The global supply chain and logistics market is set to exceed US$15trn by 2024, yet despite the industry growing rapidly, there has been little innovation breaking ground in this space and businesses continue to face significant challenges and inefficiencies.
One of the key challenges facing organisations is a lack of end-to-end visibility on the entire supply chain, largely due to substantial silos between people, processes and technology. When we consider the fact that one single shipment includes over 200 interactions and more than 25 different people, there is a clear need for the industry to embrace a data-driven approach to supply chain to really capitalise on the market’s full potential.
In fact, today the term ‘supply chain’ is losing suitability. It is no longer a linear process, but rather a demand-driven network. Fuelling this network with data and insights from connected objects is instrumental in driving competition and quality assurance. The Internet of Things (IoT) has the unique ability to capture vast amounts of extremely valuable data, helping businesses better understand the behaviour of people, environments and assets to give a real-time holistic view of the entire supply network.