The Internet of Things Facilitates Supply Chain Agility Through Real-Time Data Sharing Functionality
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. There’s a reason Gartner made digital and physical convergence the theme of its 2019 Supply Chain Executive Conference.
IoT is Fast and Scalable
Technology has changed normal, everyday experiences. With the power of IoT, even more, everyday processes and experiences will continue to evolve. Why? Because so many IoT applications are practical.
And the supply chain is moving toward a place more fundamentally 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 so they are better equipped to meet customer’s needs.
Yet, modern supply chains are global and complex. This complexity makes optimizing supply chain 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 How IoT Improves The Consumer Packaged Goods Value Chain