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4 Ways to Improve Inventory Management Using AI

Posted by Preetisha Dayal

Jul 30, 2018 11:00:00 PM

inventory store warehouse manufacturing artificial intelligence

There is no doubt that digitalization is changing the face of this world and opening new doors for the automated world. The automated technology has thrust on the workplace with a force that has changed the way employees were working. It is not even 2020 and robots are already working among human and increasing the productivity of a company. It is now becoming common to see robots working on manufacturing floors enhancing the capacity, efficiency, and steadiness of a team.

And with the addition of self-driving automobiles and drone, it is safe to say that the workforce will be going through a drastic change in coming years. Inventory management and supply chain with the addition of Artificial Intelligence has the power to optimize the workforce. The revolutionary ideas are already influencing the sector by maximizing the stocking efficiency and reducing depletion of the stock.

If you are working in an inventory or supply chain management domain then you might be aware that there is no limit for the data in this field. The predictive analysis of AI is there to make sense of all the data. Now, it is easy to analyze the freshly updated data to form a strategy on the basis of real-time insight of the information. The inventory management is flowing into the deep ocean of data which can help in maximizing the business.

How can AI Change the Whole Game of Inventory Management?

There are many new features of AI that are added that are now changing the way people were looking at the inventory management or supply chain operations. They have customized innovative techniques that are now used to meet the demands and requirement of a customer. Also, AI technology implementation has worked a lot on the efficiency of a business consequently of satisfying a customer.

1. Automated Inventory Monitoring

AI is just the start to bring out the best of each sector. It is giving an insight on how the companies can change the face of this whole wide world by using eliminating the use of any of the inventory checking manually. It also gives a chance for a company to use their manpower and resource somewhere else that is again a plus point for any firm.

They can now do the different task at the same time which will increase their rate of productivity. Even a facility manager gets a chance to keep a track of a product in real-time without even putting efforts manually. Everything is just a click away or a pocket away from them. Smartphone and AI are surely bringing out the change for them.

On top of that, AI is now widely used as a replica for the refrigerator and individual shelf level. This gives an opportunity for companies to keep a track of total purchase orders and also to ensure that inventory is in the optimization stage. When there is an inventory drop, at that time, AI will send out a repurchase order with any manual interference. This will result in the increment of functioning efficiency.

In addition to this, it has eliminated any chance of manual error which is very common while checking bulk data. AI will give out more accurate results and will send out the specific order with reasonable price. It will keep the money in check so that there is no irrelevant or mistaken order done.

2. Machine Learning

Machine learning in the addition of AI has also influenced the applications and software used by companies. It has made the tasks easier to analyze bulk data with accuracy and improve the forecasting of demand and supply chain. Earlier, it was difficult to come up with exact prediction but with the help of Machine learning, AI knows the exact value of supply chain through which it sends out the order with precision.

Apart from this, simulation technology has also made the data modeling in real-time easy allowing AI to analyze the statics and track it over time. Machine Learning has worked to reduce the total cost and improved performance of the deliveries made to the customer.

AI and machine learning have influenced the insight on the supply and demand operations that were impossible with the traditional software. The reinforcement learning, supervised learning and unsupervised learning are all combined in one single set making it more ideal to use to keep a track on all the inventory operation of a company, retailer or warehouse.

3. Data Mining

For the B2B or B2C companies, there was a time when customer relationships were defined with the personalization. However, now the market is evolving at a fast pace that has brought a lot of changes in the supply operation of a company and demand of a customer. Now everything has gone beyond the standard personalization for a customer in a more advanced format. The industries and manufacturers are now predicting and imposing products as per customer requirements and demands for future.

Data mining has now made it possible for a customer to analyze and mine the data at a fast speed that was never seen before. This has allowed companies to see the insight to a customer demand in a much better way and then optimize their products accordingly. AI is now giving options to companies to track out their contextual data such as regional patterns, weather forecasting, inventory, and crop report and sports events.

All this information allows a company or manufacturer to decide on their shipping, replenishment order and revenue. This is allowing the customer to come up with strategies so that they can get in touch with a customer in a better way. Also, they can now establish an agile beneficial and relevant relationship between the customer and business. Now, a business can move ahead of their competitors and put them in a better position in the market.

4. Robot Automation

There are companies that are actually using the robot to check and re-stock their inventories. It can be in the form of a robot machine or a real robot that is based on the AI technology. It has the ability to change the system and integrate the perspective of taking out and fulfilling an order in a much better way.

Robots are now used to do all the tasks in a less duration. They are performing higher frequency work providing more value and exception to the company by driving values in any business. They are used to pick out order and move them as per the facilities, cognitive learning system, sensors that allow them to understand the quality or the product and stock it, and the algorithm that guide the operation.

AI is basically changing the way people purchase or sell the items out of the inventory management. It contains all the data from raw material to the day it was delivered to a customer. However, it will take us time to actually reach at the deep end of AI technology. We are at the early step that is helping us to generate revenue. But one thing is for sure that it is no longer a dream as we can clearly see the results of AI. The manufacturers and companies are already taking a leap and now it is our time.

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