The digitization of retail operations can increase the traditional norm of 65% inventory accuracy generally applied to brick and mortar retail to over 98% in most cases, if technology is employed in the right way. The impact of the Internet of Things (IoT) and Artificial Intelligence (AI) has been, and will continue to be, transformational as stores can gain previously unavailable, granular operational insights that enable retailers to rethink the way they operate. Early deployments of various technologies have demonstrated a positive compound net effect for retailers by increasing revenue and reducing operational costs, thereby increasing the overall profitability of each store.
This report explores which technologies are transforming inventory management and reviews the ways in which they can be implemented in order to achieve maximum value for retailers. Technologies and services covered include ERP, merchandise planning, computer vision, robotics, and RFID.