IoT in Supply Chain Management
The complexity associated with many supply chains combined with increasing consumer demand for speedy deliveries is forcing supply chain managers to constantly find technological advancements and new ways to boost overall efficiency. One of these technologies significantly improving supply chains is the internet of things (IoT).
Oracle defines IoT as “the network of physical objects - ‘things’ - that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.” This technology can increase overall visibility throughout the entire supply chain, allowing for the transmission of real-time information, creating a more well-connected retail and supply chain world.
SupplyChainBrain notes that, “In addition to monitoring and tracking goods, the IoT can increase supply chain efficiency by providing valuable information about machinery conditions, including predictive maintenance requirements, within a logistics center or warehouse. The technology can also provide insights into the best routes for avoiding delivery delays.”
IoT sensors and the transmission of real-time data has the potential to impact virtually every facet of the supply chain. According to Supply Chain Digital, there are five key areas that can be significantly improved by implementing IoT:
- Real-Time Tracking
- Paperwork Management
- Forecasting Accuracy
- Inventory Control
You can learn more about the latest technologies improving logistic processes at the Retail Supply Chain & Logistics Expo on September 1 & 2, 2021 at the Las Vegas Convention Center. Get your free tickets today!