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How IoT is Transforming Supply Chain Management In 2022

IoT is revolutionizing almost every industry today, from retail to transportation. Especially when it comes to managing supply chains businesses are using IoT to not only keep a track of or authenticate the goods but also to gain a competitive edge. In the present day, it is much easier to understand where the goods are and when they can be expected at a certain destination with the help of IoT. In this article, we’ll tell you how IoT augments supply chain management.

What is IOT ? 

The Internet of Things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. So, basically, when the data is transferred between 2 devices over a network via sensors, software or other technologies, without requiring human interaction it is called IoT.

IoT is a branch of technology that deals with physical objects that can be controlled remotely. These objects are connected through the internet to exchange data as well as control them from a remote location. The technology has been around for quite some time now and has been used in various industries including agriculture, manufacturing, healthcare and retailing among others.

In a supply chain context, IoT is expected to bring significant changes in terms of increased operational efficiencies, visibility into supply chain operations and customer experience enhancement through improved product traceability which will result in customer trust building exercise if implemented properly and effectively by companies involved in this business activity.

Let’s discuss in details how IOT is revolutionizing Supply Chain Networks

IoT, or Internet of Things, is a network of connected devices that share data with one another. Devices can be anything from a smartwatch to a refrigerator. The Internet of Things has been around for decades but only recently has it been adopted by businesses.

The Internet of Things helps businesses manage their supply chain more efficiently and effectively by providing real-time data on their products' location and quality. For example, with IoT sensors installed on vehicles transporting goods, companies can track where their vehicles are at any point in time and suggest alternative routes based on traffic congestion or other issues that slow down the supply chain. In addition to tracking locations, IoT sensors help businesses understand how long their products have been idle and whether they need maintenance or repair before being sent to customers.

IoT enables businesses to improve contingency planning: With the help of real-time tracking, businesses are able to know the routes that cause delays and therefore prepare better contingency plans. Curating data for contingency planning becomes a lot easier with IoT.

In addition to its consumer applications, IoT is also set to transform business operations by enabling them to collect data about equipment performance and conditions, manage that data in real time and provide more efficient control over machinery. A typical example would be predictive maintenance: with IoT technology installed on machines in factories or plants, machines can automatically share information about their performance with software that analyzes the data patterns and predicts when repairs will be needed before they happen – so companies can schedule.

Reinvent your Supply Chain with IoT

 With the advent of growing technology, one can expect to see more such changes in the future.

A digitized supply chain not only helps businesses drive productivity but also promotes transparency and traceability through smart sensors. It enables businesses to measure activities in manufacturing, capture data, gain relevant insights & transform them into concrete actions.

There are many use cases of IoT. From suggesting alternative routes in case of any issues/accidents on the present one to helping in the efficient storage and distribution of products.

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