Businesses and manufacturing facilities need to share their ‘available-to-promise’ (ATP) status in real-time to reduce ordering errors, increase profits, and improve customer satisfaction. Inventory management has grown more complex over years because companies now keep track of details worldwide.
Managing costs and buyer needs are tricky but it’s not impossible. To make sure that your inventory is in sync you need to address primary problem of tracking quantities of supply and demand at e-commerce stores. It can be challenging for traditional inventory management systems to keep track of a product’s more extensive network. In this blog you can thoroughly view how to solve your inventory challenges quickly.
Top 4 ways to solve inventory management challenges
1. Out of stock solution
The out-of-stock solution is automatically activated whenever products are out of stock giving you exact data on what to order and re-stock. It locates products that are running low and helps store managers keep their inventory stocked. So every aisle makes your shopping experience as pleasant and hassle-free as possible.
How does it work?
Computer vision cameras let retailers see what’s going on in their stores as soon as it happens. For example when camera detects an empty shelf on an aisle it sends images data to cloud where deep-learning algorithms analyze it.
The solution matches camera to each store’s size and layout. shelf-edge cameras are best for grocery stores, and dome cameras are superior in new product categories.
2. Stock management
Businesses have traditionally kept static quantities or percentages of inventory. You need to set a minimum price for walk-in sales when working with other channels such as e-commerce. Today it is no longer enough to use generalized data in marketing. Present consumers expect customized marketing strategies.
Stock levels need to be flexible to account for fluctuations in demand. AI re-balancing inventory helps avoid brand loyalty issues by delivering products to customers or buying them at a lower price.
To meet seasonal customers and margin needs, REI mines its inventory data to find patterns that help it anticipate customer demand.
Retailers need to balance fulfillment costs and services to increase their return on investment (ROI) and customer experience and encourage repeat purchases.
3. Time of package delivery
To meet customer expectations you need to know how much inventory you have and where it is located. Today companies must inform their customers when their packages will be delivered. Amazon offers guaranteed delivery windows whereas many companies can’t make such guarantees. With AI retailers must simulate and drill down on their calculations to improve package delivery accuracy.
As a business you have to ensure that each decision supports your priorities. Knowing cost of an idea and how much time it will take to implement and factors to consider when making a decision.
4. Planning inventory
Fulfillment forecasting can be tricky when trying to predict demand more than supply. When looking at historical data AI and data science are necessary to predict future stock allocations because of uncertainties and anomalies. Supply and demand data can result in anomalies since both will have unexpected fluctuations. A customer-behavior-centric model should take where and when people need to get their orders to win customers.
AI-enabled inventory management solutions can analyze consumer fulfillment choices and shopping behaviors to help inventory levels at retail stores.
Simplifying and streamlining inventory management is crucial for building a successful business. These four ways allow you to focus on those priorities, helping you make most of your time, effort, and resources.
To solve Inventory problems with AI, we have Out stock solutions that help you to maximize your inventory management and decrease errors. You get real-time data whole day. No need to visit your inventory store physically. You can watch and get data about your inventory with a few clicks. This saves you 30% of productive time and increases sales.