is 1.”

No human wrote those sentences. They were penned automatically by the NLG software.

As Arria and others do their part to help Americans work their way through the sea of information, there is evidence that such assistance is both needed and wanted:

A Gallup poll shows lots of confusion about the state of the virus in the U.S., with Americans reaching no consensus on how they think things now stand; 41 percent say the situation is getting better, 39 percent say it is getting worse, and 20 percent say it is staying the same.

A 2017 study of the U.S. public’s understanding of the 2014 Ebola outbreak in West Africa found that most people are good at assessing risk when information is communicated accurately and effectively. That study also found that Americans want accurate and honest information, even if that information might worry people.

Knowing the facts is one way people can reduce their stress level during the pandemic, according to the Centers for Disease Control. “When you share accurate information about COVID-19,” the CDC reports, “you can help make people feel less stressed.”

“The sheer flood of data and information we are seeing daily about the pandemic is nearly impossible to process without the help of technology,” Daniels says. “People want information that will help them understand what’s happening, particularly in the areas where they live. But if that information is too confusing and complicated, they are going to remain confused and scared – wondering what to do, how to help, or how to keep their families safe.”

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Sharon Daniels is the chief executive officer of Arria (www.arria.com), which specializes in a form of artificial intelligence known as Natural Language Generation. Daniels’ entrepreneurial career in building and expanding technology startups began in 1984 and has now spanned more than three decades of technology evolution. Her previous experience includes serving as founding executive director of Diligent Corp., a technology company that grew to become a member of the S&P/NZX 50 composite index before being acquired by Insight Venture Partners for $624 million.

healthcare
Archives, Global Trade Daily, Special Reports

Healthcare Analytics Market Size to Cross $18,250.8 million by 2025

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Emergence of Big Data in healthcare and its impact on healthcare analytics market growth and set to exceed USD 18,250.8 million by 2025

There has been a significant paradigm shift in recent years pertaining to the collection, storage, maintenance, management and analysis of data. Over the years, bolstered by the wave of digitalization sweeping across the globe, data collection is transitioning gradually from paper-based charts to digital real-time analytics systems. 

This new data ecosystem is designed not just to enhance disease prevention rates but also to improve medical diagnostics, administer medications securely and augment overall treatment processes. Consequently, healthcare offerings are evolving from a one-size-fits-all approach to more patient-centric, customized treatment plans. 

The rising prevalence of big data owing to digitization of analytics is promoting the adoption of electronic health records or EHRs for patient’s health data collection, which is likely to add great impetus to global healthcare analytics market expansion.

The evolution of the healthcare landscape is generating immense demand for advanced healthcare data analytics. 

Healthcare analytics or clinical data analytics entails the use of EHRs to garner actionable insights into patient’s health condition and develop suitable treatment plans.

As the number of patients seeking healthcare solutions continues to surge and resources continue to deplete, conventional claims-based analytics systems are unable to accommodate the rapidly arising healthcare issues. This combined with the immense capacity of clinical data in EHRs is a major driving force behind the popularity of advanced healthcare analytics.

Considering the prolific expansion of the healthcare industry, numerous industry players are making persistent efforts towards enhancing health data analytics systems to streamline patient care.

For instance, InterSystems has recently partnered with digital engineering expert Virtusa in a bid to advance healthcare data analytics capabilities in vLife, Virtusa’s cloud-based life sciences platform.

The system comprises a robust, HIPAA-compliant data repository with multiple sources of data. Additionally, the platform features pre-built APIs as well as AI and machine learning-based models.

Prediction to Prevention – The Significance of Predictive Analysis in Healthcare Applications

Predictive analytics is a sophisticated healthcare data analytics tool that leverages historical data and real-time information in order to forecast potential outcomes. Considering the healthcare landscape, predictive analytics can be applied to consumer, claims or patient data through which healthcare workers can predict patterns or trends which can help enhance patient care or outreach programs.

To illustrate, according to a 2017 study, the University of Pennsylvania utilized a predictive analytics tool integrated with machine learning and EHR information to detect severe sepsis or septic shock in on-track patients, nearly 12 hours before the condition manifested.

Burgeoning need for Real-Time Healthcare Solutions

Empowered by the digital revolution, a large number of healthcare management systems are now leveraging real-time, event-driven data feeds. 

Since healthcare is a real-time activity, the ability to accumulate health-related data in real-time is a great boon for healthcare workers and clinicians. It gives them the ability to make point-of-care lifesaving decisions and reduce the dependency on resources, thereby cutting back treatment costs to a significant extent.

Real-time analytics demonstrate great potential in various healthcare-related scenarios; for instance, in the case of a patient’s blood pressure signifying an alarming increase, the healthcare analytics will send a real-time report to the doctor, who can immediately act on administering suitable measures to counteract the condition.

Many prominent industry players are working towards adopting real-time monitoring into their product innovations. For example, Apple has just revealed a new Apple Watch Series 4 with an integrated EKG (electrocardiogram) features, which helps users track their cardiovascular information in real time and alert them to any undiagnosed conditions.

Healthcare Analytics Transformation through Big Data

The emergence of big data has brought about a tremendous shift in the way data is collected, analyzed and used in a plethora of industries. Big data comprises large quantities of data generated through digitization of myriad sources, which is then merged and analyzed by specialized technologies. When used in healthcare analytics, big data makes use of population or individual-specific health data which can potentially mitigate the risk of epidemic, treat maladies and reduce costs, among other benefits.

In light of the changing healthcare spectrum, more and more physicians are basing their decisions on ample quantities of clinical data instead of simply asserting their professional theoretical opinion. 

With the healthcare industry swelling and more and more data being collected, professionals need a support system to ensure proper management and application of data. This is perhaps why the demand for big data analytics across the healthcare sector is witnessing such tremendous growth.

The U.S healthcare analytics market is currently making immense strides in big data analytics, by ensuring the adoption of EHRs across nearly 94% hospitals. A major industry player in the U.S market is Kaiser Permanente, who has developed and integrated a novel system called Health Connect. This system allows data sharing across multiple facilities and streamlines the use of EHRs.  

Source: https://www.gminsights.com/industry-analysis/healthcare-analytics-market 

Archives, Global Trade Daily, Software

Egrow Offers Online Retailers Amazon Insights

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Online retailers and small businesses selling through Amazon’s marketplace are now offered an internationally available, web-based analytics platform called Egrow.

Egrow had current and future entrepreneurs in mind when creating the all-in-one solution, as it provides a more competitive approach in comparing Amazon sales data.

The platform is for both current and prospective Amazon sellers, providing a multitude of features including maximizing listings and increasing reliable, accurate visibility on sales data. Furthermore, Egrow offers a 90-day historical data memory to further increase product relativity for retailers seeking optimized product offerings while maintaining customer engagement.

“Amazon Marketplace is one of the most lucrative platforms for small businesses today, yet it’s also one of the largest which makes it challenging for budding entrepreneurs to not only identify profitable and in-demand products to sell, but also to price and promote these products in order to stand out from the crowd,” says Anton Lang, Egrow CEO.

Standard features of the platform include a product database, live scanner, saved searches, product tracker, keyword tool, reverse ASIN research, and rank tracker. Egrow sets itself apart from competitors due to its sizable product database and more accurate sales data.

“With Egrow, our aim is to bring simplicity back to selling, highlighting valuable data using charts and panels, all within a single user interface,” concluded Lang.