IoT-Driven Inventory Management: Transforming Supply Chains with Real-Time Visibility
Inventory management has always been the backbone of efficient manufacturing and supply chain operations. Yet, despite its importance, many organizations still rely on outdated, manual methods to track and control their inventory. According to recent research, only 33% of manufacturers employ inventory management software, while the remaining 67% still depend on Excel spreadsheets or even paper-based approaches. This outdated practice leads to inefficiencies: companies waste an average of 18 hours per month just writing inventory details on paper and re-entering them into spreadsheets. The problem goes beyond wasted time — Marketwatch reports that 88% of spreadsheets contain inaccuracies, causing costly errors in planning, forecasting, and operations.
