Role of AI in the Inventory Management of Agri-Fresh Produce at HOPCOMS

Abstract

Inventory management is vital for maintaining the efficiency of supply chain management. Fruits and vegetables being perishable in nature should involve inventory management to avoid wastage and loss in terms of over stocking and stock out situations. The present study focuses on the role of artificial intelligence (AI)-powered inventory management of fruits and vegetables at HOPCOMS, a cooperative society founded in Bangalore. In the road to satisfy the customers, it is necessary for the society to come up with different strategies to manage the inventories in which a retailer confronts overstock and stock out situation, affecting the profit of the society. Therefore, a study was conducted with the help of structured questionnaire among 122 retailers of HOPCOMS outlets in Bangalore. The results obtained from the study suggest that inventory valuation method positively influences AI-powered demand forecasting and customer order fulfillment, and AI-powered demand forecasting is positively related to customer order fulfillment.