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When it comes to Business Process Management, Inventory Management is the primary topic of concern. In any business, the process of stocking, ordering, tracking, and management of asset is a daily requirement. For large companies, the management process is hectic due to the increasing amount of supply and demand. It requires massive human and monetary resources, and most businesses don’t want to pour buckets of dollars in this process. However, inventory management is an indispensable part of any business. Before IoT was introduced, businesses relied on human workforce and unreliable software to manage their inventory. Now there are different IoT based solution for inventory management.
So how can IoT be a tool in optimizing Inventory Management Systems?
Minute-by-minute tracking of stock
Gone are the days when we had to bring a checklist to determine the quantity of each item stacked on our shelves. Now companies can keep a bird’s eye view on their inventory with the help of the IoT.
Companies can use IoT sensors to determine the quantity of each product. The information can be relayed to sales associates via wearable gadgets, keeping the shelves restocked every time and enabling instantaneous requests from warehouse whenever required. Besides, the system can be managed remotely. So whenever anything goes out of stock, you can easily order from anywhere or even automate the system to do your work.
Delivery of goods is often delayed due to the breakdown of carrying vehicles. Hence, the advent of IoT is setting up new standards for logistic management.
With the help of IoT, businesses can predetermine certain parameters of transportation including best routes, speed, traffic, and delivery time. Besides that, it also enables predictive maintenance and mitigates the risks of breakdown. This is most important when perishable goods are transported as extended stoppage can be prevented, and the temperature of the container can be remotely monitored. Because of such reasons, Logistics giants are partnering with tech companies to design effective Logistic Management Solutions. A recent example is Maersk (logistic company) teaming up with AT&T.
Backing up of Inventory Data:
In today’s context, backing up inventory data in hard copies and disk drives is not sufficient. In the case of mishaps, all the collected data would go to waste.
This is where cloud computing kicks in. With the help of IoT devices and sensors, you can store all your invaluable inventory management reports in a cloud repository. In the case of any mishap, all the necessary information can be downloaded and used again.
Better Customer Insight
A few years back, in-store behaviors of the shoppers could only be determined by the subjective opinions of the employees. Now, retailers can study customer behavior effectively, thanks to the Internet of Things. The connected technology allows stores to access the customer data with ease.
For instance, shoe retailers can gain insights on what products customers picked, tried on, and purchased. Such data can provide invaluable resources to businesses to make informed decisions.