Automated Inventory Management With AI

The Problem

Accurately managing inventory is a critical challenge for retailers and has a direct impact on their business growth and customer experience. It is important for retail businesses to have a clear understanding of which products are needed and in how much quantity. Can emerging technologies help retailers in automated management of inventory?

Solution

AI models deployed on Kranium can be used to revolutionize inventory management for retailers. There are multiple ways in which AI can help retail businesses in this regard:

• Computer vision systems can analyse video feeds from cameras or images to identify missing items from shelves. These models can help alert managers about the same instantly.
• Machine learning models can analyse historical data and predict the stock requirements beforehand aiding retailers to take appropriate action.
• Machine learning models can help retailers price products optimally to help generate maximum profits.
• Machine learning models can also help predict how much time a product will remain on the shelf.

Additionally, the AI models can also work with robots for automatic stock replenishment.