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IOT solution for inventory management

Current Situation

 

We often purchase groceries/home needs from shop based on the inventory available at home. Sometimes, we end up either procuring more than what we need or miss the item to purchase due to unavailability of inventory information at our disposal. The same applies to items maintained in home fridge/large food warehouse where items get rotten due to unavailability of information related to expiry date.

 

Solution

 

The idea is to implement an IOT solution that will track real time inventory management. Items while being purchased and stored in home inventory/fridge/food warehouse will be subjected to IOT data capture(details like quantity, purchase date, expiry date) will be captured. Items when taken out for usage will be subjected to IOT data capture which will automatically adjust the revised inventory information. The IOT will be connected to a smartphone app using internet. The app should be used to provide real time inventory information at the time of another new purchase. The solution can be enabled with AI where it can deduct inventory management patterns and provide suggestions and prediction accordingly.

 

Benefits

 

This IOT solution has the potential to optimise the inventory holdings for a companies and individuals thereby reducing the cost. Companies can utilise AI models to predict the total inventory required and subsequently optimise their warehouse space utilisation. Individuals can ensure that edible items are consumed within their expiry date. 

 

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Sriram Ganesan

Sriram Ganesan

Business Analyst Associate Manager

Banking COE, Accenture

Member since

10 Aug 2018

Location

Bangalore

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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