Leveraging IoT Testing to manage Supply Chain Risks

1. Mindfire Solutions is a 20+ years old, 650+ people software development and testing services company with a global clientele. We offer custom web and mobile solutions for companies across all major industries.

2. IoT is a game-changing technology that has had a significant impact on sectors like retail, transportation, banking, healthcare, and energy. When it comes to supply chain management, the Internet of Things can be extremely handy. Applications for management, forecasting, and supervision assist fleet managers in increasing operational distribution efficiency and adding transparency to decision-making. During the period 2000–2010, the value of intermediate products moved worldwide quadrupled, reaching more than $10 trillion each year. The post-COVID 19 worldwide SCM market is projected to expand at a Compound Annual Growth Rate (CAGR) of 10.3 percent from USD 23.2 billion in 2020 to USD 41.7 billion by 2026.

3. Demand for better visibility and transparency in supply chain data and procedures, significant growth in E-commerce, growing use of cloud supply chain management among SMEs, and improving business continuity by reducing possible failures are some of the key drivers driving the SCM industry. Furthermore, as technology develops, the supply chain sector will evolve, and the integration of AI capabilities with SCM services will create attractive possibilities for SCM providers. However, the Internet of Things is about more than asset management. There are many more advantages of using IoT in SCM: 1. Location Monitoring In Real-Time The Internet of Things offers managers a continuous stream of real- time data on the location of a product and its transportation environment. You will be notified if a shipment is made in the wrong direction and track the delivery of finished products and raw materials.

4. 2. Monitoring the State of the Storage Facility Environmental sensors enable managers to monitor shipping conditions and react proactively to changes. For example, one of the most widely used IoT supply chain systems collects data on the temperature inside vehicles, pressure, humidity, and other variables that may jeopardize the product’s integrity and automatically adjusts the product’s condition. 3. Forecast the Product’s Movement and Arrival Managers of IoT supply chains use IoT devices and data analytics platforms to enhance decision-making and forecasting accuracy. Thanks to real-time monitoring, businesses can monitor products throughout shipping and estimate delivery dates and forecasts and reduce the risk associated with delays. 4. Determine the Location of Items in the Warehouse Among the top warehouse technology developments is the integration of IoT-based supply chain management solutions. The advantages are many, ranging from enhanced warehouse efficiency to improved inventory management and staff safety.

5. For example, real-time position trackers enable on-site workers to readily identify products and quickly go to the aisle containing a particular product. In this instance, the Internet of Things provides a smooth workflow and performance that would be unthinkable without it. When coupled with artificial intelligence, IoT is a precursor to fully automated warehouses with little to no human oversight. 5. Enhance Your Contingency Planning IoT and data analytics assist supply chain managers in planning routes that account for traffic, weather, potential accidents, and other delay-causing events that may occur along the way. The Internet of Things collects and organizes all data necessary to develop adaptable contingency plans and determine the source of current delays. The system provides supply chain managers with real-time warnings, accelerating risk mitigation. .

6. Ways in Which IoT Is Used Supply chain management is a broad subject. Throughout the delivery process, dozens of activities occur concurrently, and managers must streamline them. The Internet of Things is the technology that enables this sector to develop big-picture perspectives and complicated but useful frameworks for operational efficiency. This section discusses how technology affects different elements of supply chain management, including communication, logistics, storage, and shipping. 1. Asset management IoT technologies streamline the process of monitoring and managing assets. Rather than manually entering data or using conventional inventory devices, managers may now wholly depend on software to maintain the condition of all purchases.

7. Similar to asset tracking in retail, connected technologies such as sensors, RFID tags, beacons, and smart materials enable effortless tracking of individual items and provide supply chain managers with instant access to critical information about each delivery, such as the contents of the parcel, storage manuals, and so on. 2. Automation of the Internet of Things supply chain When it comes to handling big warehouses for significant retail and logistics businesses, this technology reaches its full potential. The synergy between humans and technology in manufacturing and supply chains enables warehouse managers to enhance productivity, reduce costs, and improve resilience. 3. Enhancement of resource management One of the most significant advantages of IoT in the supply chain comes from machine intelligence and technology’s capacity to identify problems or cost savings that humans would miss — detect resource leaks, identify inefficiencies, predict potential equipment malfunction, and even predict the future.

8. Indeed, linked systems collect data for predictive analytics at many levels of the supply chain (detecting equipment failure, indicating maintenance, plan load, etc.). Predictive analytics is extensively utilized in various sectors and is considered the next big thing in supply chain management. By forecasting system failures, supply chain and warehouse managers can substantially reduce downtime and save significant amounts of money. 4. Flexibility In logistics, the Internet of Things increases communication efficiency amongst all parties involved in the supply chain. Managers may monitor drivers and shippers to ensure they adhere to corporate rules, that goods are correctly kept, and that no delays occur between the warehouse and the customer’s doorstep. With real-time access to location, productivity, and environmental data, managers may also interact with and educate end customers, resulting in more customized service.

9. 5. Durability IoT is also a sustainability enabler in a supply chain, serving as one of the technologies that enable managers to comply with existing environmental laws and emission limits. They can now get a very accurate picture of how resources such as electricity and water are being utilized. They can adopt green strategies for fleet management and shipping, and integrate environmental efforts at scale, thanks to various IoT sensors for supply chain management and asset monitoring (renewables, electric vehicles, and energy-efficient spaces). The Advantages of IoT in the Supply Chain With the Internet of Things gaining popularity, more companies are looking to use the technology in the supply chain. If you’re wondering how IoT may help your business become more efficient and decrease operating expenses, here’s an outline of its advantages in supply chain management.

10. 1. Increased velocity Intelligent route planning tools and IoT tracking technology dramatically accelerate the entire supply chain. By incorporating these technologies into daily operations, managers may reduce the feedback loop, profit from quicker decision-making, proactively minimize delay risks and enhance the overall efficiency of warehouse inventory management. 2. Increased precision Connected platforms are more efficient and convenient to use than closed systems. Using a cloud-based IoT solution guarantees that all stakeholders engaged in the supply chain life cycle have access to pertinent data and quickly resolve problems. Additionally, online and mobile solutions for various user types (workers, managers, operators, and consumers) assist them in working with insights, using gathered data to develop plans and different scenarios relevant to their jobs and requirements.

11. 3. Increased adaptability IoT offers managers comprehensive information about product turnover, assisting merchants and supply chain managers in determining the optimal quantity of each product to purchase. The Internet of Things also mitigates the effect of a human mistake by increasing the accuracy of asset monitoring, shipping, and navigation for on-road vehicles. 4. Improved segmentation Combining IoT with supply chain management enables merchants better to understand their goods, customers, and demand and develop relevant strategies. The data gathered throughout the product’s lifecycle enables a complete understanding of the market and the segmentation of goods with the target audience in mind. 5. Enhanced effectiveness The Internet of Things enables a diverse variety of linked platforms targeted at workers. Smart glasses, for example, assist warehouse employees in receiving instructions smoothly, ensuring they spend less time performing a job.

12. Additionally, IoT collects data on efficiency and instills greater awareness in resource and labor management. Supply chain managers will use technology to guarantee that all parties involved in the delivery perform to their full potential. Conclusion Value chains have increased in length and complexity over the last several decades as businesses expanded across the globe in search of higher margins. Many businesses handle deliveries and monitor assets using old antiquated systems despite the increasing need for digital transformation. Using IoT in the supply chain can address various issues connected with outmoded operating methods and technology. If you are looking for custom IoT Testing Services, we can be your partner of choice. Mindfire Solutions has a team of highly skilled 650+ certified software development and testing professionals, who have been serving global clients for over 20+ years. Here is an interesting project we have worked on IoT Testing. Click here to know more:

13. Content Source: Medium Contented by: Mindfire Solutions