As the IoT solutions are applied to all industries, there is chance of increasing issues in warehouses, logistics and supply chain. Hence, it is significant to implement a secured IoT solution for the asset tracking applications which needs a real time one. In this asset tracking system, they have experienced some key cyber security challenges. They are as follows,
In this case, there is a need of effective IoT asset tracking system in real time. This IoT tracking system will enhance the business operations and reduce the costs. It helps to make streamlined operations as well. It is suggested to use RFID technology with IoT enabled asset tracking system. This makes the services effective and avoid security challenges in the asset tracking system.
In the asset tracking system, it is significant to use RFID (Radio Frequency Identification) for the tracking the asset. RFID is the cost effective solution of IoT solutions. However, IoT enable assets offer real time visibility into the asset performance and helps to organize the asset lifecycle. This RFID will alert them when the server has removed from the data center. In this cases, the assets enters the facility to moment it is retired then the company has a real time trail of condition, present value of each asset and location. It helps to deliver financial and operational efficiencies which the manual tracking never offers.
Process of Enterprise Asset Management
RFID is the reliable and low cost process for developing the business efficiencies and automating the inventory counts. It makes IoT environment of the connected objects, devices and applications. The connected network renders data and analytics which helps to make significant business decisions (Tournier, 2017). This business decision comprises unauthorized movement of assets, equipment replacement or maintenance and tracking asset lifecycle. By using these aspects, the asset tracking system can bill the customers appropriately for usage and meet the leasing agreement requirements.
RFID in Supply chain process
In manufacturing, the pallets are loaded and RFID tags are applied and validated for quality assurance. The goods are identified with maintaining the customer order. ERP system helps to enhance the electronic transactions (Vaculik, Kolarovszki, & Tengler, 2012). Once the logistics vehicle arrived at the distribution center, RFID reader acquires unique ID from RFID tag and induces automatic routing of the next goods. Retail ERP system helps to organize the inventory levels.
Work flow diagram
In the above workflow diagram, the asset tracking system has been revealed. RFID provide timely information in the warehouse and supply chain by offering the information to be accessed effective. The faster decision should be made that generates the operational optimization. The process of allowing the information gathered in real time leads to effective decisions and faster response in which RFID exhibits future promise.
There are four stage of process accompanied in the process. First, RFID will get information from the particular department with RFID tags. Next, faster access will be take place in acquiring the information. Between these activities, the automatic data capture has made. After the faster access, the faster decisions has been implementing by taking real time information. Furthermore, the operational optimization has been achieved. This work flow diagram is applicable for labor, transport, facilities and inventory. However, business costs are minimized and the operation becomes more productive by lowering the transportation, labor, facility costs of choosing inventory in the supply chain.
In order to make business value based business model, we need to select the business process, benefits and key metrics.
|Business process||Benefits||Key metrics|
|Strategic process||Enhance the services and retain competitive||Achieving goals of the company|
|Operational resources||Increase profitability and productivity||Return on invested capital|
|Change in technology||Implementing RFID technology in Asset tracking system||Automated process and operations|
|Asset tracking||Implementation of RFID in IoT enable asset tracking helps to enhance the business operation effectively||Tracking the services in real time|
|Value proposition||Increase brand awareness Increase competitive positioning||Market value added is the key metrics for this business process|
To create a value based business model matrix, we need to prefer the business process and benefits.
|Business process||Benefits||Key metrics|
|Supply chain process integration||Enhance efficiency rate, reduce cost effects and enhance the output or outcomes.||Perfect order matrix, timely delivery and inventory turnover, IT technology resources|
|Innovation and technology||Enhance business process and operations||Returns high profit and revenue|
|Warehouse integration||Reduce security vulnerabilities, enhance customer satisfaction and saves space||Inventory accuracy and reverse logistics KPIs, on time deliveries|
|Logistics management||Helps to visualize all logistics activity in a transparent way||Key performance indicators are measured. Average time delivery of trucks.|
|Customer relationship||Increase customer engagement and customer loyalty||Customer retention rate|
(Arenas, Goh, & Matthews, 2019)
The asset tracking system will make use of this value based business model enhance the brand reputation and customer loyalty.
Arenas, A., Goh, J., & Matthews, B. (2019). Identifying the business model dimensions of data sharing: A value-based approach. Journal Of The Association For Information Science And Technology. doi: 10.1002/asi.24180
Kollmorgen, M. (2005). Building a business case for digital asset management. Journal Of Digital Asset Management, 1(6), 399-402. doi: 10.1057/palgrave.dam.3640061
Tournier. (2017). IoT-Enabled Asset Tracking is Driving Business Innovation. Retrieved from https://www.sierrawireless.com/iot-blog/iot-blog/2017/09/iot_enabled_asset_tracking_is_driving_business_innovation/
Vaculik, Kolarovszki, & Tengler. (2012). Possibility of RFID in Conditions of Postal Operators. Retrieved from https://www.intechopen.com/books/radio-frequency-identification-from-system-to-applications/possibility-of-rfid-in-conditions-of-postal-operators