IoT Poised to Transform Supply Chains
Much of the Internet of Things (IoT) hype in recent years has been focused on exciting developments with a broad appeal, like connected vehicles, but it’s actually some of its more mundane capabilities that are the most impressive.
Take the example of the global supply chain. The IoT is poised to completely transform supply chains by lending it previously unimaginable levels of transparency – and thus greater opportunities for revenue and operational efficiencies. Here is a look at some of the ways Industrial IoT will make a big difference.
Data gleaned by tracking assets can be used by firms to revise their production schedules and spot vendor relations that aren’t working out well. GPS sensors and RFID can be used to track products throughout their journey from the floor to the store, and the information provided can be used for forecasting and quality control. The Internet of Things can also employ smart sensors in manufacturing floors to help manage maintenance and keep downtime to a minimum.
Opportunities for Revenue
Every business wants to have as much information about customers and their habits as possible. This not only lets them form a stronger bond with the customers, but it also helps them improve their marketing approaches. One way to maximize this opportunity is by using the supply chain transparency the IoT provides to help boost social responsibility. For example, firms can allow customers to find out where their products originated, who made them, and what conditions their workers were subjected to. They could even let them know which countries their product went through before reaching them.
With seven out of every ten manufacturing and retail businesses already stating to transform their supply chain process, noticeable changes are right around the corner. However, until every member of a business’s global supply chain is connected to the IoT, there will be a lot of untapped opportunities.
This blog post was based off of an article from Forbes. View the original here.