IoT and a connected supply chain
As sensor and wireless tracking technology advances, FuturMaster predicts the internet of things (IoT) will have an increasing impact on the supply chain.
When connected with IoT, computers and sensors enable firms to immediately respond to a variety of signals, such as when inventory is low.
“We are starting to take data from [small computers and sensors] in almost real time, to make better decisions and to respond faster in the supply chain,” Sewell explained.
“From a production point of view, integrating [manufacturing] machines with sensors [can allow] us to know ahead of time when [processing tools] need maintenance or repair…We can adjust our plans in line with the fact that we know one particular machine is going to need unexpected maintenance sometime in the near future.”
According to FuturMaster, IoT technology has been primarily adopted in apparel and pharmaceutical industries, with take-up predicted to become more widespread this coming year.