Author : Viren Arora
The British School, Gurugaon, India
The current retail sector in India is expanding quickly, the current inventory management methods require transformation. In retail inventory management structure tagging and tracking is an important inventory management process. The current tagging and tracking process is people driven and therefore susceptible to human error. The present research is an exploratory experimental study which includes the analysis of 2 different approaches to small retail sector inventory management. The research will measure the effectiveness of both approaches by testing them in a controlled environment and evaluating their effectiveness based on the data collected. The findings of the research are that a significant difference was found in the completion of the tagging and tracking tasks performed by experienced professionals and IMI(Inventory management intelligence software), and furthermore a significant difference was also found between the accuracy of the tagging and tracking tasks performed by experienced professionals and IMI. The economic and business implications are valid in India especially due to preference of labour combinations over specialised physical capital based production combinations, due to low price of labour in India. There are several implications regarding technological advancement and structural changes in industry mainly relating to changing possible changes in the combination of production processes. In short, the future of the small retail sector is process driven and not people driven. However, structural changes in any industry impacts stakeholders, in this case the employees. Such technological advancement threatens jobs in future, pursuing in this direction may become an ethical concern, as this may cause structural unemployment.