Inventory Management is essentially about the storage, placement and keeping track of stocked goods that come into and leave a store or a supermarket. Done correctly, inventory management can have a profound impact, not only on the sales, but also on the customer experience and satisfaction. Timely replenishment of stocks that are running out on the shelves and replacing misplaced items on a rack can save a lot of resources and time, cutting down the unwanted movement of goods from store to shelves and customers not being able to find the items they are looking for. While manual examination of shelves can mitigate this problem to an extent, it is human resource intensive, time consuming and prone to human errors.
A Computer Vision based AI engine can be employed for efficient inventory management, which can outdo the human counterparts in every aspect. By tracking the goods and their movement on every rack through camera footages, the AI engine can identify empty spaces on the rack, take note of the goods that are running out on the shelves, spot misplaced items and alert the store staff about the same in real time, ensuring timely and systematic action. Apart from this, the consumption pattern of goods can also be analyzed, figuring out the goods that are moving fast and those that are seldom consumed, enabling the store management to make informed decisions on the frequency of refilling their store rooms and the items to focus on.