A Better Supply Chain with the IoT

A Better Supply Chain with the IoT

Manufacturing Technology Insights | Friday, November 30, 2018

Proper supply chain management is a vital aspect of every consumer-based business. Large companies have the financial and technical resources to employ a complex set of SCM solutions, but they still fail to deal with some factors such as intermediary channels, lack of visibility of assets.

A smart supply chain is seen to be the ultimate solution for the existing problems as it helps to trace and to identify the various assets associated with the consumer-based industry. Additionally, proper management leads to reduced costs and more visibility in the SCM processes. Internet of Things (IoT) is the underlying technology that enables this transformation to the smart supply chain.

As hinted before, lack of visibility of assets through the supply chain is a major problem and IoT provides connectedness by establishing communication to transmit data about the location and condition in which the products are. If each item could bear a digital signature rather than barcodes, it could provide a better visibility, which will allow the complete lifecycle of the item to be monitored.

Essentially IoT offers stock management with complete insight into the data of stock-out and stock-obsolescence, visibility of the entire product lifecycle from start until customer purchase, and customer satisfaction by ensuring speedy and quality delivery.

Global markets are turning a corner with technologies like IoT, Machine learning, AI, and computer vision, taking businesses by storm. The number of startups growing every day is not a coincidence and soon, the market monopoly of few corporations will cease to be the norm. As consumers gain more insights, their choices change, which ends up having a bigger impact on their buying behavior. Consequently, these changes affect the back-end process of the consumer product lifecycle. To steer ahead of the competition, enterprises need to adopt more advanced technologies that will, in turn, make way for more data-driven, efficient and smarter supply chains.

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