How data from IoT devices is changing supply chain analytics

[Kathleen Martin]

The supply chain havoc caused by the coronavirus pandemic has left an indelible mark on the minds (and businesses) of manufacturers, wholesalers, dealers and retailers. Lockdowns and restrictions hindered manufacturing and shipping, resulting in shortages in pharmaceuticals, electronics, food items and raw materials in just about every industry.
A McKinsey study on the impact of this extended disruption found something very interesting: while 75% of companies surveyed faced problems with their supplier base, production and distribution, 85% said they struggled with “insufficient digital technologies” in the supply chain.
The solution? Nine out of 10 leaders in the survey said they planned to focus on digitization of the supply chain to improve its resilience. Specifically, they’re looking at these areas:

• Centralized supply chain planning
• Advanced analytics
• Reskilling the labor force for digital planning and monitoring

In the never-ending hunt for maximum efficiency and cost savings, supply chain digitization correlates closely with smart manufacturing processes. And it has quite some catching up to do – the smart manufacturing industry is set to grow from $250 billion in 2021 to $658 billion in 2029.
Driving this parallel growth in smart manufacturing and supply chain technology are a handful of technologies:

• Industrial Internet of Things (IIoT):devices that enable data collection from more interaction points, factory automation, shipment tracking via GPS and machine-to-machine (M2M) and machine-to-people (M2P) communications

Continue reading: https://www.cio.com/article/308406/how-data-from-iot-devices-is-changing-supply-chain-analytics.html