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Thanks to advancements in the Internet of Things, inefficient supply chains could become a thing of the past, however, the issue is still a complex one. To combat this, a new way of thinking is required to bring simplicity to the implementation of IoT. Thingstream’s Neil Hamilton explores the possibilities.
Cisco and DHL recently reported that IoT will make supply chains vastly more efficient and transparent leading to a $1.9 trillion impact on the supply chain and logistics sector. Nowhere will the benefits be greater than in the food industry, which loses about $160 billion a year in wasted food. The potential of connected technology to drive efficiencies by tracking the location of anything and monitor its state provides significant value to both suppliers and receivers. Achieving high levels of insight and access is a challenge, and it needs to be made simpler.
The difficulty for almost any industry tasked with improving supply chains through connected technology comes in two areas: cost and accuracy. Necessary investment tends to be high, because of both reliability and coverage issues. If a piece of technology goes wrong, or moves out of range, tracking will go down and be rendered useless. Installation is also expensive, as each monitoring device needs to be built, installed and connected to a network.
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