1. Real-time Tracking
The current world economy is highly interconnected with millions of businesses operating in different regions and countries. A supply chain ensures a strong network between every company and its suppliers to the manufacturer, then to the customers. It’s an extensive map that forms a complex and dynamic network yet one of the significant cycles that make every industry operate more efficiently without any disruptions.
However, with an extensive chain, supply chain disruptions do occur that makes many industries quite vulnerable. Petroleum products, medical devices and mining are highly vulnerable industries that significantly affect with an unexpected distortion in the supply chain.
With growing customer demands for speed and efficiency, any kind of disruption in the supply chain is the biggest threat to any business. Companies are aware of the generation information but rarely have controlled visibility to the precise status/location of the product.
What’s the solution?
Coming back to our question, how can companies acquire all-important data and better visibility into the movement and condition of their shipments?
The solution lies in technology - Internet of things (IoT).
Integrating Augmented Reality (AR) into technical work using IoT and Artificial Intelligence (AR) proves to make the supply chain more immersive and user friendly.
Let’s discuss the benefits of IoT in the supply chain
Improved visibility in the supply chain can offer real-time information on the task and completion of the other parties work. Making all the supply chain partners operate in sync with maximum efficiency.
In addition, process monitoring within one’s own facility as well as the partners leads to automatic and instant control over the process parameters, allowing improved reaction in urgent situations.
Most importantly, IoT in the supply chain helps to bring ultimate efficiency. Complete IoT-powered supply chains cause less time wastage, money and materials. To sum it up, IoT powered supply chains minimise errors, increase visibility, communication, control and improve perfect coordination between partners. All leading to the production of the right quantity of goods and resources at the right time and place - ensuring the highest potential of the operation.
Needless to say, businesses will significantly require IoT to reduce the complexities of the expanding supply chains. IoT when integrated with AR/VR provides the actual vision through mapping information, photos of the items to be picked, barcodes comparison and directions allowing real-time efficiency.
Use of IoT-powered Supply Chains
IoT integrated with supply chains can be simply put into connecting the producer with the consumer with a network of smart devices. Connecting these two with each other allows the transfer of real-time information in the detailed and articulated form. It allows the supply chain managers to control and review the activities at each stage, from the beginning to the endpoint.
An IoT-powered supply chain helps to deliver the right amount of goods to the right time, place and people as you’ve complete control over it, thus minimizing all possible errors or distribution along the way.
Here are some of the areas where IoT plays a significant part in the supply chain :
Developing a plan that is custom-built for your business.