Digital Twin Warehouse for Real-time Inventory Tracking
Hard and soft commodities are typically stored in bulk storage warehouses. Warehouse operators currently track the cargoes’ weight and location by piles or lots, either on paper for through a warehouse management system. If there is any error or omission involved in the recording of cargo weight, location or movement, the warehouse inventory status will have discrepancies that cannot be reconciled without a physical recount and reweigh of the stock. As such, these errors are typically discovered only when the cargo is discharged from the warehouse, or when the financier or cargo owner seeks an inventory count and weight verification.
To provide an accurate, real-time inventory status of commodities in the warehouse, we have developed a Digital Twin Warehouse solution that dynamically detects and tracks cargo moving in the warehouse without the need for any human input or installation of sensors/ tags on the cargo. This solution uses computer vision techniques relying on cameras installed on the ceilings of the warehouse. With proprietary positioning and depth-sensing algorithms, the solution is able to generate the 3-dimensional real-time coordinates of every object in the warehouse and re-construct the warehouse cargo for visualization purposes. As the solution is integrated with the cargo weighing workflows of the warehouse operator, the weight of each pallet/ bundle of cargo is automatically associated when inbound cargo is weighed.
In commodity asset-based financing, lenders are confronted with fraud risks, especially in emerging markets with false documentation or false declaration of cargo within the warehouse. In order to de-risk lenders, the Digital Twin Warehouse is able to provide real-time verification of cargo financed by the lenders. The Digital Twin Warehouse also enables buyers/ sellers to validate warehouse receipts instantly and remotely at the point of transaction.
We envision a connected cargo platform whereby lenders, cargo owners and warehouse operators get a real-time independent view of the cargo in the warehouse, creating trust and transparency in the commodity and trade financing industries.