Smart Inventory Management System

Challenge Summary

A smart inventory management system to predict the demand and forecast of products, automatic logging of transactions in the inventory, marking of obsolete products and identify potential buyers for clearance of inventory and working capital from historical data.

Challenge Scenario

The stocking of inventory is done considering the forecast of consumption for upcoming months/weeks, the demands are met only over a period of time. There is no rapid movement of existing inventory to the consumers, various units store their products in respective places once there is a complete change in technology at equipment level these spares/products become redundant and result in locking up of the working capital, hence a system capable of predicting demand and forecasting products according to the changing technology trends, automatically logging transactions in the inventory and predict when a product is about to become obsolete and as well suggest possible buyers for the product, freeing up the working capital.

Profile of the End-User

Inventory management teams, Buyer/Purchase departments

Existing systems: 1. SAP based ERP System (ECC 6.0/S4 HANA) 2. Ariba System.

Gaps: The current systems do not possess a predictive edge inbuilt in them; they are static data management systems of details on inventory.