AI and IoT: A Future Perspective on Inventory Management

Abstract

Abstract: The field of inventory management stands on the brink of a transformative era, heralded by the confluence of Artificial Intelligence (AI) and the Internet of Things (IoT). This paper conducts an in-depth analysis, offering a visionary outlook by leveraging an extensive review of scholarly articles and existing literature on Artificial Intelligence (AI) and Internet of Things (IoT). The fusion of these technologies promises to revolutionize traditional practices by enabling real-time tracking, predictive analytics, and automated replenishment—ushering in unprecedented levels of efficiency and precision in inventory control. Furthermore, the study probes into the horizon of emerging trends, casting light on the progressive strides in machine learning, edge computing, and blockchain technology. Such advancements beckon a reimagined future for inventory strategies. However, this promising future is not without its hurdles. The research underscores critical impediments, including concerns surrounding data privacy, security, and technological constraints