The shelf is a dynamic environment, where shoppers select items purposefully and on impulse, where store owners showcase products to entice customers in the store and online.
Inventory management does not just entail having the right stock but also ensuring said stock was effectively sourced, stored, and sold at the right price, at the right time.
Organizations must satisfy the unique demands of their customers. The good old days of mass marketing and predictions on limited mixture of products in one location are gone. Conversely, the use of artificial intelligence in inventory generates huge dividends to companies willing to reshape their supply chain orders.
This technological development results from the availability of massive amounts of real-time data now routinely generated by enterprise software systems and smart products. By collecting this data, organizing it, and interpreting it, artificial intelligence and machine learning have introduced an entirely new level of data processing leading to deeper business insights.