High-tech giants Honeywell and Intel have announced plans to collaborate on developing new Internet of Things (IoT) solutions for the retail industry to enhance logistics, improve inventory visibility and drive supply chain efficiencies. The collaboration will focus on developing solutions that improve operations for retailers, which are faced with challenges to maintain profitability and compete in an environment where consumers are more often shifting to online shopping.
“Technology can help transform retail, making stores more responsive to customer needs by connecting physical and digital retail environments,” says Joe Jensen, vice president and general manager, Retail Solutions Division at Intel. “By working with Honeywell, Intel plans to enable retailers to benefit from IoT solutions by having the visibility of real-time accuracy of on-shelf inventory.” The aim, he says, is to provide shoppers with better inventory accuracy while allowing in-store pickup of products ordered online.
“To succeed in the e-commerce world, retailers need to invest in connected solutions and harness the power of the Internet of Things (IoT) to track inventory and gain insights into customer shopping habits,” adds John Waldron, president and CEO of Honeywell’s Safety and Productivity Solutions business. “The collaboration between Honeywell and Intel will provide a platform for future technology developments to leverage both firms’ expertise in capturing and analyzing enterprise data.”
The partnership will focus on IoT solutions that utilize the two companies’ technology offerings, including sensors, handheld computers, processors, bar code scanners, RFID tags and readers and cloud-based software. These solutions can help businesses track, monitor and assess the condition of goods moving through the supply chain as well as in brick-and-mortar stores.