Author : Ankit Singh, Dr. Vikas Kumar, Vibhor Nigam, Saimack Bhakta, Moparthi Rakesh,
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 8, Pages 5076-5088
- Shrinkage in inventories is recognized as the top-notched constraint which is nagging the nose of all the retail stores as it is the unwanted loss of inventory due to some unethical ways like shoplifting, theft, mishandling, improper conditioning and positioning, mismanagement, inefficient logistics, etc., It is mainly been recognized by every sort of retail store and affects the revenues and sales percentage of the company along with the integrity, costing, and technologies as well. Though there are many modern techniques which have been initiated to prevent this uncertainty like VMLs, RFID, CCTV, etc., and they have proved to be highly effective however they also failed to drag the problem out of the inventory management system. This study is thoroughly been performed on the same problem where the basic nerves have been held and mis-happenings have been extracted to find the best possible conclusion for the same. Nowadays, the emerging technology is driving through the pores of the problems and driving through them smoothly and this can only help the industries of expel this problem out. The combined usage of AI and ML is cherishing the inventory management and helping the industries to cope with the problems by keeping a track of everything. So the complete analysis includes the extraction of key to huge reasons of the shrinkage as per the industrialists and experts in different firms and best possible solutions to it in practices.