Technology Development Projects

Just in Time (JIT) Inventory System Integrated with Consumer Behavioral Analysis System Integrated with Consumer Relationship Management System

This invention pertains to a Just in Time (JIT) Inventory System that has a supplemented Consumer Behavioral Analysis System, that can determine things like pricing points, trends, shortages, surplus stock, and it can also be driven by the sales generating Consumer Relationship Management System that is all incorporated within the system for a centralized intelligence warehouse for supply and demand.

The system would work in many ways, and here are some examples:

  • Consumer Behavioral Analysis System determines there is an increasing trend for a specific product, and it calculates the future demand for the product based on the trend. This can include monitoring data provided by the manufacturers, such as when and how they are advertising, how their sales have increased in other businesses, and even what feedback they are receiving about their product. This would allow the JIT Inventory System to increase the needed supply of merchandise, and calculate what the best cost would be for the products or services.
  • Just in Time Inventory System detects a surplus of a specific product, and has the Customer Relationship Management system contact customers about a special of the product, since supply is higher than demand, and the inventory is costing the company money while it sits on shelves or in holding or in warehouses. It can also adjust the prices, or make special offers to specific customers such as core customers, to build loyalty, or seek out the specific customers that usually buy the specified products or services and advertise specific deals to them to use up the product or service that is overstocked.
  • Consumer Relationship Management system determines that the demand for a product or service is going to go up, or down, based on feedback from customers regarding the product, so the JIT Inventory System increases or decreases the supply needed for the product or service based on the information gathered from the CRM system.

There are many other instances where the combination of these services can benefit both the company and the consumers. It provides elasticity for customers in the business environment. Similar systems could also calculate how much work time is needed for business activities based on supply and demand in the marketplace, and automate processes within the Human Resources department to keep up with the changes in the marketplace.

Modernization of Chip Feature at Checkout

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A way to upgrade the security of the chip feature at the checkout stand would be to implement a public and private system that shares information about facial recognition with private industry closed circuit TV systems, for verifying the identity of the account holder with the financial institution that issued the card. This would virtually eliminate all fraud in the retail sector, for those purchases that are made in a store. The technology could also be adapted to require a video feed with a special type of video camera that verifies the location of the consumer at their computer based on GPS data, and then sends the video to be verified in real time by the financial institution, so that this would eliminate almost all possibilities of financial fraud with regards to online sales, or other sales placed over the phone or through the Internet.



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