All the talk of how the Intent of things will change our lives in unimaginable ways is swiftly fading as both business and homes are starting to experience the “unimaginable ways.”
Inventory is one of the core areas of most businesses, and getting it right takes much effort and time. Introduction of the Internet of things to industries has seen enterprises that have extensive inventory systems see the light as several applications have been created to ease inventory management and keep tabs on stocks and overstocks.
Inventory management systems rely heavily on the RFID tags placed on products, as this is how they gather data about the products. Real-time scanning of the barcodes by cloud-based inventory systems has enabled tracking of products in and out of stock locations. Still, the introduction of IoT will see the RFID tags hold more information, including weather conditions in their present location, the temperatures and damage or tampering of the product if any. All detailed information is obtained in real-time, and this information is sent to an inventory system. Real-time collection of data will help you manage inventory more effectively and efficiently.
Sometimes products and items get lost or stolen during transportation or in storage. When this happens, businesses suffer huge losses. The Internet of things intends to build GPS functions into products via a unique identifier. The unique identifier will enable tracking and send information on the exact location of a product. Knowing the precise location of where items are will significantly decrease the number of lost or stolen items. A decrease in unaccountability translates to reduced losses. That said, GPS location in products will ease the management of inventory, and you can identify inefficiencies. For example, you can tell in which locations items sell most, what hours, and even in what days are best for selling goods that way you can retarget your market appropriately.
Management of Fleet Vehicles
Tracking fleet vehicles can be an arduous task. Luckily the IoT can make this a breeze. Furthermore, as fleet vehicles are connected through the IoT, some very interesting things will happen. First is that each vehicle will have the ability to be equipped with internet connectivity. This allows for each package to be connected to the web at all times. Pair that with the above-mentioned GPS tracking and businesses can give real-time updates as to the approximate location of their package in relation to their homes.
Another huge benefit will be the ability to log fleet vehicle metrics for evaluation. This will allow you to get updates via a web platform for when each vehicle needs routine maintenance or even when something goes wrong with a delivery vehicle through the use of technologies such as Zubie.
Lastly, having a connected fleet can improve driver performance through various alerts that your company HQ will have access to. This gives corporate the ability to set qualitative metrics regarding delivery in addition to the quantitative metrics that are typically set to improve driver performance.
Timely and more accurate restocking
Realizing speed and convenience in your business will be significantly impacted by the information received from the automated RFID tags and GPS location on items and products. You can track, view, and monitor your items as they move out of the store; hence your restocking will be timely and accurate.
Automation, stock placement, reduction of traffic barriers, and preventive maintenance are some of the surest ways of achieving an organized and efficient inventory system.