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End-to-end Visibility, Predictive Analysis, and Real-time Insights will Drive Adoption of IoT
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Supply chain in any organization is literally its backbone. Cutting across a range of functions, it traverses across the life cycle of a product. Even a slight impediment can affect the entire value chain, run schedules off track, and significantly hamper productivity and efficiency. As companies struggle with visibility and transparency in the traditional supply chain, corrective actions are usually reactive. Data received after an incident are unable to prevent any damages.Digital supply chain has emerged as an alternative to the traditional methods. As technology enhances organizational performance, we believe that the impact of cutting-edge Internet of Things (IoT)-enabled solutions is especially significant. The comprehensive IoT ecosystem comprising of hardware, middleware, connectivity, software, and advanced technologies has pioneered the launch of some extremely innovative SCM solutions. The benefits of access to data-driven and predictive insights impact all stakeholders’ performance and efficiency. Supply chain industry is primarily segmented into asset tracking and management, fleet management, inventory management, warehouse management, and connected factories. The smooth movement of goods from raw materials right up to customers requires a range of functions, departments, and providers to work in tandem and efficiently. Supply chain solutions are relevant across industries. Some of the interesting case studies that are included in the research are from verticals such as mining, retail, and food and pharmaceutical. Each vertical has a specific set of challenges, and solution providers must work closely with their customers to understand their needs and provide a suitable solution. Use of advanced technologies such as artificial intelligence (AI), machine learning (ML), Big Data Analytics (BDA) and emerging technologies such as blockchains and robotics are able to meet customer expectations. The technology-enabled solutions introduce automation and insights that are expected to greatly enhance the supply chain industry performance. As different stakeholders have access to almost real-time data, timely corrective actions are initiated. This reduces disruptions, losses, and damages to a great extent. Some of the challenges faced by companies that are planning to implement IoT to manage SCM include optimizing and merging existing and new data, siloes in the current systems, presence of multiple stakeholders across the value chain, and data security and privacy risks. However, the interest is high and many pilots and initial implementation of technologies are underway. As companies identify benefits, a multitude of growth opportunities for providers are emerging, ranging from hardware and software to emerging technology solutions such as robotics and blockchain.
This analysis will cover some of the solution providers, their innovative solutions, and the impact of these solutions on the industry. Based on the existing trends and the developments in technology, we have identified some growth opportunities that are expected to significantly impact the industry in the near future.
This research broadly covers the following:
Key Issues Addressed
Author: Deepali Sathe
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