DESC:Form 2

The Patent Act 1970

(39 of 1970)

&

The Patent Rules 2003
Complete Specification
(See section 10 and rule 13)

Title of the Invention:

SMART LIVE INVENTORY MANAGEMENT (SLIM)

Applicant: DFXBOT Private Limited
Nationality: Indian
Address: B49/04, Mangaldeep CHS,
Sector 12 Kharghar,
Navi Mumbai-410210,
Maharashtra, INDIA

The following specification particularly describes the invention and the manner in which it is to be performed:
CLAIM OF PRIORITY
This application claims priority to Indian Provisional Patent Application No. 202021046730 filed on 27 October 2020, titled “SMART LIVE INVENTORY MANAGEMENT (SLIM)”.

FIELD OF INVENTION
The present disclosure generally relates to a system and apparatus of inventory management of Manufacturing plants or Warehouses or Distributor/ Retailer store, Hospitals or Supermarkets. More specifically the present disclosure is directed towards a system and apparatus that uses sensors to manage physical space, quality and quantity of inventory.

BACKGROUND OF THE INVENTION
Many industries, in the modern volatile word, still rely on manual work and spreadsheets for inventory counting and management.
Patent publication No. US2014/0279290 discloses a method and system using cameras mounted on storage bins. WO2017/109234 discloses an RFID enabled storage bin and a method for tracking inventory. IN202021029069 discloses an inventory management, tracking and consumption predicting system.
These manual or semi-automated practices are prone to errors and have limited visibility to make strategic decisions related to inventory cycle, cash flow. Our system and apparatus facilitates identifying and solving wholistic problems related to inventory management in terms of both – quality and quantity. A smart inventory management process is essential to address the challenges due to supply chain complexity, demand volatility, and an increase in competition, coupled with Indian tropicality.
Our system provides a low-cost solution for real time monitoring of inventory availability, condition, and consumption. This helps improve the visibility of the supply chain, transparency and accessibility of the inventory, and analytical abilities for forecasting.

OBJECTIVE OF THE INVENTION
An objective of the present disclosure is to provide an intelligent real time monitoring inventory management solution.
Another objective of the present disclosure is to provide single or plurality of devices to store the material in it.
Another objective of the present disclosure is to provide a system to continuously calculate the storage quantity level using single or plurality of sensors.
Another objective of the present disclosure is to provide an authorisation-based system for inventory transaction.
Yet another objective of the present disclosure is to provide system of the data about quantity level and transactions to be regularly communicated with the gateway hub through a wireless channel. The gateway hub acts as a secure interconnect between cloud-based application and single or numerous smart bins.
Yet another objective of the present disclosure is to provide the Cloud-based application to provide real-time status of inventory to the ERP system used at workspace.
Still another objective of the present disclosure is to provide the Cloud-based application to provide real-time status of inventory to the Dashboard used at workspace or any mobile device or computer.
Another objective of the present disclosure is to provide display of real-time status of inventory at workspace or point of use.
Another objective of the present disclosure is to provide the Cloud-based application to provide real-time location of inventory to the ERP system used at workspace.
Still another objective of the present disclosure is to provide the Cloud-based application to provide real-time location of inventory to the Dashboard used at workspace or any mobile device or computer.
Another objective of the present disclosure is to provide display of real-time location of inventory at workspace or point of use.
An objective of the present disclosure is to provide the Cloud-based software to perform analytical operations on received data and display output on an interactive dashboard.
An objective of the present disclosure is to provide the Cloud-based software and dashboard to provide information on Total Inventory cost (TIC), Economical order quantity, inventory usage, cycle time, and inventory expenses which will help to make strategic decisions about ordering on the right stock.
Another objective of the present disclosure is to provide inventory management system useful at manufacturing plants, warehouses, retail shops and hospitals for managing both high-value and low-value inventory.
An objective of the present disclosure is to provide a comprehensive solution for the business to reduce material wastage and achieve improved efficiency through complete inventory management.
Another objective of the present disclosure is to provide the improved visibility of inventory for helping to identify the dead stock, obsolete stock, overstocking, Aging.
Still another objective of the present disclosure is to provide the patterns of usage of inventory for helping to determine future usage, cycle time, and required safety stock.
An objective of the present disclosure is to provide the data generated by the system to be used to generate notifications to customers about the status of their order.
Another objective of the present disclosure is to provide the big picture by the system in real-time (LIVE) to help to make prompt data-driven strategic decisions on forecasting demand, stock allocation across the supply chain, reordering stock.
Another objective of the present disclosure is to improve cash-flow to the business.
An objective of the present disclosure is to provide to include physical product which is an IOT and Edge computing based wireless device which will have machine learning capability and will measure, monitor and locate the physical inventory in any Manufacturing plants or Warehouses or Distributor/ Retailer store or Hospitals or Supermarkets.
An objective of the present disclosure is to provide the inventory management of the location and stock detail of inventory while it is at supplier end, while transport (delivery from supplier), incoming raw material receipt, inventory at stores, in process inventory (at manufacturing/assembly line), finished goods and while transport (delivery to customer). All the measurement, monitoring and location tracking will be LIVE.
An objective of the present disclosure is to provide the Software application for desktop and smartphone to process and analyse the data (generated from the physical device which is part of the system offered). All this data will be on Cloud and will be accessible on any Laptop/Desktop or smart phone from anywhere of the world by any authorized user.
Another objective of the present disclosure is to provide smart storage device to have external or inbuild Mobile robot controlled by software that use sensors and other technology (combination of artificial intelligence (AI) and physical robotic elements, such as wheels, tracks and legs) to identify its surroundings and move around its environment.
Another objective of the present disclosure is to provide smart storage device to communicate with ERP & Manufacturing setup (Including machines, robots and software application on local computer/ machine/ cloud) for need of material and will have auto movement and material issue facility to the required location or workspace.
Still another objective of the present disclosure is to provide smart storage device to have communication with Warehouse/ Hospital/ Retail store/ Supermarkets setup and software application for required material and will travel to the location and auto issue material.
Another objective of the present disclosure is to provide inventory management to generate inventory data based on mass/weight property of it.
Another objective of the present disclosure is to provide inventory management to generate inventory data based on RFID on the material/object to be measured.
Another objective of the present disclosure is to provide inventory management to generate inventory data based on Barcode/QR code on the material/object to be measured.
Another objective of the present disclosure is to provide inventory management to generate inventory data as measurement by image processing device.
Another objective of the present disclosure is to provide arrangement of stacking of Smart Bin to facilitates stacking of one Bin over another without need of any additional support system or rack.
Another objective of the present disclosure is to provide a system for continuously tracking/ monitoring shelf life of inventory based on live data and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide a system for continuously tracking/monitoring aging of inventory based on live data and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide a system for continuously tracking/ monitoring real-time data of inhouse inventory of raw material, semi-finished goods and finished goods data and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide a system for continuously tracking/ monitoring real-time data of supplier end inventory of raw material, semi-finished goods and finished goods and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide a system for real-time Location tracking of the material at within the premises (warehouse/ manufacturing plant/ vendor end) and while transport and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide smart storage device to communicate with ERP & Manufacturing setup (Including machines, robots and software application on local computer/ machine/ cloud) for need of material and perform Auto material ordering from the point of use.
Still another objective of the present disclosure is to provide smart storage device to have communication with Warehouse/ Hospital/ Retail store/ Supermarkets setup and software application for required material and perform Auto material ordering from the point of use.
Another objective of the present disclosure is to provide smart storage device to communicate with ERP & Manufacturing setup (Including machines, robots and software application on local computer/ machine/ cloud) for need of material and perform Auto material ordering from the point of use considering customer orders, Live data of current inventory (Including inhouse and inventory with supplier and inventory in transit).
Still another objective of the present disclosure is to provide smart storage device to have communication with Warehouse/ Hospital/ Retail store/ Supermarkets setup and software application for required material and perform Auto material ordering from the point of use considering customer orders, Live data of current inventory (Including inhouse and inventory with supplier and inventory in transit).
Another objective of the present disclosure is to provide smart storage device with Mobile feature.
Another objective of the present disclosure is to provide smart storage device with feature of Prevention of error due to Interchangeability of Bin.
Another objective of the present disclosure is to provide Solution for conversion kit for existing BIN, tray, pallet and any other storage platform.
Another objective of the present disclosure is to provide Solution for identifying whether the material/object in storage device is correct/wrong and made data/alert accessible from any remote location over smart phone or computer.
Another objective of the present disclosure is to provide Solution for Quality check/ inspection by 3D scanning/ Ultrasonic testing while storage/ transit of the material/inventory.
Another objective of the present disclosure is to provide inventory flow study and efficient layout design.
Yet another objective is to monitor and amend permissible shelf-life tenure based on ambient parameters.

SUMMARY OF INVENTION
The present invention is a system and apparatus for live inventory management smartly. “Live” here implies all material requisitioned and all material is “fit to use”. The system comprises
(i) Physical parameter-based management
(ii) Ambient parameters based management or expiry management
(iii) A Floor space arrangement

The floor space arrangement deploys a plurality of material container assembly (MCA) stacked one above the other, limited only by size and load bearing capacity of the external container of different sizes and volumes.

The ambient parameter-based management comprises a plurality of quality sensors disposed in the internal container and the display and communication unit of the material container assembly.

The storable material is not only just held and accounted, an expiry date recorded on the storable material is dynamically altered based on a deviation in the performance parameter and the stocks are accordingly managed. Any storable product continuously stored inappropriately is monitored by the plurality of quality sensors as per the present invention and the expiry date is dynamically pre-poned as per a rolling parameter- tenure curve. The rolling parameter-tenure curve droops when a performance parameter has a variation exceeding permissible tolerance and tenure. Importantly, the expiry factor continuously falls or stays put, even if the performance parameter improves, since the deterioration having already happened is non reversible. The dynamic expiry factor derived from the deviation in the performance parameter of the plurality of quality sensors is configurable with a supervisory control with a higher-level password in order not to manipulate or compromise with quality of smart live inventory management (SLIM), which is essence of the present invention.

The display and communication unit of each material container assembly is configured to have a proprietary positioning system by which each MCA self-locates itself and communicates its location including a change in its location. In a preferred embodiment, the location is given by a three-dimensional coordinate
- a x-coordinate and a y-coordinate wrt a configured (0,0) coordinate of a premises using the smart live inventory management as per the present invention, and
- a N-coordinate which is a stacking position. Thus, an MCA at third stack would have N=3.

The x-coordinate and the y-coordinate is either automatically derivable from a known global positioning system or keyed in, while the N-coordinate is keyed in/fed into the display and communication unit.

The inventory/monitoring considered here is while it is at supplier end, while under inbound transport (delivery from supplier), incoming raw material receipt, inventory at stores; also, in process inventory (at manufacturing/assembly line), finished goods and while under outbound transport (delivery to customer). All the measurement, monitoring and location tracking are LIVE. The smart live inventory management auto orders or auto requisitions the storable material based on pre-set triggers including a total inventory of the storable material at all defined locations, and in consideration of the dynamic expiry factor. Auto requisitioning reduces continuous and laborious manual processing of routine order release. Based on SKU, Location, MCA and calendar, the SLIM analyses inventory usage pattern from transaction history and generates a demand forecasting, future usage and a consequent forecasting on purchase requirement of a use of the SLIM. This predictive analysis results into an unmanned replenishing of the inventory. The present invention is configurable for manual override option.

BRIEF DESCRIPTION OF THE DRAWINGS
Figure 1 is a high-level flow diagram of a smart live inventory management (SLIM) as per present invention.
Figure 2 is a hardware diagram of the smart live inventory management.
Figures 3 to 12 are constructional views of a material container assembly (MCA) of a floor space arrangement.
Figures 13 and 14 are a rolling parameter-tenure curve.
Figures 15A-15J (Fig 15I excluded) is a flow diagram of process of the smart live inventory management.
Figures 16-19 are screen shots of a computer program of the process of the smart live inventory management.

DETAILED DESCRIPTION OF INVENTION
The present invention shall now be described with the help of drawings. It is to be expressly understood that there are uncountable variations possible around the present invention, and this description of the preferred embodiment should not be construed to limit the scope in any way whatsoever.
The present invention is a system and apparatus for live inventory management smartly. “Live” here implies two important parameters of inventory management
a. All material requisitioned, whether at suppliers’ end, in transit or in possession/premises of the owner using the system and apparatus as per present invention.
b. All material is “fit to use” as worked by individual users of the system and apparatus, and NOT merely a data management of a printed or prescribed expiry date by supplier(s). Illustratively, a medicine may have a valid expiry date subject to storage in a prescribed temperature. A buyer would not know whether the medicine being supplied is actually worth using! There are several ambient factors like humidity, pressure which impact a shelf-life and therefore the expiry date or “use before” instruction on the product/package.
Figure 1, Figure 2, the system and apparatus for live inventory management (500) comprises
(i) Physical parameter-based management
(ii) Ambient parameters based management or expiry management (200)
(iii) A Floor space arrangement (100)
Figure 3 to Figure 12, the floor space arrangement (100) deploys a plurality of material container assembly (101), abbreviated as MCA, that contains a storable material (50) in or on the material container assembly (101), comprising
- An external container (110)
- An internal container (130)
- A load cell assembly (150)
- A display and communication unit (170)
- A plurality of quality sensors (190)
The external container (110) has a receptacle (111) on a top side and a base (112) on a bottom side. The base (112) of each external container (110) snuggly sits within the receptacle (111) of another external container (110), or on a rigid horizontal surface. A plurality of external containers (110) are stacked one above the other, limited only by size and load bearing capacity of the external container of different sizes and volumes.
The internal container (130) has an external shape and dimensions in accordance with an inner volume of the external container (110) such that when an internal container (130) is disposed in the external container (110), there is minimum unutilized room in-between them.

The load cell assembly (150) sits in the external container (110) and the internal container (130) sits thereon, wherein the overall height (133) of the internal container (130) along with the load cell assembly (150) is less than the internal height (113) of the external container (110). No part of the internal container (130) touches the external container (110) there above, when the MCAs (101) are stacked, and there is a minimum assured mechanical clearance (140) between stacked internal containers (130).

Illustratively, if three MCAs (101) are stacked together wherein weight of the external container (110) is W, weight of internal container (130) is X, and weight of storable material (50) in them is S1, S2 and S3 respectively, then the display and control unit (170) of each MCA (101) shows weight of respective storable material only, while total weight on ground would be 3W+3X+S1+S2+S3. This is made possible since no part of the internal container (130) touches the external container (110) there above, when the MCAs (101) are stacked.

The internal container (130) has a plurality of quality sensor disposition means (134) and a physical parameter disposition means (135).

The physical parameter management primarily deals in weight and volume management and comprises the load cell assembly (150), and in the preferred embodiment comprises a load sensor (151) and a base plate (158) . The load sensor (151) shown is a cantilever type load sensor, and a second end (154) of the load sensor is accordingly mounted on the base plate (158), however, it can be a compression sensor including an axial or a longitudinal compression sensor or any other contemporary sensor that senses a weight under gravitational force or any force having a mass and an acceleration. The load sensor (151) is essentially a transducer that senses a force and generates an equivalent electrical signal, illustratively 4-20mA. As a variation, sensor/transducer is with wireless communication of converted signal at low voltage high frequency signal.

The display and communication unit (170) is a modular, radio communicable device that displays a user guidance information about the storable material (50) in or on the material container assembly (101) including filling/withdrawing information of the storable material (50), and wirelessly communicates such information to the inventory management system (250) of the live inventory management (500). The display and communication unit (170) has wireless communication circuitry (175), a graphical display (171), a motion sensor (172), a charging port (174) and a plurality of connection ports (173). The display and communication unit (170) is electrically powered, by a replaceable or a chargeable battery or any electrical source of industrial voltage and frequency, or a wireless charger. The display and communication unit (170) receives electrical signals from the load sensor (151) and a plurality of quality sensors (190) and transmits them over a prescribed wireless communication means. Illustratively, the display and communication unit (170) has a RFID/NFC reader/writer that uses radio-frequency waves to wirelessly transfer data between itself and a RFID tag/label in order to identify, categorize and track assets. When combined with the right RFID software, a RFID reader can identify objects quicker, more accurately and at various points of the object’s lifecycle.

The display and communication unit (170) is disposable on the material container assembly (101) at all stages of manufacture, storage and transportation, and not limited to the material container assembly (101).

The ambient parameter-based management (200) comprises the plurality of quality sensors (190) disposed in the internal container (130) and the display and communication unit (170). The plurality of quality sensors (190) include RFID and code readers and transducers that sense following parameters
(1) Humidity
(2) Temperature
(3) Sunlight / ultraviolet radiation
(4) Motion
(5) Image processor
(6) Smell sensor

The quality sensors (190) are disposed on the inner container (130) as prescribed through the plurality of quality sensor disposition means (134) or in the vicinity so that a corresponding performance parameter is continuously monitored and communicated via the display and communication unit (170) to the inventory management system (250) of the live inventory management (500). The motion sensor detects material addition or removal. The code reader ascertains a prescribed expiry date and uses this information to implement a proper first-in-first-out (FIFO) (230) wrt date of manufacture and not necessarily wrt a date of bringing the storable material (50) to a point of withdrawal which is the corresponding material container assembly (101). Figure 16.

While it is easily understood that several components and materials become non-usable after a known and documented shelf-life, a product which is inappropriately stored generally has a continuous deterioration in its performance parameters. Illustratively, a medicine stored at room temperature and or in sunlight for a prolonged tenure would have a deterioration and would eventually become useless even though an expiry date printed thereon is still to arrive.

Figures 13-14, as per the present invention, the storable material (50) is not only just held and accounted, an expiry date recorded on the storable material (50) is dynamically altered based on a deviation in the performance parameter and the stocks are accordingly managed.

Thus, illustratively
For the particular storable material (50) having at least one of the performance parameters, like :
Temperature (T) - 30°C; Relative Humidity (RH) – 50% ; expiry date – 100 days from a date of manufacture, then a rolling parameter-tenure curve (210) is generated and stored in a material data.
The Dynamic expiry date = Stated expiry date * (1-f(?T, ?RH)) * P
Where ?T = variation in storage temperature
?RH = variation in relative humidity
P = tenure of storage in the material container assembly (101)

Dynamic expiry factor (201) = (1-f(?T, ?RH))*P

Thus, the dynamic expiry is UNITY or 1, which implies a prescribed expiry (209) as stipulated by supplier. A deteriorating factor “f” is dictated by nature of the storable material (50). Any storable product continuously stored inappropriately is monitored by the plurality of quality sensors (190) as per the present invention and the expiry date is dynamically pre-poned as per the rolling parameter- tenure curve (210). The rolling parameter-tenure curve (210) droops when a performance parameter has a variation exceeding permissible tolerance and tenure (211). Importantly, the expiry factor continuously falls or stays put, even if the performance parameter improves, since the deterioration having already happened is non reversible. Figure 17.

As a variation, the dynamic expiry factor (201) may be shown as a percentage, wherein initial value corresponding to UNITY would be then 100 (Figure 14). The percentage could also indicate a remaining life of the material.
The dynamic expiry factor (201) derived from the deviation in the performance parameter of the plurality of quality sensors (190) is configurable with a supervisory control with a higher-level password in order not to manipulate or compromise with quality of smart live inventory management (SLIM), which is essence of the present invention.

Figure 15A-15J explains in details the steps of the present invention of the smart live inventory management (500), every part of the storable material (50) is identified for its date of binning and the present system is configurable to ensure FIFO – first in first out (230). The display and communication unit (170) raises an audio and or visual caution when a part which was stored earlier is still available in the material container assembly (101) while a later stored part is being picked out. Though using a more recent part is not a quality concern, however, the part stored at an earlier date is likely to deteriorate and may get rendered unusable in due course. Hence such hygiene of FIFO (230) reduces cost of wastage and ensures consistent life and quality.

The display and communication unit (170) of each material container assembly (101) is configured to have a proprietary positioning system (PPS) by which each MCA(101) self-locates itself and communicates its location including a change in its location. In a preferred embodiment, the location is given by a three-dimensional coordinate
- a x-coordinate and a y- coordinate wrt a configured (0,0) coordinate of a premises using the smart live inventory management (500) as per the present invention, and
- a N-coordinate which is a stacking position. Thus, an MCA (101) at third stack would have N=3.

The x-coordinate and the y-coordinate is either automatically derivable from a known global positioning system or keyed in, while the N-coordinate is keyed in/fed into the display and communication unit (170).

The inventory/monitoring considered here is while it is at supplier end, while under inbound transport (delivery from supplier), incoming raw material receipt, inventory at stores; also, in process inventory (at manufacturing/assembly line), finished goods and while under outbound transport (delivery to customer). All the measurement, monitoring and location tracking are LIVE.

The smart live inventory management (500) auto orders or auto requisitions the storable material (50) based on pre-set triggers including a total inventory of the storable material (50) at all defined locations, and in consideration of the dynamic expiry factor (201). Auto requisitioning (215) reduces continuous and laborious manual processing of routine order release. Figure 18.

Based on SKU, Location, MCA and calendar, the SLIM (500) analyses inventory usage pattern from transaction history and generates a demand forecasting, future usage and a consequent forecasting on purchase requirement of a use of the SLIM (500). This predictive analysis (220) results into an unmanned replenishing of the inventory. The present invention is configurable for manual override option. Figure 19.

The solution also comprises Software application for desktop and smartphone to process and analyse the data, generated from the MCA (101) and consumption. All material data (SKU) is on Cloud and accessible on Laptop/Desktop or smart phone through internet and Wi-Fi network.

The image processer includes an input circuit configured to receive input image data including pixels related to varying exposure times; a selecting circuit configured to select a reference image from the input images; a weighting determination circuit configured to determine at least one weighting for each pixel of the input image data based on the selected reference image; an output image determination circuit configured to determine an output image based on the determined weightings; and an output circuit configured to output the output image.

The smell sensor or an electronic nose is a device that detects the smell more effectively than the human sense of smell. An electronic nose consists of a mechanism for chemical detection. The electronic nose is an intelligent sensing device that uses an array of gas sensors which are overlapping selectively along with a pattern reorganization component.

Wireless communication in the present invention is a mesh networking protocol. This protocol dictates how devices can communicate wirelessly. It allows a data collection of micro-controllers attached to a network to share sensor data. It has ability to create a mesh network of its devices, means each device can transmit and receive data through itself, acting as a mode for the network. This network topology is called a mesh, and it's an entirely different take on a network system.

This inventory management system (250) will be useful at manufacturing plants, warehouses, retail shops, and hospitals for managing both high-value and low-value inventory. This system provides a comprehensive solution for the business to reduce material wastage and achieve improved efficiency through complete inventory management. The improved visibility of inventory will help to identify the dead stock, obsolete stock, overstocking, Aging. It will also determine the EOQ by calculating the holding cost and order cost. The patterns of usage of inventory will help to determine future usage, cycle time, and required safety stock. The data generated by the system can be used to generate notifications to customers about the status of their order, communication and transparency with the client are essential. The big picture provided by the system in real-time (LIVE) will help to make prompt data-driven strategic decisions on forecasting demand, stock allocation across the supply chain, reordering stock. It will improve cash-flow to the business.

In Measurement based on the mass of the inventory, the activity detection sensor, detects any human movement, whereas movement of any machine is identified by Controller Card itself as it is already in continuous communication with the machines in the storage or work area.

Once any movement is detected, the load sensor (151) measures the mass/weight of the material in the Bin for this transaction. This data is sent to Controller Card. With this data and the master data from cloud, the Controller Card computes the transaction and generates the log of it. The Controller Card communicates with RFID/NFC reader/writer to check the presence of RFID tag.

For unauthorised RFID tag detection event, visual and sound alert is generated along with its log. For authorised RFID tag, the Controller Card generates log. Any Bin is assigned for one or more type material using User interface device. Image processing device verifies the physical material in the Bin with the material assigned to it and sends the data to Controller Card.

Once any movement is detected, the RFID/NFC reader/writer counts the material in the Bin and generates log for this transaction. Load sensor (151) measures the weight of the material in the Bin to verify the inventory measurement by RFID/NFC reader/writer. This data is sent to Controller Card. The Controller Card communicates with RFID/NFC reader/writer to check the presence of RFID tag.

For unauthorised RFID tag detection event, visual and sound alert generated along with log of it. For authorised RFID tag, the Controller Card generates log. Any Bin is assigned for one or more type material using User interface device. Image processing device verifies the physical material in the Bin with the material assigned to it and sends the data to Controller Card.

Controller Card or Motherboard sends all the transaction data and all the logs related to it to cloud. The Cloud-based software also performs analytical operations on received data and displays output on an interactive dashboard. This dashboard will provide information on inventory usage, cycle time, Total inventory cost, Economic Order Quantity (EOQ), safety stock, Reorder level which will help to make strategic decisions about ordering on the right stock.

In essence, while any inventory management system (250) has a large number of micro activities, well covered in the Figures 15A-15J, the live inventory management system (500) as per present invention has a technical advance of at least following processes of managing SLIM (500) inventory, namely:
i. Setting up a floor space arrangement (100),
ii. Configuring the dynamic expiry factor (201) for prescribed materials in a material data,
iii. Inputting a proprietary positioning system (PPS) for each MCA (101),
iv. Setting up and initial quantity in the material data, and
v. Configuring auto requisitioning (215).
,CLAIMS:We claim:
01. A live inventory management system (500) comprising a computer program executed in a controller card of a desktop server, a cloud-based material database; characterized by:
a plurality of material container assembly (101), each material container comprising:
(i) an external container (110) having a peripheral receptacle (111) on a top side, a peripheral base (112) on a bottom side and an internal height (113),
(ii) an internal container (130) having a plurality of quality sensor disposition means (134) and a physical parameter disposition means (135),
(iii) a load cell assembly (150) having a load sensor (151) and a base plate (158), a second end (154) of the load sensor (151) mounted on the base plate (158),
(iv) a display and communication unit (170) having a wireless communication circuitry (175), a graphical display (171) with a plurality of visual cautions, a motion sensor (172), a charging port (174) and a plurality of connection ports (173), and
(v) a plurality of quality sensors (190);
the load cell assembly (150) sits in the external container (110) and the internal container (130) sits thereon; the overall height (133) of the internal container (130) along with the load cell assembly (150) is less than the internal height (113) of the external container (110); the peripheral base (112) of each external container (110) snuggly sits within the peripheral receptacle (111) of another external container (110) there below, or on a rigid horizontal surface; a plurality of external containers (110) are stacked one above the other, the internal container (130) has an external shape and dimensions in accordance with an inner volume of the external container (110) such that when the internal container (130) is disposed in the corresponding external container (110), there is minimum unutilized room in-between them, while no part of the internal container (130) touches the external container (110) there above with a minimum assured mechanical clearance (140) between stacked internal containers (130); and
a dynamic expiry date of a storable material based on a dynamic expiry factor (201) derived from a deviation in a performance parameter of the plurality of quality sensors (190) in a rolling parameter-tenure curve (210) downwards revises a prescribed expiry (209) of a storable material.
02. The live inventory management system (500) as claimed in claim 01, wherein the inventory includes the storable material at a supplier end, an inward transport, incoming raw material receipt, at a receiving store, a work in process inventory, a finished goods and an outward transport.
03. The live inventory management system (500) as claimed in claim 01, wherein the smart live inventory management (500) auto orders the storable material based on a pre-set triggers including a total inventory of the storable material at all defined locations, and in consideration of the dynamic expiry factor (201).
04. The live inventory management system (500) as claimed in claim 01, wherein the smart live inventory management (500) analyses an inventory usage pattern based on the dynamic expiry factor (201) and generates a demand forecasting, future usage and a consequent forecast.
05. The live inventory management system (500) as claimed in claim 01, wherein the display and communication unit (170) receives an electrical signal from the load sensor (151) and a plurality of quality sensors (190) and transmits them over a prescribed wireless communication means.
06. The live inventory management system (500) as claimed in claim 01, wherein the quality sensors (190) comprise one or more of a humidity sensor, a temperature sensor, a sunlight/ultraviolet radiation sensor, a motion sensor, an image processor, a smell sensor, a Radio Frequency Identification (RFID) sensor and a code reader.
07. The live inventory management system (500) as claimed in claim 01, wherein the display and communication unit (170) has a resettable audio alarm.
08. The live inventory management system (500) as claimed in claim 01, wherein the quality sensors (190) are disposed on the inner container (130).
09. The live inventory management system (500) as claimed in claim 01, wherein the display and communication unit (170) of each material container assembly (101) is configured to have a proprietary positioning system (PPS) wherein the location is given by a three-dimensional coordinate:
o a x-coordinate and a y-coordinate wrt a configured (0,0) coordinate of a premises determined by the smart live inventory management (500), and
o a N-coordinate which is a stacking position, wherein the MCA (101) at third stack from a bottom would have N=3.
10. The live inventory management system (500) as claimed in claim 01, wherein the dynamic expiry factor (201) derived from the deviation in the performance parameter of the plurality of quality sensors (190) is configurable with a supervisory control.
11. The live inventory management system (500) as claimed in claim 01, wherein a process of managing inventory comprises the steps of:
i. Setting up a floor space arrangement (100),
ii. Configuring the dynamic expiry factor (201) for prescribed materials in a material data,
iii. Inputting a proprietary positioning system (PPS) for each MCA (101),
iv. Setting up and initial quantity in the material data, and
v. Configuring auto requisitioning (215).