Revolutionizing Inventory Management: The Role of IoT in Inventory Management 4.0

Inventory management 4.0 signifies a new phase in the field of inventory management. It is made possible with the seamless integration of the new cutting-edge technologies. Inventory management relies on various conventional methods such as recording orders on paper and counting items physically. This research study analyzes the potential advantages of all these advanced technologies used in inventory management. In addition, it examines the potential of implementing the Internet of Things (IoT) and sensors, which can eventually help in enhancing the safety and transparency of various inventory operations. Items in the inventory model are monitored closely by IoT devices which includes RFID tags, and sensors. The study's findings help us know that many industries are giving more importance to research on this topic. In addition, IoT technology enables the tracking of goods and enhances the efficiency of inventory management. Based on the analysis, the Internet of Things (IoT)-based inventory management system tracks inventory in real-time and gives companies up-to-date stock information. Finally, based on the thorough analysis of challenges faced by technology and future recommendations have been provided.