How Can Internet of Things (IOT) Influence Inventory Management?

March 5, 2019

No one could have predicted today’s success with the Internet back in its early beginnings in the 1980s and 1990s. Just as the Internet revolutionised digital communication, the Internet of Things or IOT is influencing inventory management in a positive fashion. If you are still using manual or other outdated methods to control your inventory, you need to read the following to see how the IOT can improve upon your system in a completely new way.

What Is the Internet of Things?

The IOT allows objects rather than people to communicate various information to each other and to us. As far as the ‘things’ part of the IOT goes, it can be dresses, chairs, televisions, computers or other types of products as well as people. All of these elements can communicate and connect with each other via the Internet. Two common examples of this today are smart televisions and appliances on a small scale. However, when this technology is used to connect merchandise together for inventory purposes, it involves ‘things’ on a much larger scale.

The Ways That the IOT Influences Inventory Management

Business owners can use the Internet of Things to fine tune their inventory keeping through the use of cloud technology, RFID tags on goods and computer software. RFID tags play a major role in improving your inventory since they can share many types of information, including warehouse location, expiration date, in-stock inventory and how much in demand the products are at present with the cloud, you or other pertinent people or entities. Computer software analysing all information and sends reports or facts up to the cloud. The cloud provides you storage that is never in danger of being lost or unrecoverable. RFID tags can also locate where a specific product is at a given time, thanks to built-in GPS tracking.

Benefits of Incorporating the IOT into Inventory Management

When you incorporate the IOT into your inventory management plan, you receive the following benefits:

• Helps you automate your inventory in an accurate, organised fashion. You can track all of your goods that are coming in, in-stock now and outgoing on a daily basis.

• You also can optimise your inventory to ensure that you have the right amount of goods in stock, according to how fast or slow that they sell.

• The IOT allows you to identify issues with your operations.

• Incorporation of the IOT into your inventory management helps you forecast in-demand products for future allocation purposes.

Turn to Challenge Packaging and Warehousing Solutions to learn additional information about how the Internet of Things influences inventory management. We specialise in providing a wide variety of warehousing and distribution services on an outsourced basis.

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