INTERNATIONAL SUPPLY CHAIN MANAGEMENT
INTERNATIONAL SUPPLY CHAIN MANAGEMENT
1. Introduction
The Internet of Things (IoT), which offers automation, real-time data, and improved visibility, has a variety of roles to play in supply chain management. The variety of IoT devices makes it possible to create specialized solutions to satisfy the requirements of various industries and supply chain activities.
2. Describe the role and practices of IOT in business organizations
The Internet of Things (IoT) is playing an increasingly important role in business organizations by connecting everyday devices and equipment to the Internet, allowing them to communicate with each other and exchange data. IoT devices can be used to automate a variety of tasks, keep track of performance, and collect real-time data for better decision-making and operation optimization (Bhattacharya, and Pal, 2020). IoT can be utilized in commercial settings to boost output, cut costs, enhance customer experiences, and spur innovation. Asset tracking, predictive maintenance, remote monitoring, and real-time analytics are a few IoT practices that are frequently used in corporate organizations.
3. Elaborating the IoT Internet of Things in enabling supply chain models in building efficiencies
The Internet of Things (IoT) is transforming supply chain models by delivering real-time data on inventory levels, production rates, and delivery schedules. As a result of the ability to follow items and equipment along the supply chain thanks to IoT devices like sensors, RFID tags, and smart cameras, businesses may streamline operations, cut costs, and increase efficiency (Liu et al. 2021). By giving organizations access to real-time stock-level information, IoT-enabled supply chain models can enhance inventory management and help them avoid stockouts and overstocking. IoT can be used to track the location and condition of items while they are in transit, forecast future delays or disruptions, and otherwise optimize logistics operations (Hong et al. 2020).
IoT can also provide predictive maintenance by keeping an eye on the health of assets and equipment throughout the supply chain and notifying maintenance personnel when repairs are necessary (Manogaran et al. 2020). Therefore, it can able to decrease downtime, boost output, and increase equipment longevity. Another crucial IoT use for supply chain management is real-time analytics, which can give significant information about how well the supply chain is performing (Datta, and Bose, 2019). Businesses can find areas for improvement by analyzing data from IoT devices and then take data-driven decisions to streamline their operations.
4. Evaluate the collaboration with IOT to ensure the value for maintaining cost efficiency and responsiveness
Businesses may give value in terms of cost-effectiveness and supply chain management responsiveness by efficiently working with IoT. Businesses may improve customer experiences, optimize logistics, and obtain real-time insights into supply chain operations by utilizing IoT technologies (Koliou et al. 2019). Automation can save costs, which is a significant advantage of IoT collaboration. IoT can automate a number of supply chain procedures, including inventory management, tracking, and maintenance. Businesses can cut labor costs by automating certain procedures, improving productivity, and guaranteeing timely product delivery.
Other advantages of working with IoT include real-time tracking and monitoring. The position, temperature, humidity, and other environmental details of goods in transit can all be tracked in real-time using IoT devices. Utilizing this data helps improve logistical processes, cut waste, and guarantee product quality and safety (Chen et al. 2020). Collaboration with IoT also has the advantage of enhancing visibility and transparency. By giving stakeholders access to real-time data, IoT may increase visibility and transparency throughout the supply chain. In order to increase productivity and cut costs, this can be used to find bottlenecks, monitor performance, and make data-driven decisions.
Another advantage of working with the Internet of Things is predictive maintenance. IoT sensors can be used to keep an eye on the health of assets and machinery throughout the supply chain and notify maintenance staff when repairs are necessary (Akther et al. 2019). In addition to extending the life of the equipment, this can assist decrease downtime and boost production. And finally, IoT collaboration can improve responsiveness. IoT can assist supply chain managers by giving real-time data on inventory levels, manufacturing rates, and delivery timeframes, allowing them to quickly adapt to changing market demands and customer expectations. This can assist companies in fast adjusting their operations and maintaining competitiveness in a market that is changing quickly.
5. Analysis of the influencing factors of IOT for delivered services in international supply chain management
Several factors can influence the effectiveness of IoT in delivering services in international supply chain management. Some of the key factors include:
Security:As it comes to IoT devices in global supply chain management, security is a big worry. Cyberattacks or data breaches can compromise sensitive information, interfere with supply chain processes, and harm a company’s brand (Pham et al. 2021). Businesses must therefore make sure that IoT devices are safe and secure from outside dangers.
Standardization: Another crucial element in managing the global supply chain is IoT device standardization. It can ensure seamless communication and data exchange across IoT devices from various suppliers, standardization can increase the efficacy and efficiency of supply chain operations (Zhang et al. 2020).
Data Management: Successful IoT adoption in global supply chain management depends on efficient data management. Businesses must have the right procedures and tools in place to handle and analyze the massive amounts of data generated by IoT devices, which can be overwhelming (Pham et al. 2021).
6. Discussed the role of the Internet of Things in supply chain management and its diversity
The management of the supply chain benefits greatly from the Internet of Things (IoT). IoT can enable process automation, give real-time data and insights, and improve supply chain visibility and transparency by linking diverse devices and equipment. In addition, a variety of supply chain management applications, including asset tracking, inventory management, and predictive maintenance, are made possible by the diversity of IoT devices. IoT sensors, for instance, can be used to measure inventory levels, keep tabs on the location and condition of goods in transit, and send out notifications when maintenance is needed (Chen et al. 2020). IoT devices can also make it possible to collect data from different supply chain nodes, which can be utilized to streamline logistics and lower costs. The diversity of IoT also allows for the development of customized solutions that can meet the specific needs of different industries and supply chain operations (Koliou et al. 2019).
7. Conclusion
In conclusion, supply chain management has been fundamentally altered by the Internet of Things (IoT). Its wide range of uses, including asset tracking and predictive maintenance, has the potential to completely alter how supply chains are managed by enterprises. As full profit from IoT technologies, however, enterprises must use them while carefully considering aspects like connectivity, security, standardization, pricing, and data management.
Reference
Chen, Y., Li, Y., and Wang, Y. 2020. The application of internet of things in supply chain management: a systematic review. IEEE Access, 8, 152110-152127.
Datta, S., and Bose, I. 2019. Adoption of internet of things in supply chain management: drivers and inhibitors. Journal of Enterprise Information Management, 32(5), 828-849.
Hong, S., Kim, Y. G., and Hwang, H. 2020. Exploring the potential of internet of things (IoT) for sustainable supply chain management: the case of the Korean seafood industry. Sustainability, 12(6), 2358.
Koliou, E., Theodorou, P., and Antoniou, G. 2019. The role of the internet of things in logistics and supply chain management. Journal of Multimodal Transportation and Logistics, 4(3), 227-245.
Liu, Y., Chen, X., and Su, K. 2021. The role of the internet of things (IoT) in supply chain management: a literature review. Sustainability, 13(10), 5623.
Manogaran, G., Thota, C., Lopez, D., Abbas, K. M., and Sundarasekar, R. 2020. Internet of Things (IoT) in supply chain management: a comprehensive overview. In Internet of things and big data analytics toward next-generation intelligence (pp. 331-356). Springer, Cham.
Pham, T. M., Do, T. T., Nguyen, T. D., and Kim, D. H. 2021. Internet of things for logistics and supply chain management: a review. Journal of Marine Science and Engineering, 9(5), 483.
Zhang, J., Shi, Y., and Liu, Y. 2020. The role of the internet of things in supply chain management: a systematic review and future research directions. Journal of Cleaner Production, 272, 123065.
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