Is there a way to track all inventory inaccuracies in many business? Recent developments by professors from the Naveen Jindal School of Management are proposing a new algorithm that may solve inventory problems for businesses in the future. This new technique may be very beneficial preventing theft and spoilage. However, some companies may not solve all their inventory problems using this method. The article mentions how misplacement is a key factor for inventory problems in businesses such as bookstores. It would be pointless for the bookstore industry to spend a large sum of money on this new technology when they can easily fix their problem by being more attentive and organized. One point that is interesting to comment on is that companies are already using technologies to keep track of inventories. But there is a catch. All these inventory technologies are run by humans. Humans are subject to error which makes this method inaccurate. I personally believe that the new algorithm being developed will provide most companies much success in the future. It will allow them to keep track of their inventory more successfully and enables them to pinpoint exactly where they are losing money.
Something negative that this new algorithm proposes is the cost. It will be extremely expensive for companies to implement this technique. Companies must assess if it will be worth it for them to spend this much money on the new algorithm because it would be a waste for them if it doesn't really work. Businesses will have to become vulnerable to allow the researchers to analyze every aspect of their company and determine how much money will be saved with this method. It will be interesting to see if once these companies implement the new algorithm if it actually succeeds or not. As mentioned previously, I believe it can be successful however there are still some factors that will negate that statement. If a company is loosing their inventory from theft than you cannot necessarily prevent people from continuing to steal. The article is vague in terms of what exactly this technology can do to help prevent the loss of inventory. The question here is are the researchers going to help companies install a better security system to prevent further theft? What does this algorithm entail? I guess the only way we can find how it works is when the researchers stop testing on models and actually start implementing their technology into businesses.