As is well-known, cold chain mapping is a cost-intensive process. It involves multiple tools like data loggers and processes like mapping, validation and risk assessment at every stage. In order to eliminate any wastage or losses, it is important to not ignore the cold chain mapping process. In a bid to make the process of costing transparent and to help our patrons understand where their money is going, here is a breakdown of the most typical costs incurred in the cold chain mapping process.
Equipment: This includes the purchase and maintenance of refrigerators, freezers, and other cooling and monitoring equipment.
Technology: This includes the purchase and implementation of data loggers, real-time monitoring systems, and other digital tools that are used to track and monitor the temperature and humidity levels of products throughout the cold chain.
Personnel: This includes the hiring and training of personnel responsible for managing and monitoring the cold chain.
Validation and Qualification: This includes the cost of validating and qualifying equipment, facilities, and transportation routes to ensure that they meet regulatory standards.
Transport: This includes the cost of transporting products within the cold chain, including transportation vehicles, fuel, and maintenance.
Additionally, the amount companies spend on cold chain mapping can vary depending on various factors such as the size of the organization, the scope of the project, and the complexity of the cold chain. However, a study conducted by Research and Markets in 2020 reported that the global cold chain monitoring market size was valued at USD 3.41 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2020 to 2027. Another report by Grand View Research in 2020 estimated that the global cold chain market size was valued at USD 218.0 billion in 2019 and is expected to grow at a CAGR of 12.5% from 2020 to 2027. While the exact amount spent on cold chain mapping by companies is not readily available, these figures suggest that cold chain management is a significant and growing market.
This also reflects a growing realisation among all industries about the relevance of cold chain management not as an expense but as a mechanism to contain any losses. Inspired Technology is at the forefront of creating greater awareness about the cold chain management process while providing the best-in-industry service.
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