The Internet of Things (IoT), also

The Internet of Things (IoT), also called the Internetof Everything or the Industrial Internet, is a newtechnology paradigm envisioned as a global networkof machines and devices capable of interacting witheach other. The IoT is recognized as one of the mostimportant areas of future technology and is gainingvast attention from a wide range of industries.The true value of the IoT for enterprises can befully realized when connected devices are able tocommunicate with each other and integrate withvendor-managed inventory systems, customer support systems, business intelligence applications, andbusiness analytics.Gartner (2014) forecasts that the IoT will reach26 billion units by 2020, up from 0.9 billion in 2009,and will impact the information available to supplychain partners and how the supply chain operates.From production line and warehousing to retaildelivery and store shelving, the IoT is transformingbusiness processes by providing more accurate andreal-time visibility into the flow of materials andproducts. Firms will invest in the IoT to redesignfactory workflows, improve tracking of materials,and optimize distribution costs. For example, bothJohn Deere and UPS are already using IoT-enabledfleet tracking technologies to cut costs and improvesupply efficiency