A STUDY ON ROLE OF ARTIFICIAL INTELLIGENCE TO IMPROVE INVENTORY MANAGEMENT SYSTEM
Abstract
Inventory management is a critical component of many businesses' operations. Artificial intelligence
is the speedier and more consistent deployment of new technology in logistics and supply chain,
particularly in inventory management. Technology has changed the way activities are carried out and
delivered competitive company results. The goal of this research was to investigate and discover how
artificial intelligence technology could be used to improve inventory management. Two questions
were provided as a guide to the writing process, and by answering them, the thesis was steered to the
end result: Is artificial intelligence capable of enhancing inventory management? How can Artificial
Intelligence (AI) be used to help with inventory management?
The qualitative research approach was employed, and data was gathered through a literature review
conducted by a different researcher. Articles, books, and web pages were used as sources of
knowledge to answer such issues by comprehending the concept of inventory management, the
different types of inventory, the purpose of holding inventory, the inventory management approach,
and the expenses associated in a broader context. It was also necessary to grasp the big picture of
artificial intelligence technology, including how it is defined, its history, different forms of AI, and
prospective applications. There was also a need to investigate which industries had used artificial
intelligence and how it had enhanced their day-to-day operations.
Finally, after a more comprehensive review of research in inventory management and artificial
intelligence and case study, the results show that the application of AI and machine learning can
improve the activities related to inventory management. It improves data accuracy, improves
productivity, quick decision-making, minimizes costs, and consistently ensures customer satisfaction.
As a conclusion of the research concerning the results found, profit, accuracy, and speed in businesses
are possible with artificial intelligence.
Keywords
Artificial Intelligence(AI), Machine Learning(ML), Inventory Management(IM), Artificial Neural Network(ANN).