Effective Risk Assessment and Management with IoT in Supply Chains

Abstract

Supply chain risk management is a critical area in today’s globalized economy, and with the development of Internet of Things (IoT) technology, revolutionary changes are taking place in risk assessment and management methods. This paper aims to explore effective risk assessment and management with IoT in supply chains in China, emphasizing the crucial role of IoT technology in real-time data collection, predictive analytics, and traceability. We delve into the limitations of traditional risk assessment methods and how IoT enhances supply chain visibility and transparency. Furthermore, we speculate on the future applications of IoT technology in risk management, including autonomous vehicles, smart packaging, and supply chain simulations. This paper also focuses on the convergence of IoT with emerging technologies and the role of government and industry in shaping IoT adoption in supply chain risk management. Through this paper, we encourage organizations to harness IoT technology to enhance supply chain resilience and mitigate potential risks.