How IoT is Transforming Inventory Management

The Internet of Things is one of the biggest and most significant inventions of present-day research. No matter what industry it is, IoT finds its use everywhere. Inventory management is a fundamental need of every manufacturing industry, whether it’s major construction projects or minuscule electronics.

While most of these industries have integrated technology in each and every phase of operations, inventory management is still being done in outdated ways, either manually or semi-automatically. The use of the Internet of Things could turn this around and make a complex process such as inventory management, a piece of cake. Not only increasing the speed of processes but at the same time making them more efficient, less costly, and error-free. Below are some of the ways in which the Internet of Things is revolutionizing the inventory management process. 

Real-time Management: 

One of the most important features of IoT is its ability to transmit data in real time. Imagine you’re adding new material to your inventory, as soon as the material is placed on shelves, it is automatically updated in every database of your company, and everything is automatically updated. Your team, stakeholders, and client can all now see what product you have in store, without you having to move a finger. This is just one example of how real-time communication makes things easier.

Lack of Error:

A recent survey by daily mail found that almost 84% of industries in the U.S. are not using best practices for inventory management- practices that include automation to the full extent. They are either using spreadsheets or paper and pen, which increases the chance of error by 100-fold rather than an automated solution. One of the main aspects of IoT is its focus on an error-free, accurate and precise result every single time. It creates a seamless inventory management system where you can easily track an item no matter what phase of the process it has reached. 

Automation:

Another application of the Internet of Things is its ability to automate processes. When every item is updated on the database in real-time, you can use this data to implement the use of robotics. In modern assembly lines, IoT is being used to make data available in real-time so robotic arms and other machinery on the line know when and where the item is at the moment to know when the precise time it needs to operate. The same is the case with inventory management, if this data is available in real-time you can use robotic inventory handling machines to stack up items, transport them or deliver them. 

There are countless other benefits of using IoT as a transformation tool for your inventory management process. It is about time you thought about these processes, gave them a touch of technology, and not only end up saving time and man-hours but also increase the accuracy of these processes.