As already said, IoT can alter and digitise many processes related to supply chain management by connecting devices and sensors and allowing them to exchange data with each other. So here are some critical IoT solutions for supply chain management.
1. Real-time Visibility
One of the best IoT benefits in supply chain management is real-time visibility. IoT sensors can offer real-time data on different properties of raw materials and goods. For example, stakeholders can see the exact location of goods and estimate the time needed to reach the destination. You can also know the temperature and humidity of goods from anywhere. As a result, you can track goods with better accuracy, reduce the wastage of resources and improve efficiency!
2. Predictive Maintenance
IoT also offers predictive maintenance in the supply chain. Supply chain managers can predict the failure of machines by analysing the data shared by IoT devices and sensors. By doing this, you can prevent the loss of machines by performing maintenance on time, thus reducing machine downtime. Predictive maintenance also improves the machine's performance and life.
3. Customer Experience
Enhanced customer experience is another top IoT benefit because IoT devices can provide real-time updates to customers regarding the status of their orders. In other words, customers can know the exact location of their order and the expected delivery date from anywhere. Eventually, businesses can enhance customer service and loyalty.
As you know, supply chain management involves many repetitive tasks such as data entry, inventory management, order tracking etc. IoT in supply chain management can save you a lot of time and effort by automating these tasks. Moreover, supply chain managers can invest more time in strategic studies rather than wasting time on repetitive tasks. Plus, automation also improves overall efficiency and reduces errors.
5. Efficient Inventory Management
As mentioned above, inventory management is a crucial yet challenging task. IoT sensors can provide real-time insights into inventory status, helping you make informed business decisions and prevent product shortages. These insights can also let you predict future inventory needs based on customer demands. In addition, IoT devices also let you know about physical factors like product damage, leakages, broken packaging, etc.
6. Asset Tracking
Like inventory management, IoT systems can facilitate asset monitoring and tracking. However, instead of logging the data manually, supply chain managers can now use IoT systems like intelligent materials, sensors, RFID tags, etc., to check the status of each asset item. As a result, managers can quickly acquire all critical data on the delivered product or material.