SUPPLY CHAIN IOT-The implementation of IoT in supply chain management will help organizations streamline multiple business procedures such as asset tracking, marketing, and maintenance.
Managing supply chains is a crucial business function for industries such as retail, manufacturing, logistics, and e-commerce. But, supply chain management can get increasingly complicated due to rising consumer demands, unpredictable market trends, and unexpected delays. Also, many processes involved in supply chain management are generally carried out manually, making them time-consuming and tedious. Hence, business leaders are looking for solutions to make supply chain management more scalable, connected, and reliable.
The advent of industry 4.0 has given rise to the implementation of modern technologies like AI and IoT in different industries such as healthcare, telecom, and pharmaceuticals. Similarly, businesses can implement IoT in supply chain management to enhance inventory management, improve logistics and transportation, and increase revenue. Also, IoT can help businesses tackle the issue of mismatch between supply and consumer demand. With the help of IoT, business leaders can redesign their supply chain management workflows to deliver robust and efficient solutions to existing challenges. Due to these benefits, IoT is expected to generate an estimated $4 trillion to $11 trillion in economic value by the year 2025.
Utilizing IoT in Supply Chain Management
The implementation of IoT in supply chain management will help businesses in the following manner:
IoT sensors can be installed in various products to understand how each customer uses them. With this technology, businesses can analyze the usage patterns of different customer demographics and use the acquired data while developing new products. For instance, a smart bulb can help manufacturers understand a consumer’s behavior patterns by providing insights such as time intervals when the bulb is on, preferred colors, and energy consumption. With the help of these insights, businesses can create better products that cater to a customer’s requirements. Hence, IoT can help organizations in creating personalized products for their customers.