The Integration of Internet of Things into Supply Chain Management: Evolution, Impact, Benefits, and Challenges

Supply chain management (SCM) has evolved to fulfill the demands of the dynamic global business environment. The development of the Internet of Things (IoT), which offers unmatched connectivity and real-time data insights, has further transformed SCM. This chapter provides an overview of SCM development and its integration with IoTs. This integration led to improved inventory control, supply chain optimization (SCO), and visibility which further enhances the conventional SCM and provides benefits, such as more accurate real-time tracking and monitoring, improved data analytics, more efficient logistics and transportation management, and reduced costs and wastages. However, despite these benefits, there are various associated challenges and concerns, like privacy and data security, compatibility and interoperability, implementation costs, returns on investment, trained workforce, and training requirements, which are required to be addressed. Additionally, the outcomes of this study and managerial implications are provided along with the future research scope. Overall, this chapter provides valuable insight into the transformative potential of IoT in SCM and practical suggestions on how managers can successfully navigate difficulties and get benefits from the IoT-SCM integration. Organizations can enhance their supply chain operations, efficiency, and innovation by actively confronting challenges and taking advantage of the opportunities provided by IoT technologies. This will ultimately result in the delivery of greater value to both stakeholders and customers.