Industry 4.0 technologies like IoT, cloud computing, and Big Data are transforming the overall landscape of the manufacturing industry. This digital transformation allows for the integration of previously disparate systems and processes through interconnected computer systems across the value and supply chain. This integration creates significant potential for increased efficiency and ultimately profit through real-time visibility and control over the inventory. IoT can significantly improve operations, increase efficiency, reduce costs, and provide valuable real-time visibility across the supply chain.