Extensive Adoption of IoT

Aside from blockchain, more companies are implementing IoT devices to enhance the visibility of their supply chains (Blume Global). For instance, airplanes, trucks, and other modes of transportation can be fitted with sensors, which provide live tracking updates on shipping and delivery. IoT technology in warehouses and retail outlets can also improve visibility in production, inventory management, and predictive maintenance.?

Companies can use all these real-time information to proactively service customer demands, minimize downtime, and increase the supply chain’s overall efficiency. By increasing visibility across components of the supply chain, IoT devices can also help businesses optimize their assets and ROI. Creating a digital supply network aligned with one’s business strategy and with risk management procedures in place will help companies to build resilience to mitigate the impact of disruptive events like the COVID-19 pandemic (Deloitte, 2020).

Many businesses will also leverage the power of IoT by integrating the technology with core business applications such as?business intelligence software. These integrations will enable analytics for the information gathered by IoT devices, allowing companies to make data-driven decisions on supply chain strategies.