With a constant shift in consumer choices, retailers and CPG (Consumer Packaged Goods) firms should become prompt in replying any concerned raised. In other words, the decisions regarding inventory, stocks, production, maintenance, and supply must be fetched, analyzed, and delivered in a quicker way without any flaw. Customized IoT solutions for inventory management system can do wonders for retailers and CPGs.
Some shocking figures
The retail industry has been confronting enormous disruption which is called ‘inventory distortion.’ The problem comes as having overly stocked goods, out of stock, and shrinkage. Approximately USD 1.1 trillion is what it costs worldwide; the United States alone contributes USD 42 billion. To beat down this demonic problem, giant companies like Intel and Microsoft are out in the market with their powerful solutions.
How can IoT solutions for inventory management systems come at the rescue?
It is possible, of course with customized IoT solutions, that the retail industry can bring seamless and pleasant customer satisfaction. With IoT enabled sensors and robust systems, the retailers and CPGs can overcome the challenge of facing complex issue of manufacturing, demand, and supply.
With IoT-enabled sensors, the retailers are able to track a real-time stock information. This can further be augmented by wearables as such gadgets can trigger the notifications when the stock is getting out. Prompt requests can be made from warehouse to have more stock. The system can be managed remotely, and thus it does not matter where you are, you will always be capable of managing the stocks.
The connected devices and sensors can get you better customer insights sidelining other systems that may give show contradiction. The retailers and CPGs have instant access to data. For instance, merchandise stores can have an idea on what clothing customers tried and which one they preferred to purchase. Such analysis will help the store owners to focus on what ‘sells’ in the market today as they know the ‘mood’ of customers.
How IoT can improve an inventory management system
The legacy system of inventory management used general software that depends on several platforms and third party vendors. This means viewing of data, performances of products, and comparison of order summaries for a particular period included complex calculation. Accurate data had been always there, but it still lacked prompt response and quicker decision. The data was to be manually entered, and that hampered accuracy.
The real-time tracking of inventory and stock is possible with IoT-enabled devices and software tools. For instance, the invention of a RFID chip can revolutionize the way of embedding the devices with intranet or internet. The latest RFID chips can accurately analyze the information available and send it across the network. That said, the inventory can be tracked from anywhere like production house to shipping, and even at costumers’ doorsteps. The use of GPS can even take this accuracy to the best level as the information sent from all the IoT-enabled devices are gathered, monitored, and analyzed
Backing up inventory data has been made easier with IoT solutions for inventory management systems than ever before. The legacy systems that used documented files and hard copies are no longer required. Even the present-day customers opt for a digital notification or statement for their orders’ invoices or bills. Digital signatures of ‘parcel received’ are not only easily manageable but also are sufficient to store for a longer duration. Securely backing up inventory data on clouds is the best solution that comes friendly with IoT inventory management software.
SP Technolab excels in building customized IoT solutions for medium to complex inventory management systems that not only help the retails and CPGs easily function but also bring in the best trust and experience for their customers.