How IoT-enhanced warehouses are changing the supply chain management – Part 3

#News(IoTStack) [ via IoTForIndiaGroup ]

IoT-based warehouse management, like any other emerging technology, also comes with a few challenges/drawbacks of its own. This is why, despite all the advantages and acceptance by the likes of Amazon, Ocado, and Alibaba, many 3PL companies are still hesitant to adopt this technology, says Jaykishan Panchal, a content marketing strategist at MoveoApps. Also, we discussed about Highly Effective Technologies used in IoT & technologies of warehousing previously.

Lack of IoT standards and regulations
Neither the internet nor the cloud comes under the jurisdiction of one country or authority. As a result, IoT regulations remain virtually nonexistent. Regulating IoT devices is also difficult owing to their diverse origins.

From local to global, many vendors and manufacturers launch new IoT devices in the market every day, making it almost impossible for local authorities to regulate their standards.

There are no legal rules about how these devices should exchange information, and access or store user data. This often leads to serious security concerns for businesses and consumers alike. The global tech community and authorities need to come together to put forth regulations and set standards for the IoT industry.

Security concerns
Although the internet has become more secure, it still remains susceptible to cyber attacks. Exchange of sensitive data is at the heart of IoT-based warehouse management systems. Unfortunately, the growing number of IoT-connected devices is likely to provide more opportunities to cybercriminals.

The cost of an average data breach to companies worldwide is around $3.86 million (€3.37 million) with an average 196 days required to identify a data breach. Reports also state that cybercriminals are likely to steal an estimated 33 billion personal records by 2023.

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