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Impact of Internet of Things (IoT) on Inventory Management: A Literature Survey

Author

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  • Yasaman Mashayekhy

    (Singapore Institute of Manufacturing Technology, Agency for Science, Technology, and Research (A*STAR), Singapore 138634, Singapore
    Department of Industrial Engineering, Faculty of Engineering, Ferdowsi University of Mashhad, Mashhad 9177948974, Iran)

  • Amir Babaei

    (Engineering Faculty, Friedrich-Alexander-University, 91054 Erlangen, Germany)

  • Xue-Ming Yuan

    (Singapore Institute of Manufacturing Technology, Agency for Science, Technology, and Research (A*STAR), Singapore 138634, Singapore)

  • Anrong Xue

    (School of Computer Science and Communication Engineering, Jiangsu University, Zhenjiang 212013, China)

Abstract

Background : The advancement of Industry 4.0 technologies has affected every aspect of supply chains. Recently, enterprises have tried to create more value for their businesses by tapping into these new technologies. Warehouses have been one of the most critical sections in a supply chain affected by Industry 4.0 technologies. Methods : By recognizing the role of inventory management in a supply chain and its importance, this paper aims to highlight the impact of IoT technologies on inventory management in supply chains and conducts a comprehensive study to identify the research gap of applying IoT to inventory management. The trend and potential opportunities of applying IoT to inventory management in the Industry 4.0 era are explored by analyzing the literature. Results: Our findings show that the research on this topic is growing in various industries. A broad range of journals is paying particular attention to this topic and publishing more articles in this research direction. Conclusions : Upgrading a supply chain into an integrated supply chain 4.0 is beneficial. Given the changes in fourth-generation technology compared to previous generations, the approach of conventional inventory replenishment policies seems not responsive enough to new technologies and is not able to cope with IoT systems well.

Suggested Citation

  • Yasaman Mashayekhy & Amir Babaei & Xue-Ming Yuan & Anrong Xue, 2022. "Impact of Internet of Things (IoT) on Inventory Management: A Literature Survey," Logistics, MDPI, vol. 6(2), pages 1-19, May.
    • Handle: RePEc:gam:jlogis:v:6:y:2022:i:2:p:33-:d:824607
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    References listed on IDEAS

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    1. Dunke, Fabian & Heckmann, Iris & Nickel, Stefan & Saldanha-da-Gama, Francisco, 2018. "Time traps in supply chains: Is optimal still good enough?," European Journal of Operational Research, Elsevier, vol. 264(3), pages 813-829.
    2. Weißhuhn, Sandria & Hoberg, Kai, 2021. "Designing smart replenishment systems: Internet-of-Things technology for vendor-managed inventory at end consumers," European Journal of Operational Research, Elsevier, vol. 295(3), pages 949-964.
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    5. Rui-Yang Chen, 2015. "Intelligent IoT-Enabled System in Green Supply Chain using Integrated FCM Method," International Journal of Business Analytics (IJBAN), IGI Global, vol. 2(3), pages 47-66, July.
    6. Saha, Subrata & Chatterjee, Debajyoti & Sarkar, Biswajit, 2021. "The ramification of dynamic investment on the promotion and preservation technology for inventory management through a modified flower pollination algorithm," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    7. Paul J. Reaidy & A. Gunasekaran & A. Spalanzani, 2015. "Bottom-Up Approach based on Internet of things for Order Fulfillment in a Collaborative Warehousing Environment," Post-Print halshs-01374073, HAL.
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    9. Amalendu Singha Mahapatra & Hardik N Soni & Maheswar Singha Mahapatra & Biswajit Sarkar & Sanat Majumder, 2021. "A Continuous Review Production-Inventory System with a Variable Preparation Time in a Fuzzy Random Environment," Mathematics, MDPI, vol. 9(7), pages 1-27, March.
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    Cited by:

    1. Daniel Y. Mo & Chris Y. T. Ma & Danny C. K. Ho & Yue Wang, 2022. "Design of a Reverse Logistics System with Internet of Things for Service Parts Management," Sustainability, MDPI, vol. 14(19), pages 1-15, September.

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