The role of Artificial Intelligence (AI) in making accurate stock decisions in E commerce industry
With accumulation and proliferation of large data, it is highly necessary to make some meaningful sense out of the data. Here is where Artificial Intelligence (AI) tools and algorithms play a major role. AI is highly expertise in handling the customer data and forecasting the purchase behavior of customers. This has brought out the biggest level of automation in the e commerce industry. AI provide notification when a company has to re order stock and assist in creating manufacturing schedule as per the variation in demand during the particular period of time accurately. The autonomous and data driven supply chain has optimized logistics, manufacturing, warehousing and the last mile delivery. E commerce giant like Amazon use leads to time and forecasting techniques to critically plan inventory orders. Machine learning system (MLS) a subset of AI solves the cognitive problems associated with human intelligence and helps to optimize logistic speed and quality. This paper discusses AI based inventory management tools which are being utilized in the e commerce industry. AI provides customers an enriched experience which helps to maximize profits.