FORT MILL, S.C., Jan. 16, 2017 /PRNewswire/ Honeywell (NYSE: HON) today announced that it will collaborate with Intel to develop new Internet of Things solutions for the retail industry to enhance logistics, improve inventory visibility and drive supply chain efficiencies.
The Honeywell and Intel collaboration will focus on developing solutions that improve operations for retail businesses, which are faced with enormous challenges to maintain profitability and compete in an environment where consumers are more often shifting to online shopping.
“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,” said 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. We look forward to working with Intel on industry-leading solutions this year.”
“Technology can help transform retail, making stores more responsive to customer needs by connecting physical and digital retail environments,” said 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. This will help delight shoppers with better inventory accuracy and in-store pickup of products ordered online.”
The Honeywell and Intel collaboration will focus on 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.
By working together, Honeywell and Intel seek to address a range of challenges that retail and supply chain firms face as consumers are more often turning to online shopping. Retailers need greater visibility into their in-store inventory to ensure items ordered online are available for in-store pickup and to enhance customer service.
