Transforming Supply Chain with Internet of Things Internet of Things (IoT) offers a connected ecosystem which affects every possible global industry. One of the major beneficiaries of it is supply chain management and organizations are facing a significant transformation because of IoT. Many organizations are reinventing their complex supply chains into completely connected network by deploying IoT devices. This is making real time visibility throughout the supply chain very achievable. It is a critical part of Industry 4.0 network. IoT devices can easily track assets, raw materials and finished products and provide timely data essential to critical supply chain functions such as logistics, environmental monitoring, warehouse management, shop floor controls and material requirements planning. These inputs have an even greater importance in an age where customers expect to know the status and whereabouts of their order. IoT technology provides the eyes required for effective provenance. Group50, a renowned Supply Chain Management Consulting firm takes pride themselves on a long history of working with companies to maximize returns from their supply chains. In addition to developing and implementing supply chain strategies and organizational structures relevant to today’s business landscape, their Digital Technology Practice helps clients integrate their existing systems with the Internet of Things, Blockchain and Analytics to capture time critical data and share it across supply chain partners for better customer service, reduced costs, and realizing new revenue opportunities. Features of Internet of Things in supply chain management: Improves existing processes
IoT is revolutionizing the supply chain processes by diving enormous benefits such as asset utilization, warehouse space optimization and production planning. Better maintenance practices Supply chain heavily relies on its machinery and if any of the machinery breaks down, it can potentially result to inefficiencies. Smart sensors in these equipment helps in preventing failures and provide better maintenance. These sensors can detect the problems and allows predictive maintenance. This helps companies to save costs by preventing equipment failures. Efficient inventory management IoT takes inventory management to next level by keeping a track of real time location of every product in the supply chain. Connected IoT sensors help supervisors to keep track of inventory levels and preventing shortages thereby improving efficiency to a large extent. Improves customer satisfaction Accurate tracking and real-time monitoring of the products across entire product life cycle ensures timely delivery of the product. This also improves the quality of the products and services, further improving customer satisfaction. Companies that want to leverage the IoT supply chain solutions should start the journey now. Contact Group50, a leading consulting firm to be your partner in adopting and managing this transformative technology. Their supply chain consultants recommend that the very first step is a customized IoT immersion workshop where the entire leadership team can get on the page with understanding IoT business applications and its transformational capabilities. Visit: https://www.group50.com