This year, Internet of Things (IoT) devices and services are expected to reach an adoption rate of 18 to 20%, and this number is predicted to reach nearly 100% by 2030. Regardless of this growing adoption, some organizations are on the fence about implementing IoT technologies due to uncertainties around whether they are equipped to handle big data, cost, a lack of skills, and security concerns.
These are legitimate concerns that can and should be addressed. Because the truth is digitalization is critical to compete in today’s global economy.
Digital Business is Now
Technology has changed normal, everyday experiences. With the power of IoT, even more, everyday processes and experiences will continue to evolve because IoT is practical. More so, the supply chain is moving toward a place more foundationally dependent on technology to thrive. Organizations are looking for fast-paced, streamlined, and real-time solutions to optimize supply chain performance and minimize supply chain risk to better meet customer’s needs.
Yet, modern supply chains are global and complex. This complexity makes optimizing their performance more challenging because a larger array of demands must be met. A PwC and JDA Software study, “CEO Viewpoint: The Strategic Role of Supply Chain in an All-Channel World,” found that 50% of CEOs see the supply chain as a strategic differentiator. Despite this, 83% of global CEOs feel their supply chain is “not optimal” to meet demands, exposing a huge opportunity to leverage technology in those organizations.
Part 2 of this series covers supply chain challenges and reveals actual results from organizations using IoT technologies to address challenges and improve overall performance.