4th Industrial Revolution WEF29 Dec 2020 21:50
from WEF 4th Industrial Revolution PDF from their website - the importance of IOT and sensors in the 4th Industrial Revolution. Internet of things
IoT and trade
2.2
IoT depends on large-scale deployment of sensors
to monitor large quantities of data in real time,
such as temperature, humidity, speed. Data could
be leveraged to make informed decisions and
orchestrate predictive analysis. The global wireless
data communication market is forecasted to reach
$1867.8 million by 2023, while it was estimated at
$794.6 million in 2018.40
IoT data can mitigate supply chain disruptions by
accurately estimating times of arrival, managing
congestion in ports and cargo yards, and keeping
track of perishable cargo or medications that may
have gone bad due to temperature deviations. IoT
can help solve three major trade problems:
1. Tracking assets: IoT devices placed with cargo
allow real-time geolocation from departure
to final destination. IoT is also used to track
inventory levels at the point-of-consumption
in real time, enabling firms to reduce stockouts and to better plan replenishments to
their customers. This sensor technology is
deployed both in business-to-business (e.g.
tanks in chemical plants, shelf-scanning robots
in supermarkets, professional coffee machines
in bakeries) and business-to-consumer (e.g.
detergent in washing machines, goods in smart
fridges) settings.
2. Condition monitoring: Monitoring the condition
of perishable goods, including pharmaceutical
cargo, gives supply chain managers a major
advantage. Through IoT devices, supply
chain managers can be alerted to issues, and
reconcile them sooner rather than later. Supply
chain managers can leverage historical data and
identify where issues tend to arise so they can
be prevented from occurring.
3. Security monitoring: IoT devices cannot
prevent theft or other irregularities from
occurring but can inform when and where
they occurred. If an asset is stolen, its location
can be tracked. Similarly, a government IoT
application in customs clearance can contribute
to security and legal compliance, while helping
identify priority cargo and high-risk shipments.
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