Intel and Levi’s Use IoT Platform for Stock Movement Tracking
Intel and Levi’s are partnering in a new experiment where they are using the Internet of Things (IoT) Platform to track all the stock movements in the store with a bid to save huge amounts of money.
RFID tags were added to all the stock items and then connected to IoT Platform. This keeps sending regular data about every stock movement which is stored in the cloud.
The Chief Executive Officer of Intel, Brian Krzanich, boasted of the power that the system has:
They now have the ability to power an application that lets them look at the whole store, holistically, every minute, and gives the employees the ability to scan of the entire store.
This is really interesting since at major stores like Levi’s, stock management is considered a major hassle.
As far as the exact profit gained due to the IoT experiment is concerned, Krzanich added that “with every 3% of inventory accuracy gained, you get about 1% increase in sales uplift…all of that goes directly to the bottom line.”
That is not a clear representation of the added benefits in terms of money, but it still is an indicator that the partnership between the two companies is really working.