Creating New Business Models
There is also the potential to establish new revenue streams. In fact, 79% of supply chain leaders record higher revenue growth than their industry average. As the adoption rate of IoT devices continues to climb, so will situations where enterprises are able to create new revenue streams or price their services more competitively for clients.
Improving customer experience
With 89% of companies now competing mostly on customer experience, IoT-based asset tracking can allow businesses to create a truly customer-centric supply network that delivers a crucial competitive edge.
In order to provide this level of service a key element is the device-to-cloud integration. The IoT devices in the supply chain must connect seamlessly and reliably to the cloud wherever they are located, run applications that provide insights from cloud to the edge. Edge computing reduces the amount of bandwidth needed, limits demands on cloud processing and cloud storage, and speeds up the transmission of information, allowing for a real-time view of the supply chain.