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Delivering promises and adding delighted customers to your business network is the underlined requirement of today’s cut-through competitive era. Every company wants to meet its delivery deadlines and quarterly goals, and an efficient supply chain can be a valuable investment towards that end.
Supply chains around the world are struggling to
serve the surging demand, post pandemic impact includes labor shortage, lack of
raw materials and key components. Next generation supply chains handle these
issues with IOT. Management, forecasting, and oversight applications help
fleet managers to improve efficiency in processing and add transparency to
decision making. It is a growing practice nowadays even for small business.
Forecasting
plays a key role in decision making, thanks to IoT and data analytics, helping
supply chain managers plan routes with the visibility to, traffic alert,
weather, accidents, or other delay-including occurrences.
Significance
of IoT in supply chain: If you are still wondering how IoT can improve supply
chain efficiency, here is your answer.
When you
build your supply chain with machine learning, you can reduce logistics and
transportation costs with shipping routes that maximize flexibility in case of
an emergency. It provides predictive maintenance and repair schedules for
valuable equipment. Real-time decision-making prevents geographic supply
shortage-based on data from multiple systems. Data analytics helps with
handling massive data efficiently, this data if compiled can provide effective
machine learning models.
Machine
learning provides real time visibility of organization, delivery network,
inventory management, it helps process massive amounts of data and distill it.
This level of visibility enables the organization to respond to changes quickly
and share real-time information with supply chain vendors, partners, and
customers.
As IoT is
still an emerging technology some challenges are yet to be overcome. Most
supply chains are universal, and it is not secure to accept what’s accessible
and how things work in your domestic geology and how your products travel.
Those gaps within the organizations can make a part of issues when the rest of
your frameworks are depending on steady streams of information all through the
supply chain. We know that the complexity for execution happens within the IoT
environment since the IoT gadgets are connected to multiple points, such as
endpoint gadgets, mobile applications, and cloud platforms. Industries focus on cutting costs, but IOT
gadgets are not affordable. They have a high price and when it comes to
maintenance it needs monthly maintenance too.
IoT offers
a cognitive system that learns from and infuses intelligence into the physical
supply chain world to ensure product reliability and even save lives. The
future success of companies in industries are indeed heavily dependent on
digitized real time supply chains.
A promising
future will make a variety of advanced technologies universally accessible,
such as: Assessing manufactured products for defects or damage, verifying
product authenticity at every stage of the supply chain, providing shareable
visibility across supply chain networks for both commercial entities and
consumers, building smart warehouses with efficient inventory management,
Reducing supply chain costs, product and raw material waste and transport
congestion.
The age of
intelligence has arrived, and surviving disruption will require creating it.
References:https://www.blumeglobal.com/learning/internet-of-things/https://www.digi.com/blog/post/iot-supply-chainhttps://ubidots.com/blog/iot-supply-chain-management/https://www.digiteum.com/iot-supply-chain/
Blog
by:
MBA First Year.
Email: amit.narayane@indiragbs.edu.in
Assistant Professor,
Indira Global Business School, Pune
Email: Pranita.bhujbal@indiragbs.edu.in
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