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IoT set to revolutionise the supply chain

  • July 11, 2018
  • 136 Views

IoT is set to revolutionise the supply chain with both operational efficiencies and revenue opportunities.

In today’s market, supply chain isn’t just a way to keep track of your product. It’s a way to gain an edge on your competitors and even build your own brand. The following are a few areas where we’ll be seeing the most advancement and change with the ever-advancing Industrial IoT.

Operational Efficiencies

When it comes to operational efficiencies, the IoT offers many:

  • Asset Tracking
  • Vendor Relations
  • Forecasting and Inventory
  • Connected Fleets
  • Scheduled Maintenance

Revenue Opportunities

The chance to know more—and understand more—about our customers, their buying habits, and the trends associated with them is invaluable. It allows businesses to form tighter connections with customers and, inevitably, market to them in new and better ways.

Beyond the use of data for improved efficiencies noted above, for instance, businesses can get creative with supply chain transparency. They can build a reputation of social responsibility by allowing customers to access—and with AR, even see—where their product came from, who made it, and the conditions in which those workers lived. They can see who wore it—whose celebrity hands may have touched it—which countries it may have traversed to reach their homes. Heck, maybe supply chain is sexy after all.

Read the full article by Daniel Newman for Forbes.com