Survey shows increase in IoT solutions among supply chain providers
The study polled 600 supply chain decision-makers to learn about their existing and future plans for leveraging IoT within their operations
Supply chain organizations are increasingly leveraging the internet of things (IoT) to improve operations and improve customer service, according to a study produced by eft Supply Chain and Logistics Business Intelligence, a UK-based leader in business intelligence and C-level networking for the transport, logistics and supply chain industry.
The survey, “The Internet of Things (IoT) in Supply Chain and Logistics,” polled 600 supply chain decision-makers to learn about their existing and future plans for leveraging IoT within their operations.
Of the supply chain managers surveyed, 64% have or are planning an IoT strategy, while 41% already have a solution in place and 23% have IoT on their roadmap.
Other key takeaways from the survey include:
- Most retailers, manufacturers and logistics providers are looking for location information, including security, temperature and speed.
- Supply chain managers are looking to be more connected to the whole ecosystem, causing an increasing demand in data from suppliers and providers.
- A majority of the respondents (69%) expect to see ROI from their supply chain solutions within the next 24 months.
- 19% of respondents utilize IoT and monitoring technology, while 14% use data loggers and 5% use GPS and satellite tracking.
· 80% of respondents are looking to improve operational visibility by land, with 50% by air and 33% by sea.
- Most respondents (47%) feel that cyber security is a moderate threat to their IoT strategy.
· However, 61% of respondents analyze less than half of their IoT data.
· Despite cost barriers, 87% of supply chain providers are looking to expand their usage of IoT solutions.
“As supply chains are strained under competition, technology is proving to be a valuable differentiator and competitive advantage,” the report says.