Internet of Things (IoT) in Supply Chain Management: Challenges, Opportunities, and Best Practices

Abstract

The advent of the Internet of Things (IoT) has ushered in a transformative era in supply chain management, revolutionizing the way organizations monitor, analyze, and optimize their operations. This comprehensive survey paper explores the multifaceted landscape of IoT applications in supply chain management, shedding light on the challenges, opportunities, and best practices that define this technological paradigm shift. The paper delves into the fundamental principles of IoT, elucidating how sensor-laden devices, real-time data streams, and advanced analytics empower organizations with unprecedented visibility and control across their supply chains. It systematically examines IoT applications in key supply chain domains, including inventory management, asset tracking, cold chain monitoring, predictive maintenance, route optimization, and waste reduction. Each application is scrutinized for its role in enhancing efficiency, reducing costs, ensuring product quality, and advancing sustainability. Furthermore, this paper addresses the challenges inherent in implementing IoT within supply chains, such as data security, interoperability, scalability, and regulatory compliance. It underscores the importance of change management and workforce development in harnessing the full potential of IoT and presents a roadmap for best practices to overcome these obstacles. The paper culminates in a forward-looking exploration of future trends and innovations in the IoT-driven supply chain landscape. By offering a comprehensive overview of IoT's role in supply chain management, this paper equips practitioners, researchers, and decision-makers with a holistic understanding of the transformative power of IoT, empowering them to navigate the complexities, seize opportunities, and implement best practices that will define the future of supply chain management.