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Improving Supply Chain Efficiency Through IoT Technology
The global supply chain has become extremely complex. Proctor and Gamble has more than 75,000 suppliers, while Walmart counts more than 100,000. With so many suppliers in the mix, companies are finding it extremely challenging to keep tabs on their shipping containers.Estimates indicate that roughly 1,400 shipping containers are lost at sea each year, with as many as 50 going overboard in a single incident. Cargo theft adds to the problem, costing the industry up to $30bn each year in the U.S alone. With lost packaging as prevalent as it is, organizations are increasingly demanding end-to-end supply chain visibility, in order to identify issues when they happen, and prevent problems from occurring. The alternative is faulty operations, waning customer loyalty and significant revenue loss.The internet of things (IoT) offers increased visibility into every step of the supply chain. IoT-enabled devices can capture valuable bits of data throughout a shipment’s journey, providing organizations with a holistic view of the supplier network. With IoT sensors attached to containers, organizations can keep tabs on a shipment’s whereabouts and condition up and down the supply chain.
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