But it doesn’t stop there. In fact, this is where IoT comes into real play. Now that we know where everything is and what condition it’s in, we can use the latest applications and analytics solutions to create insights into the future – predicting what could happen next and prescribing possible next steps. In other words, IoT delivers the resilience everyone has been talking about in recent years.
What’s more, the price of this technology continues to drop. IoT devices have always been relatively affordable, but the latest innovations are bringing the price point down further. They are getting smaller and using energy harvesting or new battery chemistries, such as zinc-polymer rather than lithium-ion. This means we can now get excellent device lifetime, high functionality, and a low price – a normally unattainable triangle.
IoT technologies are not only getting smaller and smaller but also offering global connectivity. Technologies like low-power global area networks (LPGANs) utilize low-earth orbiting satellites (LEOS) to connect remote areas of the world that were previously black holes in the supply chain.
As you’ve undoubtedly noticed over the past couple of years, supply chains are highly volatile. This makes supply chain visibility more vital than ever, regardless of whether goods travel by air, ocean, road, or rail. IoT provides that visibility, which allows you to monitor the location and condition of items across your supply chain but take preemptive, actionable steps to ensure things arrive on time and where they need to be, no matter what is happening across the supply chain.