The effective movement of goods through a supply chain can be crucial to the success of a company. Asset tracking, quality control and establishing timeliness can help build a flexible, successful and connected supply chain. One way to streamline this process is with the Internet of Things (IoT). With IoT, companies can gain better visibility, control, and compliance into their logistics solutions.
“With IoT, companies can gain better visibility, control, and compliance into their logistics solutions.”
Despite the challenges in supply chain management, the Internet of Things in the supply chain logistics market continues to go from strength to strength. According to MarketsandMarkets, the global IoT in supply chain market is projected to grow from $18.9 billion in 2022 to approximately $34.8 billion by 2027. The growing demand in this landscape is largely due to the growing number of connected devices and the expansion of the e-commerce industry.
Get a smarter system
To avoid barriers in supply chain management, several key questions must be asked and answered to help achieve an intelligent system:
- How far does your supply chain go? Is it local, regional, global, etc.?
- What are you looking to get out of your supply chain? Do you need temperature controls? Alerts in real time?
- What kind of budget do you have for a flexible supply chain?
- What kind of IoT technology would best suit your needs? sensors? GPS?
For more information and a closer look at ways to unlock a smarter supply chain, check out our infographic here.
Example of Protection and Preservation of Assets
One area in supply chain management that is highly dependent on IoT for its success is cold chain monitoring. Cold chain control/management relies on temperature-controlled technology to transport goods from point A to point B without spoiling the cargo.
With the help of technology, perishable products are closely monitored and regulated to ensure safe and intact deliveries. Real-time sensors are attached to these products so supply chain managers can track deliveries based on real-time conditions such as location, weather, and quality. This solution greatly reduces any complications that may arise during transit. The supply chain can often be unpredictable, but with IoT, obstacles can be detected sooner, resulting in greater sustainability (less damaged cargo) and reduced maintenance costs.
Protecting your assets isn’t just limited to the environment and ROI. Here are more ways asset management can benefit your business:
- Improved quality control
- Increased inventory visibility
- Increased productivity for employees
- timely deliveries
- Maximize warehouse efficiency