Connectivity is one of the most trending terms in the world of technology. Companies in various industries are opening their doors to the Fourth Industrial Revolution.They have realized that if their businesses don’t incorporate the changes of this fast-moving transformation they would soon be left out of the race or be obsolete.
With the emergence of IoT and cloud technologies, companies in the supply chain industry have leveraged the facilities of these technologies to deliver quicker and faster decisions and attain better data. Management of supply chain that includes people, activities, the system of organization, information and resources is necessary for an efficient business.
Analytics and SaaS applications
With advanced analytics and data by IoT, decision making is faster and more precise. Manual entry of data and the requirement of humans to consolidate the data from all over is now passé. The latest technologies have devices connected and cloud-enabled, making data centralized and analyzed by machines.
The SCM applications of yesteryears have shifted to the cloud, making SAAS applications the most sought after by supply chain organization. SAAS apps are more accessible, making data available anytime, anywhere. Earlier companies used to store data in local data centers which were costly.
Importance of IoT in real-time tracking in various industries
Companies worldwide have realized the importance of IoT in manufacturing, transportation, delivery, retailing and service industries. The technology is mostly utilized in identifying, locating, and tracking the status of assets, making it one of the top basic functions of IoT.
Sensors are used in smart mailboxes in remote areas to check if empty and to avoid an unnecessary journey. The European Union has issued a rollout to install smart meters as ‘part of measures to upgrade energy supply and tackle climate changes.’ It displays the exact amount of energy used in pound and pence in real-time.
Pharmaceutical medicines that are temperature sensitive are monitored to guarantee its integrity. IoT reminds patients to take their medicines on time and also sends reminders when the time for a refill. IoT-enabled technologies aid retailers to know the pulse of their customers by collecting and integrating data in real-time. With retailers looking for ways to incorporate their online stores with the physical ones, IoT enabled technologies are going to be in huge demand.
Customer orders can be tracked by IoT-enabled devices in real time. Temperature control for perishable goods is a huge challenge that can be addressed by IoT. It can minimise wastage of goods by passing on critical real-time data, making it one of the most sought-after technology.
Another major factor that causes inconvenience in supply chain management would be the inventory. Smart devices can keep a close eye and report results, in case of differences in stock levels. When the stock is low, the management solution can proactively enable stock replenishment with real-time information.
So, is it necessary for supply chain companies to adopt the latest trends in technologies?
Adopt the latest technologies like IoT, Big data, cloud applications (SAAS) and see what works best for your organization. The migration or integration of your organization with software applications should be smooth and effortless.