Application of Internet of Things and Big Data in Improving Supply Chain Financial Risk Management System
Mohammad Salameh Zaid Almahairah, Sushmita Goswami, Purushotam Naidu Karri, I. Mohan Krishna, Mohd Aarif, Geetha Manoharan
Abstract
Technological advances and “Supply Chain Risk Management or SCRM” have a clear relationship since disruptions have an impact on SCM. The practical and quantitative participation in technology-enhanced SCRM also reflects the high number of disruptors and wide-ranging effects in this industry. People's inclination to invest in the “Internet of Things (IoT) and big data analytics (BDA)” appears to be to be affected by either the supply or demand of technological advancements. The required sensor and connectivity technologies have already advanced and are now available to the majority of businesses. On the other hand, businesses require more operational data to deal with the erratic and dynamic nature of supply systems. The state-of-the-art IoT breakthroughs in current supply chain risk management research are objectively summarised in this study. The major goal is to locate scholarly literature examples that demonstrate how businesses can use real-time information from operational objects to inform decisions. IoT device adoption and proliferation meet the needs for data to be gathered and analysed on changing business scenarios across the supply chain. However, it is still unclear how businesses may directly incorporate data recorded by the IoT into their decision-making. There are many physical items with only the most basic data able to manage multiple thanks to the resource-intensive nature of today's SCM tasks including shipping, storing, and servicing. Secondary qualitative method is used to collect relevant and factual information related to this research topic.