Articles

 Learning how to manage inventory efficiently is critical to any business that sells physical goods. Anything that involves your products, from timely ordering to proper receiving, tracking and storage, is part of inventory management. It’s vital to get these things right because mistakes here directly impact your bottom line. By minimizing lost sales, misplaced stock and excess ordering, inventory management boosts your profits and can even reduce your taxes. 

As we wade through a post-pandemic world, the retail industry is reinventing itself with artificial intelligence (AI) technology. The prime focus? Gaining a more accurate prediction of shopper demand and resurrecting supply chains that have been rattled by capricious consumer buying models during the recent pandemic and the challenges with “just-in-time” inventory management.

In the retail industry, success hinges on a merchant's ability to balance inventory and sales. Holding too much inventory while experiencing weak sales can result in cash flow problems, while low inventory levels in the face of strong demand can lead to lost sales. Achieving this balance has become increasingly challenging in today's cutthroat retail environment, where high inventory-to-sales ratios can cast a shadow on a company's financial health and overall resilience.

  According to study by the MIT Technology Review, automated systems can reduce inventory errors by up to 80%. Robotic solutions can work around the clock without succumbing to fatigue or diminished performance, thereby significantly improving productivity.