This whitepaper highlights the benefits of using IoT and RFID technologies for tracking and tracing inventory in supply chains. The top three benefits for retailers include improved customer service, inventory availability/accuracy, and overall supply chain visibility. The paper also discusses the limitations of current tracking technologies such as RFID tags, which do not measure temperature, and the high costs associated with implementing these systems on a large scale. However, a newer class of sensors called ambient IoT can address many of these limitations by providing continuous, real-time data on a product's environment, including temperature, humidity, and more. This technology can enable massive efficiencies and functionalities in the supply chain, leading to improved visibility, accuracy, and control over inventory.