Today’s modern consumers expect faster and more flexible fulfillment options that provide full visibility into product information, availability, and lead times. With billions of networked devices—from cell phones and laptops to equipment sensors and wearable technology—the opportunities for significant innovation are vast. But so are the possibilities for exposure to risk and inefficiencies. The business battleground is moving, and the value chain is at the forefront of success or failure.
Now, fast forward to 2020, there are 25-plus billion Internet of Things (IoT) devices and a “networked” economy approaching US$2 trillion. According to Bryan Tantzen, senior director of IoT at Cisco, “We have now crossed the chasm and people are waking up to the value at stake. Supply chain managers in particular are leveraging IoT to create a real-time supply chain where line operators take digital orders and integrate them immediately into production runs.”
To take advantage of the increasing deluge of data, commonly referred to as big data, businesses are replacing traditional methods with modern best practices. These practices are more focused on customers, enable faster and more responsive supply networks, inspire more profitable product innovation, and facilitate a more collaborative environment of empowered supply chain professionals.
By implementing modern best practices and architecting a digital, IoT-driven supply chain, organizations will be able to realize a number of benefits:
The business battleground is moving, and the value chain is at the forefront of success or
Increase focus on customers
As consumer-level information is captured by machine-to-machine communications, businesses can immediately analyze the data in multiple ways to create faster, more reliable, and more accurate forecasts so inventory and production levels are optimized. For example, in the not-so-distant future, sensors will be added to consumable items such as a gallon of milk. Milk producers will go beyond the shelves at retail outlets and into the homes of consumers to determine, in the short term, levels of consumption and, in the long term, patterns of consumption for individuals so they can better manage their supply chains and predict future demand and supply their retailers more efficiently. This level of detail was never before available. Read the complete article here.
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