The aphorism “you don't know what you've got until it's gone” may have inspired countless poems and ballads, but if that happens to also be your guiding principle in managing your organization’s inventory, you are headed for a world of pain. While it may not be the most exciting part of a business, tracking inventory is crucial as it ensures the efficient management of stock levels, minimizes costs, and maximizes profitability. Good practices enable companies to maintain optimal stock levels, preventing both overstocking and stockouts. Overstocking ties up capital and incurs additional storage costs, while stockouts can lead to lost sales and dissatisfied customers. Furthermore, precise inventory management enables better forecasting and planning, helping businesses respond promptly to market demand and trends.
This is a companion discussion topic for the original entry at https://www.edgeimpulse.com/blog/shelf-awareness-tracking-inventory-with-ai