Business analytics in the case of inventory management in Industry 4.0 conditions

Abstract

Purpose: The purpose of this publication is to present the applications of usage of business analytics in inventory management. Design/methodology/approach: Critical literature analysis. Analysis of international literature from main databases and polish literature and legal acts connecting with researched topic. Findings: Industry 4.0 has ushered in a transformative era of technological innovation, particularly in inventory management. Business Analytics has emerged as a crucial tool for optimizing inventory control and supply chain management in this context. This integration of digital technologies, the Internet of Things, artificial intelligence, and big data has made inventory management more complex yet highly efficient. Business Analytics, driven by machine learning and predictive analytics, empowers organizations to make data-driven decisions, improve demand forecasting, and enhance supplier relationships, resulting in cost reduction, increased customer satisfaction, and sustainability efforts. Industry 4.0 has also introduced various software solutions that streamline inventory management, albeit with challenges. Overcoming these challenges, businesses leverage the advantages to adapt to a dynamic market, reduce costs, and enhance sustainability, solidifying the critical role of Business Analytics in inventory management in an evolving landscape. Keywords: business analytics, Industry 4.0, digitalization, artificial intelligence, real-time monitoring; inventory management. Category of the paper: literature review.