The Internet of Things (IoT) Is Revolutionizing Inventory Management

Abstract

Every part of the supply chain has been affected by the rise of Industry 4.0 technologies. Many businesses have been trying out this modern technology to see if it can help them make more money. IoT devices make it simple for companies to keep track of an item's specific location, which helps inventory management (IM). The time it takes to find inventory is shortened as a result. The abundance of real-time data makes it possible to offer insightful information that supports strategic and tactical business decisions. Developing a supply chain into a fully integrated supply chain has several benefits. The differences between fourth-generation technology and earlier generations make it seem like traditional ways of restocking inventory don't adapt well enough to new technologies and can't handle IoT systems. Thanks to technological advancements, supply chains are undergoing rapid transformation.