7 Ways AI can Improve your Inventory Management
Artificial intelligence has helped reimagine a lot of ways we manage our businesses, ranging from the most complicated of the business process. Inventory management can get tough, especially when the size of the inventory increases and AI can help with it in more than just a few ways. While most of the people see uses of artificial intelligence in computational and simpler tasks, capable AI-based inventory management is very much possible.
Artificial intelligence can improve your inventory management in more than just a few ways, it can streamline the complete management, given it’s done correctly. We have years of experience in developing custom software solutions for enterprise, and we have created various AI-based management solutions. An AI-based inventory management solution can completely change the way you imagined automated inventory management.
Here are the 7 ways AI can improve your inventory management
1. Stock Management
The individual products can be called the building blocks of an inventory, and AI makes their core level management easier. Using artificial intelligence for your inventory management, you will not only save the cost to hire humans but can also leverage the extensive capabilities of AI. A good AI-based inventory management system will help you save major costs of accessing your inventory by smart stock management.
If we say AI is so capable that you could find the exact product with the batch number and all other details without touching a thing, it would still be an understatement. Using AI, you could essentially predict the next shipment, and place the stock in order, along with managing the rest of the inventory with utmost accuracy and ease. AI-based inventory management is highly recommended for those with large stock, or those dealing in FMCG.
2. RPA Enabled Setup
We have moved to AI-based cards catching up with the generic ones and still would think twice before switching to AI-based RPA enabled inventory management machinery. An AI-based inventory management system which leverages RPA can help enable a massive decrease in errors and time was taken to sort the inventory for the product you are looking for. AI and RPA combined can help you fully automate your inventory management.
Robotic process automation will enable the use of AI to a major extent, that too without breaking the bank. It is recommended to use software that is RPA enabled to ensure the investment you put can draw out the maximum return in the minimum time. Automating your inventory management tools and systems will require a capable software which can dictate and manage all aspects related to your inventory, and you will need RPA enabled software to achieve that.
3. Warehouse Planning
Storing the products safely and accessing them with minimal efforts are two of the main important aspects of inventory planning and management. How Artificial intelligence assists you in both is quite simple, it can plan everything you need, on its own. Using AI-based warehouse management software, you will be able to set and control your entire warehouse storage and planning with a few commands.
No matter how small or big your warehouse is, it can certainly outgrow the profits you are generating currently if planned using AI. An intelligent inventory management system can read the orders, and fetch which products are in most demand, to shift their position and placement in real-time automatically. If you have a large warehouse to manage and deal with a lot of different stock, an AI-based inventory management system can save you a lot of hassle.
4. Future Predictions
Nobody can know what would happen in the future right? But a capable AI-based inventory system does. Data is how we do the prediction for you if you have appropriate data to create a trend graph, the AI-based inventory software can make predictions and order feasible stock in advance. What’s more? Such software would enable you to do so for multiple warehouses, easing a lot of business processes for a low investment.
Data is a major part of what goes into building an AI-based inventory management system, and we know how to leverage it to ease other processes. We have made various predictive systems which have helped our clients gain a major advantage over their previous methods, and drew much more profit for them. If you are looking for smoothing your business processes, you should consider getting an AI-based software for management.
5. Automatic Ordering
The entire requirement of the stock is continuously monitored by the AI, if some stock turns out bad, it can automatically place a new order in replacement. Automatic ordering is one of the best features of an AI-based inventory management software, as it can automatically manage your inventory for you, no matter what the situation is.
Predictive AI also plays an important role in it, as a tentative list can be made for items that might be required in the future. But Automatic ordering is much more than a prediction, it can sync the complete inventory for all warehouses, and can manage the products between them. Order placed automatically can be set to be checked by human staff, or good to go until a set number of products or budget.
6. Bad Stock Discard
If you are dealing in products with an expiry date, it is very important to discard old stock in due time, as the damage it will cause will mostly be irreversible. We can’t even start how damaging it could be your business’s reputation, along with major harms along the way. Rather than ordering complete recalls and facing consequences, you can opt for a software which can track the best before the date of every single product in your inventory.
The AI-based inventory management software will essentially discard every product, or raise events in case the date to expire is approaching. Another major advantage of this software would be pushing out the stock with the latest expiry date, to ensure the bad stock doesn’t remain on the shelves. This is the main advantage of implementing AI in your inventory management system, it can not only discard the product but maintain the flow of products which have been kept in inventory for longer than the newly manufactured products.
Chatbots find easier implementation with software based on AI, and they make things so much more efficient and easier. With a capable NLP based chatbot in your inventory management software, there would be no need for technical staff to manage your inventory. The chatbot would enable real-time stock updates, the need for more products, and almost everything that has to do with inventory management.
The great thing about chatbots is, they can log the information, as per requirement. Suppose you tell the chatbot to order X amount of products, it would automatically place the order and update the inventory management database at the very same time. The synchronization that can be achieved with such software cannot be matched by human resources, especially at the scale at which AI-based software can work.
Inventory management is necessary if your business process includes it, it can literally cause disasters because of mismanagement and human error. The answer to all the problems could lie in an AI-based inventory management solution, as it can manage and predict possible disaster and the inventory as a whole, on its own and accurately. No software can be made perfect, but the AI-based inventory software we create will be self-learning, which means better and better RoI over specific time elapses.
We have created various AI-based enterprise software, and inventory management software has been our forte. We can create a capable software for your business requirements, and top it with all the futuristic technologies on offer. We can integrate NLP based chatbot for a better management system and can build a prediction based system for complete automation. If you are interested to take your business to the next level through a capable AI-based inventory management solution, contact us and we would be happy to help.