Organizations across the globe are striving to revamp and re-design their supply chain in a bid to make it smarter than ever before. Automated warehouses, shipment containers, distribution centers, factory floors and delivery systems, what do these have in common? They are all part of the great supply chain, which as we all know, is a network between the suppliers and the business which includes all the processes right from sourcing to manufacturing and delivering the final product to the target consumer.
Today, not a single business function has been left untouched by the wave of digital transformation. This transformation has enabled businesses to take strategic decisions aided by data and insights. The Internet of things or IoT is the much discussed topic all around the globe because of the wide array of ‘smart, connected products’ such as cars, devices, robots, washing machines, air-conditioner, etc. that have in-built sensors and connectivity to the ubiquitous internet to help generate tremendous volumes of data. This data is essential for the business to understand consumer habits and make several crucial and timely business decisions. And, what better way to enter the business other than the great old supply chain, thereby connecting devices that will not only generate high volumes of data but also transform operations. What connectivity holds in store for supply chains, you ask? Here’s what it has to offer.
Real Time Visibility with Improved Customer Service and Other Benefits
IoT eliminates the most time intensive challenges of the supply chain, by providing real time visibility of issues across all departments and at every step. This allows for quick problem solving or preventing it altogether. Additionally, it also improves customer service, making customers happy by providing on-time delivery while providing real time information and delivery tracking, thereby satisfying the consumers’ appetite for convenience and instant gratification.
Besides these, IoT will enable automated monitoring, control and optimization of processes with the help of analytics to drive decisions. It will facilitate in detecting overload conditions, forecast demand patterns, identify gaps between actual and expected performance standards, leverage IT support, using GPS and RFID to enable tracking information, adjusting pricing strategies by managing inventories, controlling spoilage and delay related issues. Thereby streamlining operations, reducing costs, better management of assets, reducing time-to-market, enable forecasting and mitigating risks to eventually drive customer satisfaction.
At SpendEdge, our experienced team of procurement experts will drive unprecedented efficiency by assisting you to collate, organize, cleanse, categorize and analyze data so as to derive actionable insights that will help you in becoming a true market disruptor.
To know more on the intricacies of Supply Chain Management