IoT Embedment in Supply Chain Models to Digitalize Logistic Technology
FREMONT, CA: IoT delivers remarkable opportunity to digitalize the supply chain process and tailor immense of solutions to its products and services, marked Gartner in their recent write up. This decade is about to witness advanced IoT technology which will proliferate from electronics to supply chain logistics.
Supply chain is a systemized coordination between organizations, people, information and resources to stream products from manufacturer to consumer. Companies try to modulate supply chain process to gain more profit and implement better consumer services. In this verge IoT displays faster information flow across supply chains helping agencies to take instant decisions, states Maha Mazumdar, Vice President and Principal Consultant, Oracle.
Recent survey conducted by Forrester concluded that 80 percent of firms sense IoT solutions to be effective to initiate in their organizations and nearly 65 percent organizations are in implementation stage.
Gartner in their article elaborated five ways IoT will benefit the supply chain; first one is easy accessibility of IoT at any demand driven value network maturity level allowing organizations to track information and condition of location and transport equipments. Next is IoT capability to leverage supply chain process through spanning asset utilization and warehouse space optimization. Other includes its potential to fully redesign supply chain model, to co-develop new information based solutions for internal and external clients and to support the convergence of the digital and physical supply chain.
To adapt any technology the need of understanding the depth of it is must, so supply chain executives should jot down the crucial points they need insight of. Such as current gaps in supply chain, machine-to-machine and device-to-application models. IoT can offer essential opportunities to deliver better predictability, adaptability and sustainability across the value chain.
It is important for supply chain business to deploy specific IoT enabled solutions, develop data storage and analytics tools to handle large amount of sensor data and collaborate with IoT providers to transform supply chain for this century, says Maha Mazumdar, Vice President and Principal Consultant, Oracle.