Emerging technologies are being used in a variety of industries and applications to improve processes, add efficiency and better outcomes and even save lives. This interesting news came to us from Whole Foods Magazine in their article, “How Machine Learning Can Reduce Food Waste in Grocery Stores.”
In the world of grocery retail, food waste is one of the industry’s most pressing challenges. Consumers care more than ever before about preventing food waste and unsold inventory puts significant pressure on the bottom line in an increasingly competitive marketplace where margins are already squeezed.
Inventory management has never been more important. Accurate inventory handling can help reduce the need for costly markdowns. When markdowns are unavoidable, machine learning can offer the capabilities to identify the optimal price, helping to protect the product’s margin as it nears its expiration date.
Advancements in technology offers options to reducing food waste as artificial Intelligence (AI) and machine learning are enabling retailers with tools, resources and analytics that enable them to better match supply with demand, make efficiency gains, effectively manage markdowns and reduce overstocking.
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Melody K. Smith
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