Patent attributes
A system for automatic ordering of products comprises a receiver to receive stock parameters including a number of products sold till a point in time, an expiration duration for usage of products, or a number of products available in an inventory at the time. The system also includes a stock analyzer to determine a stock-out probability factor based on the number of products sold and estimated short term sales, determine a disposal probability factor based on the number of products sold, the expiration duration and estimated long term sales, ascertain a risk balance factor indicative of a ratio of the disposal probability factor to the stock-out probability factor, determine a number of products to replenish the inventory, based on the stock-out probability factor, the disposal probability factor, and the risk balance factor, and place a purchase order to a vendor for acquiring the number of products for replenishing the inventory.
