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How the IoT is changing the supply chain

Written by Kristin Herman

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Supply Chain

The Internet of Things is continuing to change the world as we know it, from within our homes to our businesses, but perhaps one of the more interesting areas of the world it’s revolutionizing is the supply chain.

Sure, the supply chain is a fairly traditional line of work throughout the world, but technology is changing the scene rapidly.

However, it’s important for businesses to figure out the impact of the tech and whether an investment is going to be worthwhile. To help make this decision, these are some of the impacts that IoT technologies are bringing to the table.

Increasing Transparency

When it comes to customers and businesses, there are few things more important than transparency. If you run a business using some shady tactics and you’re found it, it can become a scandal that will ruin you and your brand forever. Thanks to this, customers are demanding ethical transparency now more than ever.

Fortunately, IoT technologies are making this easy by installing sensory equipment throughout machines and vehicles, allowing problems to be addressed and sorted in real-time, thus minimizing downtime and improving overall productivity.

Minimizing Human Error

There are a ton of areas in the supply chain process where human error is holding things back. For example, quality control is more important now than it ever has been before, but the variation in what’s allowed through or not varies dramatically.

“Using IoT technologies, companies can use sensors to carry out the audits, or monitor the abilities of the humans still involved. This technology can also help to collect widespread data from across the entire chain, and then organize this data in a way that management levels can easily digest and act upon,” explains Lisa Ann, an IOT blogger at Lia Help and Academized.

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The Power of Prediction

Being able to predict the future is a skill that businesses would love to have, but so far, this has been near impossible to get right because we simply don’t have the ability to comprehend so many varying factors. However, IoT technologies are making predictions more accurate than ever before.

Being able to predict basically any part of the supply chain is ideal because it will help with planning and logistics, managing a budget effectively, and being able to predict potential problems and then overcoming them before they are even a threat. All in all, the powerful predictive nature of IoT technology is ideal for optimizing all aspects of the supply chain.

Improving Safety Standards

By far, one of the most beneficial improvements that IoT technology is bringing to the table is the huge improvement in the overall safety of employees and staff at all stages of the supply chain. Since the supply chain can be so extensive and fast-paced, accidents do happen, and they can be so incredibly costly when they do.

Using IoT devices, employees can wear trackable devices that can monitor the environment for hazardous situations and can automatically connect with computers and machinery to detect when there’s a problem, and a machine needs to be shut down. This means they’ll be fewer overall work-related accidents and can even save many lives.

Seeing as though this is one of the biggest problems plaguing the supply chain, it’s one that we can see coming into effect in full force and will continue to be developed as a priority for years to come.

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Improving Customer Insights

“Machine learning and IoT goes hand in hand, and now more than ever before, IoT technologies are capable of accurately predicting and tracking customer purchasing patterns and trends. This means the technology can automatically adjust purchasing volumes and stock distribution to match customer needs, all without a human needing to do anything,” shares Nick Dwelling, a business writer at Ukwritings and State of writing.

This will lead to much more effectively managed budgets, happier, more satisfied customers, and new analytical data that your company can use to make future decisions that will only contribute to further rates of success.

About the author:

Kristin Herman is a writer and editor at Write my essay and Top Canadian writers. She is also a contributing writer for online publications, such as Boomessays. As a marketing writer, she blogs about the latest trends in digital advertising.

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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