IoT will help in generating more money through clever new business model. Pallets are those things which are of fewer importance in the logistics; but these pallets can save both time and money if used in a smarter way. Companies that use pallet systems strategically can reduce transport costs and promote supply chain efficiency.
Smart pallets offer a solution for product tracking, asset tracking, and inventory management. Connected Factories and plants are more productive, efficient and effective than non connected plants. Connected Pallets enable Insights and analytics to identify potential efficiencies by providing valuable information on how product moves through the value chain. The ability to track pallets can also contribute to extending their lifespan which is currently around 2 years. Connected pallet can be used at least 162 times before it reaches its end of life, with a cost per trip up to 20 percent lower than non-reusable alternatives Smart Pallets ensures optimal asset utilization, requiring fewer pallets in the supply chain system.
IoT sensors placed inside the central plank of the pallet will collect data regarding the temperature, location, shock time, weight and humidity etc. all this data will be uploaded to a remote sensor periodically. These pallets and data can be operated from anywhere. Tracking all this data in real-time can improve inventory management, condition monitoring, asset tracking and security.
Transponder embedded pallet has several radio-protocols for smart phone scanning and wide coverage. Transponders communicate with intelligent low-cost receivers mounted at strategic places on the customer premises. The system offers benefits in the reuse transport packaging market. Its assets can be tracked and traced in real time with little operator input, with minimal costs or investments in infrastructure. Transponders allow measurement of acceleration, temperature and weight so can obtain operational data through the connected Pallet.
The IoT devices, which are as tiny as size of rice grain and are able to hold 2000 bytes of data can retrieve data or even track whereabouts of tags. The RFID chip has a unique ID number which makes accurate identification. In order to retrieve information, an RFID reader sends an encoded signal to the tag. The tag then responds with its identification and any stored information, such as stock number, batch number, production date, etc.
Smart Pallet is lighter in weight as compared to other types of pallets and has the ability to save direct transportation energy costs. Connected pallets are being evaluated by several large industry players right now who could proceed with large-scale deployments in the very near future.
IoT smart pallet is intended to optimize supply chain visibility by providing granular data for segments of the supply chain from a pallet perspective.