Cargo theft in North America – 4.4 billion USD in economic losses

How GPS Tracking mitigates risk in the global supply chain.

Since COVID-19 hit the world and has affected in-store shopping, many people are opting to use online shopping.  This can lead to supply chain disruption due to the higher demand. This demand is accelerating other risks, “cargo theft”. Cargo theft is a significant risk in global supply chain when it comes to global transportation by land, air and sea. In fact, cargo theft increased by 23% in the third quarter of 2020 from third-quarter 2019 in the U.S. and Canada.  It was an estimated total of $33.77 million in stolen cargo across U.S. and Canada according to the statistics by AJOT .

If you are wondering where cargo theft is happening and what products are targeted, here are some interesting facts according to the reports from TT CLUB and SensiGuard

 

Cargo theft by location in North America

U.S. – Cargo theft by the state

  1. California: 23%
  2. Texas: 11%
  3. Georgia: 10%
  4. Florida: 9%

 

Canada – Cargo theft

  1. Ontario: 75%
  2. Quebec: 19%
  3. British Columbia: 2%

 

Cargo theft trends

According to the report from TT CLUB, it shows that most cargo theft type was Hijacking at 69% followed by theft of vehicle at 10%.

Regarding the location of the theft, it mostly happens in-transit at 74%. The cargo theft of food & beverage accounts for 33% of the top commodities stolen.

cargo theft trends

GPS asset tracking

Cargo theft is a headache for companies with multiple warehouses and operational lines of business. It is challenging to keep track of all vehicles/assets and take care of unexpected events. Without appropriate action, you are at higher risk of losing credibility with your clients as well.

How GPS telematics help detect and mitigate cargo theft

The No. of businesses tracking assets is expected to exceed 114 million by 2025 as we mentioned in a recent blog. This is a significant increase in demand for location-based and asset tracking services in the next few years. The industry started taking advantage of the benefits of GPS tracking.

 

What exactly GPS tracking can help?

 

Real-time tracking

With GPS Tracking, you can locate exactly where your vehicles/assets are when they are stolen. Based on the data from GPS Tracker, you can also check travel history so you will know where your vehicles/assets were stolen, how they traveled to the final destination and where they are now.

Geofencing

GPS Tracking has an amazing feature, Geofences. It is a virtual border drawn on the map in a GPS tracking system. You can create a geofence area where you would like to mark yards, clients, even routes. You draw the geofence border like the photo below. Once the geofence is created, it is used as a trigger for alerts when your vehicles/assets enter or exit from the geofence area. As soon as the GPS tracking detects the activity, it will send you an alert. In case of theft, once the GPS tracker detects unauthorized movements, you will receive alerts so that you can immediately act against the event.

geofence

Insightful GPS data

GPS tracking software provides you with insightful data you can use to protect yourself against future theft/attack. You can analyze reports that tell you what happened, where, and why the event occurred. Based on this insight, you can plan preventive measurements to mitigate risk. For instance, you can change the route based on the location where the theft happened.

Dash camera – GPS Telematics

Dash cams attached to your vehicles can be a huge lifesaver in terms of theft. Some dash cams have built-in or optional GPS receivers. Not only video recording, but also dash cams have features that will be able to detect motion or impact. Dash cams will send alerts if there are any unexpected events in or outside of your vehicles.

dash cams

The most advanced telematics platform

Astreon has 30 collective years of experience in the custom software development, SaaS, and wireless industries. This has provided us with a unique outlook in today’s IoT industry as we develop and implement simple, powerful and easy to use applications for our partners.

We are one of the leading providers of solutions in the IoT industry. We are consistently introducing new wireless platforms, shaping the future and changing the way people do business. We provide you with the services and applications that you need to be more productive and responsive to today’s increasing industry demands.

Contact us today!

Tel: +1 (888) 647-4730

Email: sales@astreon.com

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Asset tracking systems are expected to be used by 114 million businesses globally in 2025

Asset tracking systems are expected to be used by 114 million businesses globally in 2025 – This has placed a huge demand on the logistics industry to prevent supply chain disruption.

A new study from Juniper research has estimated that the numbers of business tracking assets in 2020 reached 90 million, and will exceed 114 million by 2025. The research forecasts that $33 billion will be spent on asset tracking in 2025 globally.  This is a measurable increase in demand for location based and asset tracking services in the next few years.

 

Supply chain disruption

Keeping track of assets is challenging for Logistics companies in supply chain operations.  Especially for companies with multiple warehouses and multiple operational lines of business.  With the recent growth of e-commerce and online shopping, logistics companies face difficult operational challenges as they adjust to this new growing trend. Increasing capacity, adhering to regulations, and managing the complexity of the supply chain are just a few examples.   One key solution is tracking and optimizing the usage of assets through KPIs and Management tools.

Without having the benefit of an asset tracking system, and the benefit of KPI’s & reporting tools, it’s difficult for businesses to figure out what causes disruptions in supply chain.  Managers need data-based insights into manufacturing and logistics processes to optimize the supply chain efficiently.

One effective way to solve this challenge is tracking assets and obtaining all data from every asset to analyze asset utilization. This is why many businesses use asset tracking systems today, with consistent increased demand for these services.

What is driving this growth in the logistics industry?

Utilizing asset management systems allows logistics companies to reduce their inventory and stock management costs and helps them use their existing assets more efficiently by tracking and managing assets in real-time.  As a result, the deployment of asset management systems leads to significant cost-saving and immediate ROI.

 

Tools to provide optimum asset utilization

With asset management systems, managers can see which assets are under and overused. If assets are not being used efficiently, this leads to increased operational costs. If assets are overused, this might cause an increase in maintenance costs and frequency. For companies with larger fleets, they can track and monitor all assets. With this data, managers have accurate information to make key decisions on maximizing utilization, scheduling maintenance, and reduce extra costs.

 

Reduce equipment downtime

By leveraging the reports and alert notifications from asset tracking systems, you can track and monitor all assets’ data, including real-time location, mileage, breakdowns, fuel thefts, unauthorized use, dwell time, asset life cycle and more. By automating reports and creating custom notifications, you immediately know of upcoming maintenance for each asset providing notice and time to schedule maintenance and allocate assets accordingly.   This helps reduce or eliminate unnecessary maintenance and repair costs.

 

The right asset tracker for your clients

Effective asset tracking gives businesses an advantage that propels them ahead of the competition. Astreon is a global platform with Resellers, Partners, and Clients all over the world. Astreon provides dynamic data including routing & dispatch, location, status and key sensor state of all assets in the field. Astreon has turnkey tools to quickly and easily allow your business to hit the ground running.  We provide application hosting with optional white labeling services, hardware devices, connectivity, marketing and technical support. Everything you need to get started is here. Contact us today to become our partner.

Contact us today!

Tel: +1 (888) 647-4730

Email: sales@astreon.com

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