IoT in Inventory Management

Abstract

Evolution of businesses is happening with the advancements in technologies so is happening in the retail industry. One such technology is IoT which is building a smart environment for informed manufacturing by connecting products, processes, infrastructure and people. With the penetration of digital sensors, all the components of the manufacturing value chain system can significantly benefit from it that allows high visibility and better control of production processes and also enables the automation of tasks side by side. (Objective) This research reviews how IoT can revolutionize inventory management in retail sector and focuses on the present scenario, challenges in implementing IOT in inventory management, and future scope of IOT in this field. It includes analysis of the various technologies currently being implemented like RFID, IIOT to optimise the inventory. (Research Methodology) A narrative literature review approach has been adopted for the study using the academic documents published in peer reviewed scientific journals, white papers, articles and data mining of the existing records and databases. (Implications) This study aims to help the academicians, supply chain professionals and experts by keeping them in line with recent developments, challenges and future scope of IOT in the domain of inventory management. (Originality) It is to analyse how IOT has been integrated into the day-to-day operations of retail market and stores to improve and optimise the inventory and how it can be further be improved.