Evaluation of Internet of Things (IoT) and its Impacts on Global Supply Chains

The research study aims to examine and evaluate the impacts of Internet of Things (IoT) on Global Supply Chain environments. The Internet of Things (IoT) phenomenon, being a part of a digital revolution, is currently considered as a quite profitable factor for the industries and the markets worldwide. Adopting and incorporating the latest technologies, increases competitiveness and develops new ways of communication. The IoT pervades and revolutionizes supply chain sector, influencing its management and way of structure. It is proposed that its impact on Supply Chain Management (SCM) is strong and instrumental, promising profits and innovations. The IoT systems are used more by many companies worldwide, which enjoy their benefits: delivery service improvement, financial profits, cost reducing, wastage minimization, equipment monitoring, preventing and retailers and consumer's alleviation. Although, the researchers are at the preliminary stages of the research study, this paper aims to adopt an in-depth secondary data collection method through conducting a critical literature review within the field. Through investigative understanding, the researchers aim to adopt a detailed case study approach through service based supply chain providers using a mixed research method. The outcomes and findings will further be analyzed to examine the proposed knowledge framework developed within the research. Even though there is a positive approach for the IoT expansibility dominating the public view, there are still some problems and key challenges that should be taken into consideration. The IoT complicated nature brings to light privacy, security and cost issues that should be faced and solved. However, considering its immature face, time will bring opportunities for problem solving and further development.