Quality – a foremost element for achieving a desirable customer satisfaction rate. Nowadays, every next industry is playing to catch up with the modern requirement of customers to: convert them into their word-of-mouth and maintain longative mutually beneficial relationships. In the FMCG industry, delivering high quality in a timeline-based and hassle-free manner is the primary concern.
IoT in FMCG industry is significantly involved in the process of producing high-quality goods to bring more competitiveness. According to the research, by 2025, the global market for IoT in FMCG is expected to reach $50 billion, growing at a CAGR of 20% from 2020 to 2025. (Source). As we know, FMCG is an industry where products sell more quickly and at a relative rate. Simultaneously, face a high rate of competition regarding quality, prices, etc.
Thus, to have a high turnover rate requires efficient management of the supply chain in order to ensure the delivery of product along with standard quality. IoT in FMCG industry supply chain process breaking down barriers to produce quality products.
Got a HOW question? In this article, we’ll explore how IoT is enabling the FMCG sector to improve supply chain processes for better quality control, so let’s find out the solution to the question above.
Prior, let’s focus on some major statistics to understand the significance of IoT in FMCG sector.
Key Statistics Highlighting the Significance of IoT in FMCG Industry
- IoT-enabled sensors and devices are expected to help FMCG companies reduce supply chain costs by 30%. (Source)
- 76% of companies, including FMCG companies, believe that IoT is critical to their future success. (Source)
- The use IoT in CPG industry can help reduce waste by up to 50%. (Source)
How IoT in FMCG Industry is Transforming Supply Chain for Quality Products?
IoT in FMCG (Fast Moving Consumer Goods) industry is about to begin a new revolution of functioning and serving consumers. Moreover, IoT is set to bring unprecedented updates and changes to the industry’s supply chain process, enabling FMCG companies to maintain the quality of their products in line with market demand and standards. In this article, we will delve into the significant role that IoT plays in the FMCG industry, specifically in supply chain management.
- IoT-enabled sensors, devices and networks are capable of monitoring the various stages of supply chain management, from production to distribution, in order to ensure that products meet the standard quality and customer expectations.
- Besides, IoT has the potential to track the inventory level in real-time and transfer valuable insights into the market demand pattern and enabling businesses to optimise their supply chain and production process accordingly to serve better to consumers.
- By monitoring the various external factors such as temperature, humidity, and other environmental effects during good transportation, the FMCG business makes fruitful decisions and ensures that products are stored and transported under optimal conditions, reducing the risk of spoilage or damage.
- IoT and data analytics integration into the manufacturing process can identify the potential quality issue earlier to allow FMCG businesses to take corrective actions to maintain product quality and supply chain.
IoT Features that Enhancing Operational Efficiency & Effectiveness in the FMCG Industry
The IoT ecosystem simplifies the FMCG industry in several dimensions. It is capable of monitoring and analysing asset health and performance, reducing downtime, and managing various processes. In addition, address the issue related to product quality that is associated with supply chain and manufacturing processes.
IoT is in demand due to its effective analytics that helps in improving the manufacturing stages by reducing machine downtime and zeroing the excessive wastage in the supply chain. Here are some crucial features of IoT technology which contribute to elevating product quality.
Real-time Monitoring and Tracking
Monitoring the active supply chain and manufacturing process of the product is a crucial FMCG element that significantly aids in quality control. FMCG firms can maintain a seamless supply chain and lower their cost structure by keeping an eye on the performance of their assets and the product manufacturing cycle through the IoT-based ecosystem.
Various IoT-powered solutions have built-in analytics capabilities. Through these advanced analytics, FMCG business gets visibility on manufacturing and supply chain processes and empower them to make the right decision for optimising the overall approach of delivering to consumers.
The world is rolling around the insights. No exception for FMCG businesses. IoT solutions in FMCG industry provides opportunities to bring endless improvement, efficiency and productivity by focusing on generated insights based on patterns and processes.
Concluding Lines on IoT in FMCG Industry to Produce Better Quality Products
IoT in FMCG industry raises the bar of delivering quality products on predefined time and standard. To be competitive in the era of connected ecosystems, FMCG businesses must have to integrate IoT into their process. Do you want to boost supply chain management with an IoT solution in FMCG? Then Rejig Digital can be your one-stop trusted partner.
Rejig Digital is a renowned IoT solution provider and catering services regardless of geographical and industry constraints. We believe in building mutually beneficial partnerships where we can drive growth to our client business and enhance our technological skills altogether. Want to drive value to your business? Drop us a quick email at firstname.lastname@example.org