However, this process remains largely manual – for now at least

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3. Towards inventory management based on predictive data analysis
Data is a business owner’s most valuable resource. The increasing automation, improvement, and accessibility of data collection systems will soon lead to dazzling advancements in inventory management.

Inventory is the most powerful pillar of retail. As the founder of the popular clothing and accessories boutique Off the Hook ( @othboutique on Instagram), Harry Drakopolous knows all about it! While he must stay on top of the latest trends in art, music, and urban living, Harry stays ahead of the curve by using the data at his disposal to decide when and how to add to his inventory.


Now imagine a retailer with a purchasing system based on predictive architect data data analytics. They would no longer need to manually create their purchase orders, since the system associated with each point of sale could identify the missing products and the quantities to be ordered, then generate purchase orders based entirely on this analysis. The merchant could then adjust the purchase orders as they wish, before submitting them.

The future of inventory management is automation. And that’s going to have to be a factor for everyone, including those who aren’t familiar with data analytics. Like other industry leaders, Lightspeed President JP Chauvet predicts that artificial intelligence will transform inventory management into a predictive, intelligent process. Aggregated data from merchants, suppliers, and consumers will help create optimal inventory lists that include what products to buy, how much to buy, and when to buy.



The future of inventory management is automation. But it will benefit everyone, including those unfamiliar with data analysis.



For predictive inventory management to become a reality, however, it will be necessary to rethink how the supply chain communicates with each other. Data from merchants, suppliers, and consumers will need to be aggregated before the purchase order generation system takes over.

The future is at the next turning point to promote simplified inventory management. Retailers will still have their hands on the wheel, but they will be able to count on an extraordinary GPS, and even more autonomous driving to reach their destination.