The Role of Internet of Things (IoT) in Real-Time Supply Chain Monitoring

IoT is quickly transforming the supply chain management practice because of increased chances of monitoring and enhancing processes in real-time for IoT. This paper discusses how connected devices and data analytics increase a supply chain’s visibility, velocity, and agility. With IoT, the whereabouts of the goods can be tracked at any given time, the state of the environment can also be observed at any given time, and the different stakeholders can communicate at any given time, thus enhancing the decision-making process of the various parties. The technologies that result from IoT can facilitate the supply chain to improve the supply chain velocity by minimizing the lead time and eradicating the human interfaces for inventory and transportation management, thus creating a highly dynamic and effective supply chain ecosystem. The purpose of this paper is as follows: to identify how the application of IoT in the supply chain satisfies and addresses today’s challenges, such as demand fluctuations, supply chain disruption, or compliance requirements, and to review trends, challenges, and potentialities of IoT. Finally, the paper proves why IoT is too important for the supply chain’s future, as it encounters trends such as increasing globalization, sustainability, and flexibility.