The Internet of Things, or IoT, has allowed us to connect everything from our home thermostats to our cars directly to the internet. While the average person may have some understanding of how this innovation has impacted consumer goods, they might be less familiar with the potential that IoT development has to revolutionize the global supply chain.
A supply chain refers to the series of steps a product goes through to get into the hands of a customer. It includes the manufacturing process, shipping, placement in retail stores, etc. The more efficient a supply chain, the more money a company saves. On top of that, given the recent focus on topics like sustainability, farm-to-table food, and more, supply chains actually offer businesses unique branding opportunities these days.
That’s why it’s important for both individuals and organizations to learn more about how IoT solutions can boost supply chain revenues. Companies that take advantage of this emerging technology stand to benefit in the following ways.
IoT Development Offers Improved Quality Control
Thanks to IoT advancements, it is now possible to install sensors in products that make it easier than ever to monitor their location and condition as they’re shipped to a store or customer. Businesses that use IoT solutions in this capacity can provide more reliable updates about the status of a shipment, identify potential damage before a customer receives an item, and boost overall quality control. This doesn’t just save a company money; it also improves the relationship an organization has with customers.
No one likes receiving items late, or finding out they were damaged during the shipping process. That’s less likely to happen when a business can constantly monitor shipments.
The IoT’s Inventory Efficiency Solutions
IoT sensors will also allow companies to accurately monitor product inventory without requiring human employees to count items. Those employees can devote their attention to more important supply chain tasks.
Businesses can also address inventory needs much more efficiently. No longer will items go out of stock because employees fell behind on inventory counts.
Again, more and more customers want to know the supply chains of products they purchase are ethical and environmentally-friendly.
Up until recently, it wasn’t easy for a person to actually investigate a product’s supply chain without conducting thorough, time-consuming research.
IoT development is changing that. By making it easier to monitor the shipping status of an item, companies can offer customers the option to track the path of a product on their own. This type of transparent supply chain will appeal to socially-conscious individuals. It will also allow companies to brand themselves as equally socially-conscious.
Addressing Maintenance Needs With Internet of Things Technology
Supply chain inefficiencies are often the result of a failure to address maintenance needs at a given step in the process. If the equipment used to manufacture a product breaks down, the supply chain will suffer until the equipment is fixed.
Because IoT sensors can identify upkeep needs before this happens, companies can perform maintenance early. This will save both time and energy in the long run as potential issues are identified and avoided before they become larger problems.
Some experts predict that IoT development could soon yield savings and earnings worth $1.9 trillion in the supply chain sector alone. Companies across a wide range of industries have begun adopting the technology.
Organizations looking to take advantage of it revenue-boosting potential should begin looking into it right now. The sooner a company implements IoT solutions, the sooner it can gain a competitive edge.