The effective movement of goods through a supply chain can be crucial to a company’s success. Tracking assets, monitoring the quality, and establishing timeliness can help build a flexible, successful, and connected supply chain. One way to optimize this process is with the Internet of Things (IoT). With IoT, companies can gain better visibility, control, and compliance in their logistics solutions.
“With IoT, companies can gain better visibility, control, and compliance in their logistics solutions.”-KORE Wireless
Despite the challenges in supply chain management, The Internet of Things in the supply chain logistics market is continuing to strengthen. According to MarketsandMarkets, the global IoT in the supply chain market is projected to grow from $18.9 billion in 2022 to roughly $34.8 billion by 2027. The growing demand in this landscape is largely due to the climbing number of connected devices and expanding eCommerce industry.
Achieve a Smarter System
To avoid barriers in supply chain management, several key questions must be asked and answered to help achieve a smart system:
- Where is your supply chain reaching? Is it local, regional, global, etc.?
- What are you looking to get out of your supply chain? Do you need temperature controls? Real-time alerts?
- What kind of budget do you have for a flexible supply chain?
- What kind of IoT technology would best help your needs? Sensors? GPS?
For more information and a closer look into ways to unlock a smarter supply chain, check out our infographic here.
Example of Protecting and Preserving Assets
One area in supply chain management that heavily relies on IoT for its success is cold chain monitoring. Cold chain monitoring/management depends on temperature-controlled technology to transport goods from point A to point B without the cargo being spoiled.
With the help of technology, perishable goods are closely monitored and regulated to ensure safe and intact deliveries. Real-time sensors are attached to these goods, 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 while in transit. The supply chain can often be unpredictable, but with IoT, obstacles can be caught earlier, resulting in increased sustainability (less tarnished cargo) and reduced maintenance costs.
The protection of your assets is not only limited to the environment and ROI. Here are more ways asset management can benefit your company:
- Improved quality control
- Greater visibility to inventory
- Increased productivity for employees
- Timely deliveries
- Maximize warehouse efficiencies