Digital Transformation is riding the next wave of innovation in the retail industry. A network of the collaborative Internet of Things (IoT) has become an essential technology in the retail industry as IoT gets the best success by their cost-effectiveness and efficiency while processing data. Do we really know how exactly IoT applications can possibly be adopted on retail procurement?
In the retail industry, the procurement operation is running in a high-visibility, consumer-focused environment. In order for retailers to be successful in a heavily competitive marketplace, they must adopt advanced procurement strategies and IoT applications that go far beyond the traditional focus on cost savings efforts alone.
The IoT is helping digitally transform retail businesses where data needs to be collected from a number of devices that are not easily accessible or are difficult to continually monitor and repair.
There are several IoT applications which are important to be applied on retail procurement. Some of these include Smart Shelves; Smart Stores; Smart Transportation; Preventive Equipment Maintenance; Smart Warehouse; and Beacons.