In the very near future, many of the devices and appliances around homes and offices will be connected via a wireless network and the Internet. Businesses can expect an explosion in the number of intelligent devices and smart applications connected to the Internet. This Internet of Things will create additional information that allows supply chains access to deliver goods and services in exciting new ways they could have only imagined in the past.
Gartner, Inc. recently forecasted a 30X increase in Internet-connected physical devices by 2020 and these devices will significantly alter supply chain information.
The Internet of Things is predicted to reach 26 billion installed units by the year 2020 and its impact may reach further than you think. According to Michael Burkett, managing vice president at Gartner, “Some IoT devices are more mature, such as commercial telematics now used in trucking fleets to improve logistics efficiency, some, such as smart fabrics that use sensors within clothing and industrial fabrics to monitor human health or manufacturing processes, are just emerging.”
As businesses see these capabilities become more common, supply chains will be able to deliver to customers more efficiently. This efficiency will happen when many more smart devices than today are communicating to a network that then creates the appropriate response.
“Smart delivery of goods and services based on the needs communicated through the Internet of Things is the next wave of mobile business and smart applications,” says Kimber Johnson, Managing Director of Vanity Point, “Investment in this area is expected to yield sizable returns.”