Technology is evolving, and it’s bringing every other industry it touches along for the ride. According to a new study from market research firm Research and Markets, the Industrial Internet of Things (IIoT) is poised to disrupt supply chain operations in some major ways in the near future.
The study, titled “Tectonic Shifts in the Value Chain,” was released this month and purports to examine several themes that have risen in the supply chain operations of key industrial sectors since the introduction of IoT technology. Some of these themes include more cost-effective monitoring through smart devices, and the ability to be more agile and improve operations through access to data on demand.
“The influx of Big Data across the supply chain, in particular unstructured data, has resulted in key value chain participants looking for state-of-the-art analytical platforms to convert raw data into actionable insights that improve the overall operational efficiency,” states the report.
Track-and-trace solutions for increased product traceability are also on the rise, especially given the growing consumer interest in where their products come from and how they’re made.
“Compliance with regulatory mandates across vertical markets and geographies has paved the way for wide-scale acceptance of track and trace solutions that allow key stakeholders to authenticate product at various transit points across the supply chain,” the report continues.
Research and Markets claims to answer a multitude of key questions within its report including the opportunities for traceability software, the pros and cons of using commercial smartphones versus tailored industrial devices, and how a business can best put the insights gained from its data collection to good use. Check out the report here.