Overhaul, a software-based supply chain visibility, risk, compliance, and insurance solution for the world’s leading companies, announced significant enhancements to its pioneering IoT Assess and Deploy service today. Overhaul’s enhanced offering helps customers harness the power of IoT for their in-transit logistics needs and simplifies the complexities faced by Heads of Global Supply Chains and Logistics Directors.
IoT Assess and Deploy optimizes operations, protects shipments, and ensures stringent quality and compliance controls. The service, a fundamental pillar of Overhaul’s real-time visibility and risk management platform, brings in data from devices based on specific use cases across tried and tested range of products, including newly sourced IoT products previously unavailable to the general market.
“In our pursuit of ‘impartiality’ and ‘independence’ as cornerstones of our service, the offering is meticulously designed to offer unbiased, client-specific solutions,” said Karin Stevens, Executive Vice President and Chief Marketing Officer at Overhaul. “These enhancements align perfectly with each client’s unique supply chain requirements, further cementing our role as a crucial partner in their operational success.”
The service has already yielded significant results in diverse operational environments. For a Fortune 50 company, the refined solution achieved an impressive average device performance of 99.9%. In the pharmaceutical sector, a Fortune 500 company experienced an 18% increase in device tracking compliance within a quarter, showcasing the system’s efficacy in stringent regulatory environments. These enhancements have resulted in a significant 34% annual reduction in the number of devices lost or not returned, demonstrating the service’s effectiveness and contributing to more sustainable practices within the global enterprise.
The service has also been instrumental in reducing lost device fees across all lanes by 17%, translating into considerable cost savings. Highlighting its financial impact, a global consumer electronics company reported a savings of $300,000 in costs associated with lost device fees, underscoring the tangible benefits of Overhaul’s refined IoT Assess and Deploy offering in operational and financial terms.
The service’s strategy to be data and device-agnostic positions Overhaul similarly to a Big 5 professional service firm. It independently audits and recommends devices that align with a company’s logistics strategy, incorporating a rigorous scoring system and regular reviews for device manufacturers. Overhaul’s end-to-end service now includes enhanced IoT research and qualification, seamless sourcing, fulfillment, deployment, and recycling of old devices, in line with circular economy principles. Furthermore, the established relationships with leading device manufacturers streamline the process for customers, saving significant research and sourcing time.
“Our enhanced IoT Assess and Deploy is a pivotal aspect of our ‘Different on Purpose’ positioning,” said Nicholas Heikkinen, VP of IoT at Overhaul. “It represents a strategic solution for companies leveraging our expertise, technologies, and global reach. The service can unlock tremendous IoT success and maximize data potential, offering tailored consulting, seamless device management, and strategic telematics integrations, all supported by our expert consultancy service.”