LONDON – The trend toward IoT-enabled supply chain management is fostering the rise of a new ecosystem that will have far-reaching benefits to users.
Frost & Sullivan’s latest analysis, “Growth Opportunities in the Internet of Things-enabled Supply Chain Management Market, Forecast to 2024”, reveals that end-to-end visibility, predictive analysis, transparency, and real-time insights are some of the benefits driving the adoption and implementation of Internet of Things (IoT) systems within the supply chain management (SCM) market.
“Current supply chains will be reinvented as IoT-enabled systems allow unprecedented end-to-end visibility, remote tracking, and control,” said Deepali Sathe, senior industry analyst at Frost & Sullivan.
“The increase in automation will significantly improve accuracy of predictions and speed of execution.”
One of the biggest impacts of technology adoption on SCM has been the introduction of new business models. As data siloes diminish, managers can focus on the benefits that can be achieved as a result of improved end-to-end visibility, ability to remotely control devices, and automated processes.
“Predictive analytics based on artificial intelligence (AI), machine learning (ML), and Big Data Analytics (BDA) will reduce errors and take the guesswork out of planning, forecasting and execution,” noted Adrian Drozd, research director, ICT at Frost & Sullivan.
“Technologies such as blockchain can create better and faster processes and prevent fraud, while robotics will enhance automation and precision for greater accuracy.”
The top new growth areas identified in the report are:
Increasing demand for IoT-enabled, multi-function robots and cobots.
Sensors and tags required for connected devices.
Multi-layered cybersecurity solutions to tackle potential threats.
Using artificial intelligence and machine learning technologies to enable solutions such as chatbots or smart home speakers.