The Internet of Things (IoT) describes a network of physical objects connected to other devices and systems through the internet. This technology enables physical devices to exchange data without human intervention. The IoT has numerous applications in retail, manufacturing, architecture (connected buildings), energy and environment, transportation, and healthcare. While there has been a lot of coverage on how to deploy the Internet of Things through gadgets used in smart homes and cities, healthcare IoT can help track valuable medical equipment and enable closer monitoring of patients using wearables.
With COVID-19 fueling a disruption of traditional supply networks, IoT technology has come to the forefront of supply chain and logistics teams across the globe. There is evidence that the Internet of Things can reduce costs while helping companies generate more revenue. Ports, for example, can utilize IoT technology in shipment tracking and monitoring of cranes, storage facilities, and infrastructure for warehousing. Security departments can rely on IoT to detect theft of cargo, enabling timely intervention. Various sensors can supply data for tracking environmental conditions, a vital data point for perishable cargo.
A big challenge for supply chain managers is the many moving parts involved in a transaction. Between the factory, supply warehouse, and end-destination, there are numerous other touchpoints. That’s where RFID comes in. Radiofrequency Identification, or RFID, is an IoT application that helps track physical objects using miniature tags. RFID utilizes electromagnetic fields to track objects with relatively high precision. This IoT technology enables freight managers to know the current state and exact location of various items. A robust implementation of the Internet of Things in the supply chain improves in-transit visibility, providing real-time data for decision-making and performance improvement. The data collected from all levels of the supply chain presents insight into new solutions for customers.
In healthcare, having the right instrument at the right place and the right time is critical. Unlike many other industries where a missed delivery could be trivial, such an occurrence in the medical setting could result in a much worse outcome that puts patients at risk. With healthcare IoT, a fully connected supply chain presents an opportunity to be proactive. Suppliers detect issues with their products in real-time, rather than waiting until the end destination. This insight drives proactive measures giving managers more flexibility to devise timely solutions that improve the confidence of medical device manufacturers, distributors, and hospitals alike. More efficient supply management driven by the Internet of Things (IoT) benefits everyone in the supply chain.
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