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Industrial Internet of Things (IIoT) Attributes Helping Organisations Re-imagine Supply Chains to Uncover Hidden Businesses and Growth Potential
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Industrial Internet of Things (IIoT) has transitioned from being a buzzword to closer to reality, as organizations are stepping into the implementation phase. The progressive improvement in computer prowess, backed by advancements in sensor technology, has led to an era of convergence, creating innumerable data points and allowing technology to make sense of it. Businesses are racing to convert raw machine and process data into actionable and useful insights in real time. This era of convergence, which would help human beings attain new levels of efficiency with readily available actionable information, is made possible by the various functional elements such as communication hardware, cloud storage, analytic tools, visualization, user interface (UI) development tools, and many more that constitute the concept of IIoT.
Supply chains are the nervous system of any organization, operating round-the-clock to ensure a thriving business amidst cut-throat competition. IIoT enables organizations to gain a competitive edge by fine-tuning the supply chain. It provides users with the flexibility and the tools needed to develop application-centric functions unique to each industry.
This research service individually analyses the impact of IIoT concept such as robotics, Big Data, predictive analytics, blockchain technology, augmented and virtual reality, and 3D printing on supply chain elements, beginning from raw material sourcing to retailing. By assessing the impact of IIoT on differing supply chain structures found in process, discrete, and hybrid industries, the study provides an understanding of the market from multiple business facets. It breaks down the central framework of a digital supply chain and its operations, connecting factory operations to the business end of the organization. It also highlights the prevalent innovation hubs and start-ups around the world that are budding in various areas of manufacturing supply chain digitization.
The evolution of supply chain is also captured by analyzing technology advancements and the shift in strategies that have driven the need for a digital supply chain. Though the global market is increasingly witnessing a trend of start-up acquisitions and corporate collaborations, there is no single provider capable of providing an end-to end IoT solution for all supply chain needs. When utilized to its full potential, IIoT can tremendously improve in-house logistics, supply chain responsiveness, employee engagement, and customer satisfaction. With ground-breaking innovation in sensors and remote connectivity technology, aided by simultaneous advancements in software, the extended factory environment is set to witness a massive transformation.
Key technology and business use cases that are influencing the evolution of digital supply chains have also been discussed. The study also covers the major business trends and technological drivers and their impacts on the supply chain structure for the study period.
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