Use of Artificial Intelligence (AI) in Managing Inventory of Medicine in Pharmaceutical Industry
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Abstract
Inventory is one of the vital components of current assets. Excess holdings of inventory may increase cost as well as wastage. As such, effective and efficient management of inventory is an integral part of supply chain. Especially, in the field of management of pharmaceutical products and medicine it bears more importance. Improper use of pharmaceutical products or shortage of medicine would not only cause financial loss but also may affect the patients adversely. Rather than using the traditional techniques of managing inventory use of Artificial Intelligence (AI) can make the process more effective and efficient. AI is the application of computer program that demonstrates action like a human being, learns from experience, gets new input and processes big data by reasoning. It can acquire large amount of data and create rules for turning the data into actionable information. This study has been conducted based mainly on secondary sources of data. It is a qualitative study that gives a conceptual idea regarding how the functions of AI can support managing inventory of medicine in pharmaceutical industry.
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