Since the past couple of years, Internet of Things (IOT) has become a buzzword and is changing the e-commerce and procurement industry as a whole. When it comes to the global economy, IOT will add immense value to it with numerous devices connecting to the internet and transmitting data.
The IOT has changed the world for one and all. Be it smart watches or smart cars, the IOT makes it all possible. The consumers get to have various innovative solutions by their side for an easy and comfortable living. Even in the case of e-procurement, IOT depicts an increase in spends which would help in better catalog content and proper management of spends. Mobile procurement is one of the most vital elements of your procurement strategy. It is always better if the procurement department can analyze the insights from the user’s purchases in an improved manner.
Tracking numbers and barcodes are a cliche now. New technology with GPS sensors can track products from store to floor, which would further help in improving quality control. The data generated through asset tracking can then be used for altering production schedules, which would help in better vendor relations. Using the right kind of sensors, which are provided with an IoT-enabled tracker can easily help in identifying all kinds of equipment faults, stoppages and leakages, that too on a real-time basis which helps in responding to issues more promptly and accurately.
Business advantages –
Reduced lead time in procurement
Reduction in costs due to time optimization
Quick decision making based on market demand
Optimizing costs and improving the profits
It is too soon to judge the overall reach and effect of IOT on procurement. If procurement fails to maximize the power of Big Data, it will not be able to make the most use of IOT. Data generation is an all-time winner. Data from all your carriers can easily help you boost up the delivery and redress any lacuna that occurs frequently.