Internet of Things (IoT) is a technology that needs no introduction. It has become a leading topic of conversation in the world of technology and is slowly making way into almost every aspect of our lives. The manufacture of IoT devices has been growing significantly mainly in areas such as manufacturing and supply chain management. Research by Forrester Research in 2018 indicated that the largest spending on IoT would be experienced between 2017 and 2023. This spending will be focused on enabling new business models which include software and software-as-a-service (SaaS).

Companies around the world are now bracing themselves for massive disruptions expected from the effects of the ongoing coronavirus (COVID-19) outbreak. This is according to a recent study carried out by CNBC Global CFO Council. The report states that things will not return to normal at least for three to six months. The study found that the pandemic has had a far-reaching effect on the supply chain leading to adverse impacts on overall business operations. Other areas that have been extremely affected apart from the supply chain are IT resources, strategic planning, and human resources, most of whom have lost a lot to the disease.

Transporting goods from one point to another is now cheaper than ever before due to the advancements that have been in supply chain technology. The innovations in areas such as the Internet of Things and mobile telephony, big data, and weather forecasting tools that are useful in the shipping of goods have enhanced reliability of trade despite many challenges and risks that the industry continues to experience. While technology has significantly advanced, supply chain financing remains stuck in the past as a new decade of maturity beckons. Although buyer-centered plans still dominate, the focus has turned to the need to finance even the lower tiers of suppliers.