IOT supply chain trends
The internet of things is already changing the way we do a lot of things; this technology is helping businesses across industries gain greater visibility, streamline processes and ensure more efficiency and productivity pretty drastically; internet of things in logistics and supply chain management are especially very successful. So what does 2017 have in store as far as IoT trends are concerned? Let’s take a look:
- Increased integration with Blockchain: Blockchain already has several applications in many verticals that act as the link to settle the issues of privacy, reliability and scalability in the IoT ecosystem. Blockchain is a technology that allows organizations to track innumerable connected devices, process transactions, and coordinate between devices, helping IoT industrialists to save tremendously. By decentralizing the entire process, single points of failure can be removed, and a more robust ecosystem can be developed for the devices to operate. Blockchain uses cryptographic algorithms, which enables more privacy for customer data. It is expected that in 2010, IoT and Blockchain will merge to enhance security and privacy, and even more industries can be brought under the ambit of IoT supply chain.
- Greater threat of DDoS attacks: Experts predict that with greater connectivity of devices, those that power smart home devices and closed circuit TVs will be at a greater risk of being hijacked by malware – like the Mirai botnet – causing immense assaults involving millions of internet addresses. This of course, will spur the development of security measures for protecting IoT supply chain devices.
- Increased mobile moments: IoT impacts everything about data – why, where, when and how it is collected; in doing so, it has thrown the doors open to fresh opportunities and offered a competitive advantage for businesses in existing and potential markets. The technologies that succeeded in creating IoT are changing the things that are connected to the internet. From home smart watches and virtual assistants to cars and home appliances, you can expect more mobile moments to display on the connected devices. (Mobile moment refers to the moment a person turns on a mobile device to get real time, contextual information) The devices that are connected can offer a rich data stream that can be used by the owners/manufacturers of products and services to engage with their customers.
- Combining with Artificial Intelligence and Containers: artificial intelligence can help organizations collect the vast amounts of data collected – for example by IoT in transportation and logistics – and break it down into precise, understandable tidbits of information. AI can help evaluate and analyze the collected data to detect parallels and patterns, which can be studied to make better decisions in the future. It is expected that IoT software will be distributed across gateways, edge devices, and cloud services; it is also expected that IoT solutions will be built on modern Microservices (where a large application is developed as a set of integrated, sectional services, with each module supporting a particular business goal and communicating with other modules via a simple interface) – and containers (lightweight virtualization) that will operate across the distributed architecture. Cloud services and AI will be used to mine the data collected from IoT devices.
- Connectivity: As of now, different elements of IoT supply chain are connected to sensors using varied technology like Wi-Fi, Bluetooth,, Ethernet, Wi-Max. Li-Fi and so on. IoT decision makers will evaluate many more options for wireless connectivity, like LoRaWAN, NB-IoT from 3GPP or Sigfox. This will help maintain and enhance connectivity standards.
- Shortage of Talent: With more and more devices being connected with IoT, organizations that launch projects will face a dearth of talent; recruiting qualified or skilled personnel is becoming difficult as their number is not keeping up with the requirements of smart cities and industrial facilities. This could result in huge investments in training and certifications by companies for their own employees to fill the gaps.
- Innovative Business Models: 2018 will see new categories of industries being added to smart markets, as IoT is offering immense motivation for beginning and investing in new business models for IoT, that satisfy all e-commerce requirements for consumer, vertical and horizontal markets. Experts predict that such a business model may incorporate device cost sharing with consumers, thereby bringing down ownership costs, and making the UX trouble free and thoroughly enjoyable.
The IoT supply chain ecosystem is becoming more complex by the day, with the arrival of new technologies and enhanced automation of everyday things that serve to ease and simplify life. The possibilities are endless.
Take advantage of the technology available – your competition is already doing it! To learn how you can implement IoT in your business, just call us and speak to our representative.