Gartner said "that IoT product and service suppliers will generate incremental revenue exceeding $300bn, mostly in services, in 2020. It will result in $1.9tr in global economic value-add through sales into diverse end markets." Businesses can't afford to miss this opportunity for tremendous growth.
As devices are embedded with technology that can communicate and interact with other devices, supply chains will also be impacted. Once everything, from raw materials to product components to finished goods to individual cartons to containers to shipments to delivered orders, sports a sensor and has the capability to continually transmit data, all aspects of the supply chain and distribution will be completely transformed.
Embedded connectivity has the potential to make every product a smart product. Realistically, it’s not just internet technology that is creating the transformation; it’s the remote wireless interconnectivity among these devices that will exponentially expand their capabilities and generate volumes of data. Embracing the Internet of Things within the supply chain will require companies to be able to capture and integrate the appropriate data, decipher it quickly, analyze it correctly, and take expedient actions, whether that’s adopting new automation processes, making corrective adjustments, or collaborating with workers, trading partners and other stakeholders to discover innovative leaps.
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