Internet of Things driven Inventory Management for the Retail Pharmacies
Shantashree Das1, Debomalya Ghose2
1Shantashree Das, MBA, Department of Business Administration, Jawaharlal Nehru School of Management Studies, Assam University, Silchar, Assam, India.
2Debomalya Ghose, Associate Professor, Department of Business Administration, Jawaharlal Nehru School of Management Studies, Assam University, Silchar, Assam, India.
Manuscript received on November 12, 2019. | Revised Manuscript received on November 25, 2019. | Manuscript published on 30 November, 2019. | PP: 4511-4515 | Volume-8 Issue-4, November 2019. | Retrieval Number: D8433118419/2019©BEIESP | DOI: 10.35940/ijrte.D8433.118419
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The technological transformation has resulted in a massive change in businesses around the world. Inventory management, which an essential part of every business, has also been impacted a lot. Inventory management is a subset of the broader Supply Chain Management (SCM) and mainly aims at achieving customer demands by storing products and managing inventory levels. Internet of Things (IoT) has become a hot topic these days, and the paper’s fundamental objective is to examine the importance of IoT and how can it be beneficial in managing the inventory of the retail, pharmaceutical sector. A brief analysis of the existing inventory management practices carried out by the retail pharmacies in the Cachar district of Assam was conducted to analyze the present scenario and the problems encountered by the pharmacists in managing their stocks. The paper then discusses the potential benefits of adopting a smart inventory management system for controlling their inventory levels so that they prevent losing customers due to a shortage of medicines. A conceptual framework for implementing an IoT based inventory management in the retail pharmacies has been proposed which can prove to be beneficial in providing real-time transparency and give practical guidelines for the retail pharmacies that are using the traditional approaches.
Keywords: Internet of Things, Inventory Management, Retail Pharmacies, RFID.
Scope of the Article: Internet of Things.