If the market forecasts are true, IOT is predicted to reach an installed device number of 30.7 billion by 2020 which will be more than doubled by 2025 with 75.4 billion devices. So, the overwhelming intensity of the expanding IoT devices, IoT Solutions and the connected environment is supposed to be the biggest force in the future world. No single industry or business niche cannot stay aloof and indifferent from the impact of this ever-expanding IOT universe.
One of the biggest takers of IOT led innovation is the supply chain management and logistics. With IOT and connected reality playing a definitive role connecting different business processes through the supply chain network will be easier than ever before. How the introduction and proliferation of IoT as part of supply chain management can deliver value for the time to come? We would try to take a look at the future of supply chain management with the IOT in the middle.
- Enhanced Visibility
Over time supply chains are supposed to be more complex and multifaceted with too many elements to incorporate to ensure quality and precision of delivery. Naturally, there would be increased difficulties in maintaining visibility of all the different parts in the process pertaining to the supply chain. This is exactly where connected devices and network will play a valuable role in enhancing the visibility of the participating elements.
State of the art IoT technology will make detecting location and monitoring of the process errors easier and this would allow mending them in real time. Supply chain management thanks to IoT will provide more precision, less errors and more customised business process.
- Boosting Performance
When it comes to providing more ease and boosting the performance of operation IOT devices can play a huge role in the supply chain management. Businesses that need efficiency more than others to ensure customer satisfaction will be particularly benefited through the incorporation of IOT devices in their business process. For example, logistics, fleet management, cargo, and aviation will gain from connected devices to receive and dispatch information faster than ever before. On-time actionable data corresponding to goods and transports will only boost the pace, efficiency, and performance of business processes.
- Huge Scalability
Scalability is the greatest advantage that IOT offers for small businesses venturing into the arena of supply chain management. Thanks to the connected environment and plethora of connected devices, a business network can scale up in quick time to meet the burgeoning demand and growth. IoT devices will ensure optimum scalability to adjust to enhanced business needs and growth of customers.
- It Will Be About Choosing The Right Vendor
All these irreplaceable advantages of IOT understood and conceived, making the right choice in respect of an IoT platform and the vendor will be crucial for rendering the advantages of the connected reality. Key considerations like return on investment and cost of procurement apart, the technology and the platform must be future proof to allow innovation and emerging technologies pertaining to the connected environment.
With the right choice of IOT platform, vendor coupled up with a far-sighted vision of the things to come, a supply chain can be hugely benefited through IOT devices and platform. IOT will be the single technology yardstick for growth and competitive standing of supply chain management.