The Internet of Things

The Internet Of Things

The Internet of Things is the concept of making all objects in the world uniquely identifiable within an internet like structure using RFID (radio frequency ID), NFC (near field communication), or digital watermarking. This type of technology should be utilized by our company at the very least for inventory tracking to monitor product levels through the supply chain. This gives us the advantage of knowing what products are selling more where in real-time. We can then increase or decrease production and shipping to those locations in order to reduce waste and increase productivity. Some of the advantages and disadvantages are:

Advantages

• ·         Automatic scanning and data logging without user interaction

• ·         Increased accuracy of inventory levels

• ·         Decreased human ordering errors

• ·         Increased inventory security

Disadvantages

• ·     Can be more expensive than traditional barcode systems

• ·         Outside influences like metalwork, material dielectric properties and radio interference can limit RFID remote reading

This technology does have some expected impacts on our business and the industry as a whole. This would allow us to prevent over stocking an item which leads to us having to sell the goods at a discounted rate. It also would prevent us from under stocking an item which leads to a loss of sale and undermines consumer confidence in us. My recommendation would be to start using this technology as soon as possible as it helps us and ultimately helps the consumer.