Industrial giant Honeywell International Inc. will team up with chip maker Intel Corp. to develop Internet of Things (IoT) solutions for the retail industry to enhance logistics, improve inventory visibility, and drive supply chain efficiencies, the companies said Monday.

By combining Intel's processing capabilities with Honeywell's data collection platforms, the new partners hope to pitch those solutions to customers, such as retail businesses, that are struggling to maintain profitability and compete with rivals in an age where consumers are shifting to online shopping, the firms said during the National Retail Federation (NRF's) annual convention in New York City.

Honeywell has been boosting its investment in logistics solutions since the company paid $1.5 billion to acquire material handling automation provider Intelligrated Systems Inc. in July 2016. Both firms had their own booths at the NRF show, but held briefings together as they continue to integrate their products and client bases.

Fort Mill, S.C.-based Honeywell Scanning and Mobility said that after the merger, Intelligrated's warehouse execution system (WES) software and order fulfillment technologies would complement Honeywell's product lines in mobile computers, scanning and automatic-identification, and voice automation technology. Now Honeywell is taking another step toward the goal of networking those retail and material handling platforms by partnering with microprocessor industry leader Intel, of Santa Clara, Calif.

The companies plan to leverage their combined technology offerings, including sensors; handheld computers; processors; bar code scanners; radio-frequency identification (RFID) tags and readers; and cloud-based software. Working in symphony, those technologies can help businesses track, monitor, and assess the condition of goods moving through the supply chain as well as in brick-and-mortar stores, the companies said.

"Technology can help transform retail, making stores more responsive to customer needs by connecting physical and digital retail environments," Joe Jensen, vice president and general manager of Intel's retail solutions division, said in a release. "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."