8 ways that IoT inventory management can revolutionise your business

Hands up if you’ve found inventory management a challenge recently? Between unpredictable supply chains, a lack of real-time visibility and workplace changes, it hasn’t been an easy ride.

Could IoT help smooth things out?

IoT, or the Internet of Things, refers to hyper-connected technology. It's about bringing all of your devices online so that you can maintain total control and, in my opinion, it can bring huge benefits to inventory management workflows.

For example…

1. ? IoT to streamline asset tracking

If you’re still using manual processes to track your inventory assets, then IoT can make all the difference.?

• IoT is less prone to errors
• The automation involved will provide real-time updates on your assets (so you know where they are whenever you need to)
• IoT saves your employees time, boosting your productivity.

2. ? ? ? ? ? IoT in asset management

Continuing on from the above point, IoT inventory management is also valuable for asset management. Since IoT technology gives you real-time insights into where assets are located, you can:

• Better manage, allocate and track down your assets
• Stop relying on guesswork as a result of limited data
• ?… or actually start tracking assets, if you haven’t been doing so already.

3. ? ? ? ? ? Inventory optimisation with IoT

Overstocked or understocked — both of these pose issues, and both are generally the result of wasted, disorganised resources. You either have unsold stock taking up valuable space or you're short on materials that could've been used to generate fresh sales.?

With the data provided by IoT, you can:

• Better optimise inventory balance and avoid both these negative outcomes
• Achieve greater insight into your supply chain, current trends and your ability to meet those trends
• This is key to maximising your profit at all times of the year.

4. ? ? ? ? ? Automation

I touched on it already, but automation is one of the most valuable ways that IoT inventory management benefits manufacturers. It does this in multiple key ways.?

• Improving your on-site automation means fewer errors, more accurate data and real-time insights.?
• It also means more your team members can focus on the high-value work that only they can do.
• Lastly, IoT enables automation by using technology to manage your inventory rather than traditional record-keeping. It's more effective and productive for your inventory workflow end to end.

5. ? ? ? ? ? Improved analytics

Data is everything, don’t you think? But do you always have the right data on hand, at the right time? If so, are you utilising it fully??

By attaching IoT sensors and devices to your assets, products and shipments, you can start to collect and activate the data that is already present.?

This is critical to staying competitive and effective in 2022. It turns your most valuable asset into an asset that's generating value rather than going untapped. You'll be able to make better decisions, stay ahead of trends and find the most efficient processes available.?

6. ? ? ? ? ? Effective traceability

Traceability is important across all industries, but for companies in food and beverage, it’s essential to inventory management. You need to know your products are safe and trusted — giving consumers peace of mind.?

Without IoT, it can be easy to lose track of items. Items can become exposed to allergens, lose their travel history and more.

IoT can turn this around — and fast. By using automated asset tracking, you (and your customers) will never miss a beat when monitoring the traceability of your goods.?

7. ? ? ? ? ? Better record-keeping

Record-keeping is a common complaint among Workhorse’s customer base. It’s a necessary evil, though, critical for traceability, asset tracking and much, much more. It's how you understand your profits and spot mistakes (or worse, fraud and theft).?

IoT inventory management takes record-keeping out of human hands and entrusts it to automated processes. This provides more accurate record-keeping that you and your stakeholders can trust.?

8. ? ? ? ? ? Update your inventory in real-time?

Lastly, IoT inventory management allows you to update your inventory in real-time. Doing so, you can expect to

• Reduce the chance of sellouts and out of stock issues
• Keep customers better informed of stock changes (as well as your team!)?
• Better respond to purchasing trends, which is essential for success. You'll know what materials and products you have, what your suppliers have access to and how quickly you can mobilise to meet the latest demands.?

Real-time visibility is no longer an optional bonus feature. It's something that we're used to at all levels of our business, and your inventory should (and can) be just the same.?

If you’re ready to embrace IoT inventory management with an inventory management solution you can trust, you know where you can reach me. Drop me a LinkedIn message or email me at [email protected].