With companies producing more and more products worldwide, the issue of keeping track of enormous amounts of parts and materials used in the manufacturing process has grown increasingly complex. Inventory control can use artificial intelligence (AI) to help achieve a powerful insight for your business, highlighting exciting trends from large volumes of data to help procurement and warehouse teams manage their daily inventory management tasks.

AI in inventory management ensures that the experts better understand all the inventory levels. It helps manage stock replenishment and preferred stock levels based on many variables – internal variables such as current stock levels, lead times, historical and seasonal sales, days of supply, and external variables like market data, weather trends, and social media data. Hence, enabling the business owners to plan and avoid stock-outs.

Using AI in demand management ensures that an organization can optimize product availability by decreasing stock-outs and spoilage and getting a better understanding of sales patterns. Additionally, it helps to handle many variables and analyze complex relationships to develop demand plans. Reports show that AI improves demand forecasting by reducing errors by 50% and reducing lost sales by 65% with better product availability.

Order fulfillment becomes easy when AI is incorporated into your company’s order management system. The technology can analyze and process large volumes of real-time data coming from internal and external sources to make critical decisions about order fulfillment.

AI is used in the inventory management system to help track suppliers’ quality and performance. Manufacturers can discover the best and worst suppliers and which inventory reception areas are most accurate in catching errors.

Furthermore, it helps in the elimination of time-consuming and tedious inventory tasks. It provides businesses with better data to make decisions about inventory, which results in higher profits and lower losses. AI has a great deal of potential to revolutionize inventory management.

Explore KatPen.Inv Inventory Management Suite to provide superior inventory control, traceability, and recall management to optimize stocking levels, free-up working capital, provide more effective customer servicing, and benefit from improved profits.

You should choose the right and most recent inventory management system and Artificial Intelligence to help your business thrive in the future.

*Katpen INV is one of the products of KatPen Innotech Solutions