Inventory Management and Artificial Intelligence: Allies for Automation
Digitization is changing how companies work and bringing us closer to an automated world. Automated technology has changed how stores operate and how employees work. This is why automation has become a great ally for improving productivity in stores.
When applied to inventory management and the supply chain, artificial intelligence optimizes staff, maximizes inventory efficiency and reduces stock depletion. Using artificial intelligence with inventory is leading to significant improvements for companies that use it since it analyzes data collected in the store, performs predictive analysis to determine the next steps to take and automates actions that improve the company strategy.
Key implementations of artificial intelligence for inventory management are:
Analyzing customer preferences
Artificial intelligence performs predictive analysis by leveraging the big data analysis of the huge flow of in-store customer data in real time, anonymously and respecting privacy. It learns about the profiles, tastes and interests of customers to automatically offer them personalized content, products and offers at the right time. This encourages engagement with the brand, improves the customer experience and increases sales.
Artificial intelligence analyzes internal company data in real time, including stock and supply chain management, to optimize business operations. The more data a store generates, the more predictive models a retailer can have. AI can promote surplus products and stop showing ads for sold-out products, helping reduce costs and improve operations. When artificial intelligence is integrated into stock management, retailers can see all sales and returns to know which products are in more or less demand. That way, they can optimize the service provided by the store, and optimize supply chain efforts.
Artificial intelligence can optimize business operations and customer experience by anticipating possible events. By integrating with external information systems, such as weather forecasts or traffic situations, it can predict which products will perform better on specific days or at specific times. Machine learning and artificial intelligence can create predictive models using external data to estimate the demand for each product in the inventory.
Artificial intelligence can be linked with the company’s inventory management system to optimize the inventory and store operations by analyzing internal store data and automating actions. It determines which products are best for each customer profile and automatically promotes them according to external data. It also helps decide which products perform better or worse to include or eliminate them from the inventory. Artificial intelligence can also place orders automatically so that the store is never out of any product in the inventory. This automation is fundamental for improving store performance since it reduces costs and automatically optimizes the inventory investment. Artificial intelligence doesn’t only make predictions. It can also act according to its own analysis, making optimized decisions that grow the business.
Beabloo’s artificial intelligence solution Minerva can manage store inventory and automate marketing actions. Minerva is an innovative solution applied to digital signage platforms in physical stores. This system learns from audiences, sales and stock data to optimize and personalize campaign planning and segmentation. By analyzing all this data in real time, Minerva can determine which content and products are most attractive to the customer standing in front of the digital signage.
Minerva makes precise predictions on which products are most desired to advertise them at the right moment and optimal location. Integrating Minerva with a store’s inventory system lets it learn and improve inventory management. For example, it can boost sales for over-stocked products. With Minerva, messages and playlists shown on screens can be adjusted automatically to boost certain products, improving the efficiency of the store and marketing campaigns.
The resulting automation from artificial intelligence integration into stock management lets retailers optimize business operations. It doesn’t only help boost sales, it also provides a better shopping experience for customers.