“Internet of Network is the server of the physical and online world in which the physical things have trigger and software so that they can exchange data with other devices on the internet, or we can say, it is a giant network with connected devices”.
These devices gather and share data in the environment in which they are operating. It is all done with the help of embedded sensors in those physical devices.
Nowadays IoT is emerging day by day at a very fast pace.
Some examples of IoT are:
- It is influencing our life from the AC that you can control with your smartphone.
- Smart Cars provide the shortest route.
- Smart Watch tracking your daily activities.
- Also used in Traffic lights.
- Smart Cities
- Supply Chain Management
- Home appliances like lights, refrigerators, etc.
IoT impact on Supply chain management:
1. Tracking: The main impact of IoT on Supply chain management is tracking and monitoring with the help of sensors and different networks.
Like temperature, location, and many more
2. Requirement for stocking: Because of IoT it automatically identifies the need to order and restock, so that there will be less intervention from humans, and it results in-
- Fast replenishment
- Good sales forecasting
- Increase profit.
3. Predict Maintenance: It can also predict or detect any fault or failure that can occur in the near future with the help of sensors, and if it is so, it takes corrective measures.
Because of this, it helps in-
- Increasing efficiency in the supply chain
- Increase the working capacity of industries
- Better forecasting of stock or inventory.
- Maintain proper and safe stock.
- Protect us from an unexpected breakdown.
4. Transportation: It also helps in finding the shortest and fastest route so that it can save our time and money. Also, it provides a reliable route.
Ex- smart car.
5. Maximize transparency of logistics: All information about transport like its conditions, and its destinations will be available to the entire supply chain with the help of smart devices. It also increases revenue and minimizes the cost of return and production and will definitely impact customer satisfaction.
Benefits of IoT technology in supply chain management:
- Better customer service.
- Low cost of doing business.
- Improve handling of goods.
- Easy monitoring of devices.
- Improve and increase the efficiency of the supply chain.
- Increase revenue.
- Real-time Tracking and tracing.
- Forecasting need of Restock.
- Forecasting Accuracy.
- Help in proper planning.
- Fast Speed.
- Improve Flexibility.
Challenges faced while Using IoT in Supply chain management.
1. Lack of skill– At various phases skill is required and to find a skillful team is a biggest challenge on its own. It requires those people who are professionals in this field.
2. Security problem- In the field of IT there are always threats about security issues but nowadays with the help of machine learning we can store the data safely without any threat.
3. Network issue- The connectivity problem is also a great issue. IoT requires a stable network connection. And to have a stable network at all places is not possible.
Various IoT Devices:
Alexa, Siri, Smartphones, Smartwatches, Smart Security system, smart door lock, Smart alarm, Google Voice controller, Foobot( measure indoor pollution).
IoT is a network of interrelated physical computing devices, digital and mechanical machines, objects, or people assigned with unique identifiers and the ability to exchange data over the network without human intervention or interaction.
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A thing in the Internet of things refers to the large number of computing devices that can be a biochip transponder in a farm or an automobile with a built-in sensor to alert the driver about any problem or situation. These types of devices are capable of collecting data through sensors and exchanging this data between devices over the network. Because of IoT, technology has become more powerful and is able to handle a variety of tasks efficiently and effectively. It covers various management like-
- Energy management
- Healthcare management
- Retail management
- Transportation management
- Environment management etc.
Uses of the Internet of Things:
- Used in agriculture to find the optimum time for harvesting and plantation and to detect the moisture of the soil.
- They are used by manufacturers to identify and remove defects.
- Used by chemical manufacturers to protect the raw materials. It is done with the help of an alarm.
- Used in the process of JIT (Just -in-time).
- Used by food retailers to identify and monitor the humidity in goods.
In the traditional supply chain management system there were many issues like overstock, delay in delivery, and stock out. So to remove these issues the Internet of things came into existence.
IoT enables anytime, anywhere, anything, and any media communications. It can be applied in every phase of our life. And in the future, the scope of IoT will be at its peak and will be very bright.