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IoT deployment in food and grocery companies rising, says new study

10:37 SGT October 17, 2017
IoT
Interconnected “smart” devices are opening up the possibility for personalized and responsive solutions for consumers while introducing real-time data sharing for businesses.

The number of food and grocery companies investing in Internet of Things (IoT)-related solutions such as interconnected “smart” devices are on the rise, according to a new research from UK-based food and grocery research charity IGD.

The new report, which explored the evolution of the IoT opportunity and the strategic implications for food and grocery supply chains exploring IoT, showed that 37% of food and grocery companies are already doing trials or have successfully deployed IoT products or services, with a further 58% planning to increase their use of technology providers to help them embrace IoT opportunities.

IGD said that technology such as smart refrigerators and heating systems are changing the way businesses collect data and make predictions with real-time consumer demand
and product sensors providing live feedback.

The research questioned 84 food and grocery businesses and service providers worldwide. The findings revealed that 61% of the companies highlighted “improved understanding of customers” in their top three expected business benefits of IoT, with 53% citing “reduced costs and increased efficiencies”, while 51% pointing to “development of new business models”.

A new age of retailing is emerging — a digital, connected and personalized age, shaped by technology and

Chris Irish, Supply Chain Insight manager at IGD, explained: “The pace of change and breadth of impact for technology is such that demand is growing for food and grocery supply chains to deliver innovations that offer speed, transparency, connectivity and convenience. “The IoT allows each unique product to be tracked and monitored — opening up the possibility for highly personalized and responsive solutions for consumers while introducing a new level of real- time data-sharing for businesses.” He added that a new age of retailing is emerging — a digital, connected and personalized age, shaped by technology and the consumer.

“An IoT-enabled food and grocery supply chain helps bring this about through live, precise, consumer and product level insight enabling efficient, responsive solutions that meet needs and create value throughout the chain.”

The number of food and grocery companies investing in Internet of Things (IoT)-related solutions such as interconnected ‘smart’ devices are on the rise, according to a new research from UK based food and grocery research charity IGD.