Incorporating IoT can solve a number of problems faced in the supply chain. For instance, sensors can be tagged on every product or shipment which will allow interested parties to track items throughout the product cycle. This is especially crucial in the retail sector, where efficient inventory management is necessary to avoid situations relating to stockouts, stock obsolescence and futile trade marketing efforts. With real-time tracking of inventory, businesses can be managed effectively and efficiently through the insights received from the supply chain process. This also helps in effective decision making, proper fund management, accountability, maintaining customer and vendor relations, etc. Essentially, IoT offers the following benefits to supply chain:
- End-to-end visibility of products
- Stock management
- Higher reliability of operations
- Sales data insight
- Improved profitability
Discovery and Tive are two such companies which are seeking to disrupt the traditional supply chain with their IoT solutions. Discovery is building an IoT network for supply chain and is creating a printable self-charging IoT tag, called Cliot, priced at $0.10 which utilizes backscattering technology to power itself up. In addition, it is also being built to support a number of sensors such as IR, accelerometer, temperature sensors etc. Besides, utilizing edge computing, Discovery is creating a highly scalable network, where, their tag transfers data to nodes in the network formed by a community of smartphone users, this data is then processed on smartphones and thereafter uploaded on the cloud.
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