It is becoming imperative for present-day companies and corporations to resort to emerging technologies for their supply chain flows, while improving and optimizing production processes, procurement and delivery procedures, and reduce expenses. Equally important, however, is to receive, analyze as well as provide visible and transparent product data as one of the key factors to set up a profitable and secure business deal. And Connected Supply Chain with variety of IoT devices and services is unquestionably the exact recipe any company needs in order to achieve these goals.
“On today’s ever-changing product markets, Connected Supply Chain is the only optimal choice to maximize logistics operational efficiencies for all key participants along the entire logistics journey of consumer goods – from manufacturer to distributor to wholesaler.
As was mentioned above, flexible and accurate Supply Chain Management is a very important process, for instance, when it comes to reducing expenses, speeding up production cycles, and measuring ongoing product data, and more.
According to the research of the Grand View Research, Inc., the global supply chain analytics market size is expected to progress at a CAGR of 16.2% during the forecast period since 2017.
In compliance with the IndustryWeek, 60% of manufacturers will rely on digital platforms which will support as much as 30% of their overall revenue by 2020.
Unfortunately, there is no out-of-the-box solution for every kind of industry and business type at the moment, so companies have to improve their supply chain management piece by piece and implement custom solutions, as of current and urgent needs, as well as use different solutions and insights from different software vendors to improve user experience and acquire more productivity and functions.
That’s an open secret, traditional supply chain has numerous cost, transparency and complexity issues, as well as other vulnerable spots that can significantly impede business growth and stability. However, integrating new data-driven solutions, aimed to streamline and convert ineffective models into a new tech-enabled system, are eventually able to fix and overcome these problems. That’s where IoT (the Internet of Things) jumps into play, firstly
With regard to the stats above, the Internet of Things getting applied in Supply Chain, provides advantages as follows:
IoT devices, whether that be cameras, sensors or transmitters, just to name a few, nowadays have the power and capacity to affect all supply chain cycles and aspects, such as transportation and logistics, production and storage, as well as delivery to final customers. It is now possible for manufacturers to reduce and control thefts and fakes, improve production efficiency and provide excellent customer service, in accordance with received data from IoT devices in their supply chain.
In IoT-fueled logistics, there is a wide slew of specific devices providing computerized shipping and tracking, simplified operational processes, etc., but here are some of the most prominent use cases worth to be mentioned:
Despite obvious and clear advantages, there are some challenges of IoT in supply chain
Nevertheless, it pales before all the advantages and features of IoT devices, especially in the face of rapidly advancing digital and information technologies, which are the true core of successful and profitable business in our days.
With all that said, if you decide to use and apply aforementioned services, ByteAnt is always ready to offer you competitive solutions with an eye to IoT integration for your supply chain or provide an appropriate consultation regarding any other software development issues of your interest. Feel free to contact us anytime.
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