Implementation of Next-Gen IoT to Facilitate Strategic Inventory Management System and Achieve Logistics Excellence

Efficiency depends on supply chain management (SCM), which focuses on inventory management to save costs. This study highlights the Internet of Things (IoT) as a transformational force while examining the fundamentals of inventory management and the use of Industry 4.0. The purpose of the study is to talk about how IoT can help achieve logistics excellence and make inventory management easier. Among the goals are assessing RFID and next-generation IoT technologies, outlining how IoT affects inventory control in various industries, and investigating IoT-based methods for efficient logistics. Traditional inventory models like Economic Order Quantity (EOQ) and Economic Production Quantity (EPQ) address significant research problems. Industry 4.0-driven next-generation IoT improves supply chain flexibility, accuracy, and resource efficiency. IoT-essential RFID technology facilitates real-time data transmission, lowers losses, and enhances inventory mobility. It is critical to address obstacles to IoT implementation, such as illegal activity and regulatory constraints. The study looks at how the logistics industry is changing in terms of digitization, cloud computing, and drones' potential to set new trends. The study emphasizes how the Internet of Things is revolutionizing logistics and inventory control. IoT has the potential to be a major force behind logistics excellence in the future due to its cost-effectiveness, agility, and sustainability, despite certain obstacles. The report predicts that as IoT becomes more widely used over the next ten years, logistics will undergo a substantial change.