Research suggests that businesses with optimal supply chains can halve their inventory holdings, reduce their supply chain costs by 15 per cent and triple the speed of their cash-to-cash cycle. Yet global supply chain disruption is still costing the average large business £150 million a year.
The much-hyped Internet of Things (IoT) has not proved to be the answer to the problem. More than 10 billion IoT devices around the world are constantly adding data to already overflowing data stores. Global supply chain disruption persists because it is not caused by a lack of data – which is why more IoT is not the solution.
The real answer lies in creating effective connections between numerous stakeholders performing a range of functions, across multiple enterprise platforms and in different jurisdictions. Until now, that has been easier said than done.
Achieving visibility in parts of the supply chain that involve goods moving between physical locations and...