A Proficient Process for Systematic Inventory Management

The proposed system manages the stocks of organizations and helps them to better analyze the data pertaining to the storage and sales of goods to generate relevant insights from it. With the proper utilization of technology, the system can be used to store and update the details of the inventory, stock maintenance, and generate sales reports daily, weekly or monthly in the form of various visualization charts. It proposes the formation of a system for storing the data by recording the information regarding the stocks of products identified by various brands and categories. The system identifies a need to require an input device, a locked enclosure, a computing device, a data store, and a portal site or an application for providing an all-round environment for efficient warehouse and inventory management. An internet connection or a distributed network connects the portal and application to the computing device and the data store is also required. The system provides a method that will use the concept of data analysis to give information about the most selling, profitable and dull stocks. This system thus helps the inventory managers to optimize their functioning with several data analytics algorithms such as regression modeling, market basket analysis, and other machine learning techniques to provide an all-round solution to their needs.