An Analysis on various Machine Learning Algorithms (AI) & Nature Inspired Algorithms for modern Inventory Management

The following article refers to importance of AI and Machine Learning methods in handing inventory in an optimized manner. In the era of online shopping or retail shopping: stock managing, supply handling, items on hold, holding charges, return on Investment etc. affects the profitability and existence of the entire channel of demand and supply. AI plays a major role in managing this with less or minimum human intervention and applying intelligence to maximize profit and make decision making strong. Here in this paper, we have reviewed few sets of algorithms that are AI based or Nature inspired and their contribution in this area of Inventory management which have proved their importance. Businesses can assess and manage their inventory levels, estimate demand, spot abnormalities, and automate repetitive operations with the help of AI based techniques like machine learning, natural language processing, and computer vision. With the growth in the business, decision making using these algorithms can ease the very need of industry today. Many huge platforms like Amazon, Oracle and many others have shown the importance of implementing these methods for Inventory Handling and Management.