Domain: Supply Chain
Question:
"Our manufacturing company is considering investing in Internet of Things (IoT) technology to improve our inventory management. Our goal is to move towards a more data-driven approach to minimize the risk of disruptions. How can we use real-time data from IoT to transition from our existing legacy systems?

What are the primary benefits we can expect in terms of operational efficiency and staffing, and what new skills might our workforce need to develop to manage this transition successfully?"

Expected points in a correct answer:
Identify the source report W. W. Grainger, Inc. (2021). Supply chain and inventory management trends 2020-2021: A Grainger report.
State that IoT technology provides the means to collect real-time data.
State that real-time data provides a real-time view of asset locations.
State that real-time data provides a real-time view of inventory levels.
State that the report notes a shift toward a new type of knowledge worker.
State that misalignment in data formats is a challenge when integrating IoT data.
State that real-time data provides a real-time view of operational status.
State that modern, lightweight tools can be used to process IoT data.
State that modern, lightweight tools can be used to transform IoT data.
State that modern, lightweight tools can be used to ingest IoT data.
State that IoT devices can generate data using various protocols.
Cite RFID tags on inventory as an example of IoT technology.
Cite GPS trackers on shipments as an example of IoT technology.
Cite sensors on equipment as an example of IoT technology.
Cite re-planning shipments as an example of a proactive response.
Cite adjusting production schedules as an example of a proactive response.
Cite low-code platforms as an example of modern, lightweight tools.
Cite Apache NiFi as an example of an open-source ETL tool.
Cite open-source ETL tools as an example of modern, lightweight tools.
Cite no-code platforms as an example of modern, lightweight tools.
State that an action is to digitize processes as a foundational step in transitioning from legacy systems.
State that investing appropriately in IoT technology is an important requirement to build a more data-driven supply chain.
State that investing appropriately in IoT technology is an important requirement to build a resilient supply chain.
State that an action is to capture the right data when digitizing processes.
State that an action is to align IoT data formats into a standardized, cloud-ready structure.
State that workforce transition requires change management programs.
State that a successful transition requires a rigorous training and development plan.
State that an action is to train staff on technical proficiency.
State that an action is to train staff on data literacy.
State that an action is to train staff on problem-solving skills.
State that an action is to leverage modern, lightweight tools to align data formats.
State that the report highlights that the pandemic accelerated the need for increased digitization in supply chains.
State that with real-time data companies can make better-informed decisions about inventory management.
State that with real-time data companies can make better-informed decisions about demand forecasting.
State that with real-time data companies can make better-informed decisions about logistics.
State that better-informed decisions allows proactive responses to potential disruptions, as opposed to reactive ones.
State that data generated by IoT devices may not be compatible with legacy databases.
State that real-time data moves beyond static or delayed information typical of older systems.
State that increased digitization became necessary as companies recognized the importance of real-time data to navigate disruptions.
State that increased digitization became necessary as companies recognized the importance of transparency.
State that data generated by IoT devices may not be compatible with modern cloud-based analytics platforms.
State that for operational efficiency, digitization delivers enhanced transparency.
State that proactive responses represent a shift away from rigid, cost-focused models of the past.
State that for operational efficiency, digitization delivers improved agility.
State that real-time monitoring of stock levels helps reduce stockouts.
State that real-time monitoring of stock levels helps reduce overstock situations.
State that focusing on digitization enables companies to leverage technological advantages of IoT.
State that focusing on digitization enables companies to empower the workforce.
State that empowering the workforce enables employees to become key drivers of a data-driven supply chain strategy.
State that adoption of IoT and digital technologies but rather adjusts the required skillset.
State that reducing stockouts and overstock situations improves service levels.
State that reducing stockouts and overstock situations reduces carrying costs.
State that emerging technology necessitates new methods for education.
State that emerging technology necessitates new skills.
State that workforce transition involves moving toward systems management roles.
State that workforce transition involves moving toward data analysis roles.
State that transforming IoT data prepares the data for an analytics engine.
State that transforming IoT data prepares the data for a modern data warehouse.
State that workforce transition involves moving away from reactive problem-solving.
State that workforce transition involves moving away from manual data entry.
State that adoption of IoT and digital technologies does not necessarily reduce the workforce.
State that workforce transition involves moving toward strategic decision-making roles.
State that improved ROI is achieved by avoiding high costs of custom-built software.
State that improved ROI is achieved by avoiding large-scale legacy system overhauls.
State that aligning data formats can be achieved without significant capital expenditure.
State that using modern, lightweight tools improves investment ROI.
State that focusing on digitization enables companies to avoid undue equipment and integration costs.
State that avoiding undue equipment and integration costs protects ROI.
State that data literacy involves understanding how to interpret data visualizations.
State that data literacy involves understanding how to act using reports.
State that technical proficiency involves understanding new IoT systems.
State that technical proficiency involves understanding data dashboards.
State that technical proficiency involves understanding software tools.
State that problem-solving involves using improved availability of data.
State that problem-solving involves identifying root causes of issues.
State that problem-solving involves developing innovative solutions.