IoT(Internet of Things) is the network consisting of physical things embedded with sensors, software, and electronics connected to a network that enables them to exchange the information using the internet.
The technology is being adopted by almost every industry around the globe. The world is going through the beginning of the IoT revolution. It is estimated that there will be more than twenty billion devices connected to the ‘Internet of Things’ by the end of the year 2020.
Supply chain management has been one of the first industries to use the ‘IoT’ technology to track the shipments. With recent advancements in technology, the supply chain management industry is ready to reap the benefits from these technologies. Some of the changes we can see in the Supply chain management industry due to IoT enhanced warehouses are:
The IoT sensors can alert the warehouse manager whenever an asset in lying idle or is overused. The technology is playing a pivotal role in informing the managers about spare capacity or backlogs in the warehouse and thus helping in the usage of the space more efficiently.
The IoT has made it possible to connect and monitor people, equipment and packages through the internet. This has enabled the managers to measure the performance of each of the asset and act promptly and make decisions before any problem arises.
The main reason for introducing the IoT in any industry is to reduce the cost, and this is also in the case with the supply chain management industry. With IoT enhanced warehouses, the overall cost is expected to get reduced. From inventory management to asset maintenance, everything is planned and is used cost-effectively with IoT.