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Key Areas to Heed Prior Implementing IoT in Supply Chain
Similar to other verticals, logistics technology investments are on a rise. Secondary to artificial intelligence, Internet of Things (IoT) is the technology that is relied the most on for the advancement of the sector and has already started to find grounds. From SMBs to blue chip, all scale companies believe in the connected device technology for improvements in their supply chain through real-time data sharing.
IoT technology clearly caters to supply chain with advantages that the sector requires to improve visibility and control, including-
• Real-time Tracking: Shipment location tracking is one of the major benefits that smart sensors provide supply chain managers. Also, monitoring of perishable or fragile goods has been made possible allowing reducing the chances of damage or spoilage.
• Data for Analytics: Logistics has already embraced AI for predictive analytics. But technology requires abundant data to make accurate predictions. Connected devices act as the data source which provides information in abundance and real-time for analytics tools to operate on. The predictions made on this information are crucial for businesses to improvise their operational efficiency and mitigate supply chain risks.
Logistics enterprises are speeding towards the technology but prior implementation they must consider the below mention points.
• Data Optimization: IoT devices are certain to generate enormous datasets for evaluation. It depends on organizations how they convert this information into understandable, actionable insights. Acquired supply chain data must be utilized to improve its visibility and control. Data storage is another roadblock that needs to be addressed at the start.
• ROI Measurement: Ultimate goal of including any technology or process in business is to increase ROI. Enterprises should set up KPIs that would define the ROI of the Internet of Things technology, particularly in their business. Also, it must address the challenges in the supply chain effectively at the same time.
• Security Measures: Connected devices bring a hazard with themselves that is cyber threats. Sensors are an easy target for hackers to steal the data as these devices are directly connected to the central data repository. Security measures to protect sensitive and crucial data must be robust and updated regularly.
• Supply Chain Requirements: Not all businesses require the same solutions for their supply chain. A proper analysis of the available assets is required so that they can work in tandem with technology. Only then supply chain optimization is possible through IoT.