A Comparative Analysis of Different Approaches for Stock Counting Systems

Inventory management is a key part of any successful business. One of the most important elements that can affect inventory accuracy is stock counting. An excellent stock counting process means high efficiency and high financial gain as well. Further, using sustainable and technological methods for the process of counting stocks is essential, since it reduces waste and negative impact on the environment. Mistakes and errors in inventory management can lead to lower customer satisfaction and higher expenses. This paper aims to compare technological alternatives with conventional stock counting processes, by employing a multi-method approach. A thorough literature review was conducted to gain a theoretical understanding of the process and key aspects associated with it. Following this, to support the findings from research papers, a questionnaire was provided to participants from major companies in Saudi Arabia. After that, Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), which is a multi-criteria decision making (MCDM) method, was utilized to select the best alternative. Findings show that the drone-based system is the most beneficial solution for stock counting. It also indicated wide-ranging advantages of the technological techniques of stock counting and the need for stakeholders to comprehend the benefit of these approaches to improve both accuracy and efficiency. Lastly, utilizing efficient stock counting methods can lead to better inventory management.