You might have heard about IoT before and how it will transform every major industry – from retail to connected vehicles. However, one of the key areas where IoT is set to make a strong impact is supply chain. In this article, we are going to discuss the applications of IoT in supply chain management. First, of what is supply chain management. Supply chain management is the management of the flow of goods and services. As we all know, IoT is one of the fastest-growing fields in the world.
When asked why outsourcing is needed, the most common answer is that it’s done to “cut cost.” Though this may be true, there are several other great reasons to do it. Furthermore, the cost savings are not always guaranteed – the devil is in details. In real life, botched outsourcing projects could actually cost you more money, lead to delays and missed opportunities, and be a source of massive headaches. There’s no free lunch: in many ways, successful outsourced projects require many of the same elements as building your own team (communication, organizational knowledge, processes).
Effectiveness comes down to producing desired results. The most successful entrepreneurs have mastered being effective because it makes them work smarter, eliminating unnecessary effort and wasted time. Success cannot happen with any consistency when approached in a lazy, haphazard, hit-or-miss fashion.