How Is IoT Transforming Supply Chains?
Welcome to the latest edition of The IoT Pulse - an exclusive collection of opinions, insights, and commentary from industry experts on key topics and questions in the world of #IoT, #AI, and #DigitalTransformation. Be sure to hit subscribe today so you don’t miss out on future editions!
As we all know, the Internet of Things (IoT) is transforming industries, carving new paths, and redefining what's possible. A standout example of this transformative power is evident in the supply chain sector where IoT is making palpable changes in how goods are sourced, processed, and delivered. With capabilities ranging from instantaneous inventory updates to predictive analytics informing demand planning, IoT's influence on this industry is expansive and impactful.
We asked our Partner experts to share their opinions on how IoT technologies and solutions are redefining the supply chain and ushering in a new era of extraordinary efficiency and transparency that we all should be excited about!
Paul Marshall , COO and Co-Founder at Eseye
"Results from our recent study found that supply chain and logistics expect the most IoT growth. 78% are prioritizing IoT for their business and 24% are planning more initiatives in the next 2-3 years. So there is still a long way to go before IoT is fully embraced by the industry, but the benefits are clear. Connectivity is the secret sauce to successful supply chains. With near 100% connectivity, you can reduce waste and lost goods, enhance security, and transform your operations with quality data which can in turn lead to new business opportunities.?
The earlier you invest in IoT and connected devices the quicker you can gain a competitive advantage."
Marcin Nagy , Product Director, IoT at AVSystem
"IoT's impact on supply chains is profound, particularly in supply chain monitoring and asset tracking. The ability to track temperature, humidity, and other environmental factors during the transportation of perishable goods like food or pharmaceuticals ensures quality and safety. Real-time alerts and insights on deviations empower proactive action, reducing spoilage risks. Monitoring conditions such as light exposure, shock, vibration, or air quality also helps meet regulatory and business requirements. The standardized data format offers valuable insights, enabling businesses to make data-driven decisions. IoT's transformative power lies in its ability to optimize supply chain operations, enhance quality control, and ensure compliance."
Zuzanna Stamirowska , CEO at Pathway
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IoT offers real-time visibility of the supply chain at various granularities. For instance, Internet of Things (IoT) devices can give users access to data about their surroundings, locations, and inventory levels in real-time. Utilizing this data will increase efficiency and decrease costs by lowering stockouts, streamlining the supply chain, and improving inventory management.
The second transformation focuses on predictive maintenance. Sensors with IoT capabilities can keep track of the condition and operation of machinery and equipment throughout the entire supply chain. Asset-intensive businesses are able to anticipate maintenance requirements and plan for preventative repairs or replacements. With less downtime, better asset utilization, and longer equipment lifespans, costs can be reduced.
Keep the conversation going! Let us know what questions you have about how IoT is impacting supply chains in the comments below.?
Curious about how you or your company’s experts can be featured? Reach out to me at [email protected] or connect with me on LinkedIn: Ryan Chacon
Next week, we will be featuring Leverege in a special edition discussing the shutdown of Google's IoT Core with tips on migrating to a new platform. So be sure to subscribe so you don’t miss it!
See you next week!
Using IoT technologies to provide visibility into supply chain issues is an incredible opportunity. As Paul Marshall from #Eseye says, having seamless global connectivity is one of the most important ingredients for success so customers should pay particular attention to that when selecting a solution partner.