3 Benefits of IoT-Driven Inventory Management in Manufacturing

Inventory management helps you keep track of all the goods your company has in stock. If you have excess stock then you are locking up capital, as well as paying unnecessarily for resources like warehouse space. Research shows that inventory along with accounts receivable and accounts payable has tied up $1.1 trillion in cash – equivalent to 7% of the US GDP.

With so many moving parts in modern supply chains, inventory visibility – knowing how much inventory you have and its movement along your supply chain, is more essential than ever before. However, only 33% of manufacturers are using inventory management software, whereas the remaining 67% still rely on either Excel or paper-based methods. With the help of the Internet of Things (IoT), manufacturers can overcome the problems of manual inventory management processes and gain real-time visibility into their inventory.

Download this infographic to learn the top 3 benefits of IoT-driven inventory management for manufacturing companies.