LTL Tracking and Monitoring Technologies
What goes into making sure your shipment is visible and gets where it needs to
It would be foolish for any freight professional to ignore the advancements in technology. Just as we have progressed from steam engines to the epitomes of efficiency that we have at our disposal today, we have to keep our eye out for anything that might help us streamline our processes and supply chain. That includes both newer, more efficient engines, as well as GPS and information systems.
This article explores the latest innovations in LTL tracking and monitoring specifically, their impact on the industry, and their benefits to us all.
Real-Time Tracking Systems
Real-time tracking systems have revolutionized LTL shipping by providing businesses with precise visibility of their shipments. GPS technology allows shippers to monitor their goods’ location, movement, and estimated delivery times.
This level of transparency provides better inventory management, reduced shipment delays, and enhanced customer satisfaction.
Real-time tracking systems can help reduce the risk of loss. Unfortunately, this can hardly apply to delays as they are usually caused by external factors such as weather, congestion, trucks breaking down, etc.
Internet of Things (IoT) Devices
IoT devices have become instrumental in LTL shipping by enabling seamless communication between cargo, vehicles, and logistics networks. These devices, equipped with sensors and connectivity, gather and transmit valuable data in real time. Temperature, humidity, and vibration sensors ensure the integrity of sensitive goods while geofencing alerts notify shippers of any unauthorized movements or route deviations.
A report by MarketsandMarkets predicts that the global IoT in the logistics market will reach $35.2 billion by 2025, driven by the increasing adoption of IoT devices in supply chain management.
Data Analytics and Predictive Insights
The abundance of data collected through tracking and monitoring technologies opens doors to advanced analytics and predictive insights. By leveraging machine learning algorithms and historical data, businesses can optimize their shipping processes, identify bottlenecks, and make data-driven decisions.
Predictive analytics also enable proactive management of exceptions, such as route deviations or unexpected delays. Not only can you now optimize their lanes, quantities, pricing, etc., but they can also use all this information to predict equipment failures before they ever happen.
Blockchain technology is gaining traction in the logistics industry too, and that includes LTL shipping. Its decentralized and evidently transparent nature provides enhanced security and traceability throughout the supply chain.
Smart contracts on the blockchain streamline processes, automate documentation, and reduce administrative overhead. This technology has the potential to revolutionize trust and collaboration among multiple stakeholders in the LTL shipping ecosystem. This is in good part due to the fact that blockchains can be both private and public, where each side has its strengths and weaknesses. However, as a combination they provide a good mix of safety, speed, and, as mentioned, transparency.
Allied Market Research projects that the global blockchain in the logistics market will reach $9.6 billion by 2025, driven by the need for improved transparency and reduced fraud in the industry.
To Round up
Tracking and monitoring technologies available to carriers have ushered in a new era of efficiency and visibility in LTL shipping. Real-time tracking systems, IoT devices, data analytics, and blockchain technology are transforming how businesses manage shipments.
Freightera works with hundreds of reputable carriers across the USA and Canada, some of whom are industry leaders and trendsetters. Interested? Here’s a very useful guide to comparing and choosing the right LTL freight carrier!