Today, the global Internet of Things (IoT) adoption is skyrocketing to an extent where almost all devices are interlinked with each other. With estimations putting the total market value at more than $1 trillion by 2022, IoT is evolving faster than ever. The field of supply chain management and logistics has witnessed an enormous change in the past couple of years. Organizations have to properly maintain their supply chain and other logistics activities to defend their competitive position in an increasingly vibrant business environment.
The Internet of Things (IoT), indicates a network of combined devices, objects and sensors, that accumulate and disclose information. When utilized in the global supply chain, IoT technology can help businesses to serve their customers better, while preserving the business budget and enhancing the overall performance.
Now, without further ado, let’s dive straight into this.
Current Challenges In The Supply Chain Industry
- Lead Times- Global supply chains usually measure shipping times in weeks and months. Thus, to coordinate supply and demand effectively, these extended lead times make it a bit challenging.
- Delays- Long lead times result in longer delays. It is important to have proper time management to execute perfect tasks.
- Cash Flow- This is one of the major issues in every business and especially it is even more complicated when it comes to the supply chain industry,
- Data Management- to control the global supply chain efficiently, businesses require the usage and customization of a suitable data management solution. Things can go wrong if they don’t utilize data properly.
- Language barriers- This is one other challenge faced by the supply chain industry. A lot of countries carry day-to-day operations in a different language and they can manage this by hiring professional interpreters.
- Time Zones- One other thing that can make communication a bit difficult are the time zones. This can make it very challenging to supervise technical features of the production process.
Also Read: How The Internet of Things (IoT) Has Revolutionized The Healthcare Industry
How IoT Helps Overcome Challenges In The Supply Chain Industry
- Inventory Tracking and Other Improvements- With the guidance of radio frequency identification (RFID), tags on their parts, manufacturers will be informed about their component’s arrival dates. This helps them to properly maintain production levels in their catalog ad then later optimize it for better productivity.
- Better Transparency through Supply Chain- Transparency at all stages of the supply chain is essential. By utilizing machines and devices that are interlinked to the IoT, any issue or obstacle can be communicated clearly for greater efficiency.
- Predictive Maintainance- This is another good advantage of IoT in the supply chain and also a huge benefactor in overcoming challenges. IoT sensors find out when machines should be sustained based on heat, vibration, humidity, etc. This enables businesses to schedule repairs during planned downtime. Another pro is that this saves maintenance costs and increases profit margins.
- Temperature Tracking- Businesses can track the real-time temperature of their food items. This is possible with the help of Cold Chain Monitoring (CCM). This ensures the eatables are fresh and are of good quality.
- Improved Last-Time Delivery- This is one of the key steps in the supply chain for a product because it has the biggest impact on customers in getting repetitive orders.
Also Read: Interview With Giuliano Liguori: The Most Effective IoT Trends Businesses Can Adopt To Overcome The COVID-19 Pandemic
Why Is IoT Important In The Coming Future?
Today, more businesses and companies are getting their hands on IoT faster than ever before because of all the tremendous pros they deliver and also how it might help them in their company’s long run. IoT is one of the main factors that contribute to reshaping the future of many sectors.
- IoT security- IoT security is one of the important factors that make IoT quite important in the upcoming future. Security is an evolving IoT trend and numerous companies throughout the globe are expanding IoT security solutions with the adoption of different technologies.
- 5G Technology- 5G technology is the future. And IoT fueled with 5G technology makes it more powerful than ever. It unleashes the full potential of IoT, thus revolutionizing technological growth. Higher transmission speed, extensive coverage, real-time data processing are a few of the examples that 5G brings to the table.
- Blockchain- Increased adoption of IoT is one of the latest trends in IoT. Blockchain can guarantee data security in IoT devices. Blockchain enables successful communication between various network nodes and assures safe record keeping, hence making it an important element for the future.
- $1.1 Trillion Will Be Spent on IoT in the year 2023- the predicted global IoT spending is estimated at over 1.1 trillion dollars and has been increasing regularly. With driverless cars producing over 5.6 trillion dollars in profits worldwide, and IoT in agricultural technologies estimated to cut food prices almost in half by the year 2050. This just shows how much of a crucial role IoT will play in the future.
- Smart Cities- One cannot ignore smart cities as we witness the emerging technologies in IoT. Following the past five years, various governmental institutions have launched IoT technology projects that will impact entire cities. And from here on forth, cities are going to get ‘full digitalized’, with the help of IoT.
ThinkPalm IoT Services
We here at ThinkPalm Technologies, implement flexible software and hardware services designed to operate in any environment. Our IoT Services for industries are robust, cost-effective, and exceptionally simple to integrate. Companies, big and small, are leveraging enterprise IoT and consumer IoT to improve productivity, derive real-time insights from connected assets, reduce costs, and drive innovation through new business models.
Come partner with us at ThinkPalm and let’s reach milestones together!