The Internet of Things (IoT) will dramatically impact the world of retail, to the degree that it may never be the same again.
For the past few years, the Internet of Things (IoT) has gradually been moving from a futuristic concept into becoming a reality, with the potential to impact how we live, how we work and how we buy things.
The IoT represents the bridge between the physical and the digital world and has become a huge opportunity as smart-connected devices give us access to better information and, as a result, allow us to make better decisions. A good way to look at its main benefit is: it takes guessing out of the equation. The combination of advanced computer power, sensors and data analytics has given us an incredible tool.
Some key IoT benefits
On the one hand, IoT allows the synchronization of information. Different parties at different locations can have access to the same information at the same time.
In addition, thanks to advancements in data processing and predictive analytics technology, we are not only able to know what is happening now but also to predict what could happen in the future. This means that retailers, distributors and manufacturers can have access to real-time information and can better control the supply chain process.
Organizations are also better able to plan ahead because of the data they receive. For example, they can automatically monitor inventory in stores and send notifications when an item is running low. This results in significant savings in both time and money.