Financial, Retail and Insurance Services

Optimising multi-item retail inventories using Artificial Intelligence

The development of new advanced inventory planning systems will assist in the optimal functioning of product ordering, distribution and store replenishment processes in retail supply chains. Current objectives include streamlining the incorporation of new products, planning for promotions, and recognising emerging trends in order that sufficient stock can be obtained in a timely manner. Commercially available inventory systems are not able to adequately address these latter concerns; in particular, they do not adequately integrate forecasts with optimisation and require forecasted demand to be set manually. These systems currently do not take full advantage of the wealth of sales and operational data held by the company. This project will develop new model-based systems incorporating noisy product and operational data to optimise its operations management.

OPTIMA CIs: Professor Peter Stuckey

Associates: Dr John Betts

PhD Student: Zahara Namazian