Inventory Management has always been a challenge – whether it’s after the industrial revolution or today’s Industry 4.0. When the product comes in, is on the shelf, flies out, and another stock comes in, managing all of these aspects is just tiresome. Modern issues like unplanned downtime, equipment breakdown, excessive inventory, machine bottlenecks, quality rejections also plague industries today. The only difference in the prehistoric age and today is IoT. Previously, we didn’t have IoT, but today IoT and big data aim to resolve real-time production and management problems. If we check the statistics, Forbes estimates that IoT, on the whole, will be a $1.2 trillion industry by 2022. And talking about IIoT (Industrial Internet-of-things), a report from Markets and Markets forecasts that it will grow from $68.8 billion to $98.2 billion by 2024.
Coming back to inventory, a report by dream wise marketing says that only 33% of manufacturers use inventory management software, whereas 67% still rely on excel sheets, losing 18 months in writing. That’s not the only issue – there are many. Well, the best part is all these can be tackled with IoT-based Inventory Management. Let’s learn how! But first, let’s check out the drawbacks of the traditional inventory management that IoT helps overcome.