IP Library Granted Patent US 12,242,991
Granted Patent B2
US 12,242,991 · App. 17/346,751 · Granted Mar 4, 2025

Predictive inventory management systems and methods of use

Inventors: Ramsay Cole (Roxbury, CT); Gil Gerstl (Cresskill, NJ)
Assignee: ADP, Inc.
G06Q10/06315G06Q10/087G06Q30/0205G06Q20/203G06Q30/0283G06Q40/125
View Patent ↗
Loading inventors, assignments & file history…
Monitor This Case
Get email alerts when status or documents change.
Order Certified Copies
Most orders are placed with the USPTO same day — all within 24 business hours.
Order via The Patent Place →
Pre-filled with this patent's details
Quick Facts
Patent No.
US 12,242,991
App. No.
17/346,751
Granted
Mar 4, 2025
Kind
B2
Abstract

The present disclosure relates to management of inventories and supply chains and, more particularly, to a predictive inventory management system and methods of use. The method of inventory management, includes: obtaining information associated with an item; predicting demand of the item based on the obtained information; determining whether additional inventory is required based on the predicted demand of the item; and obtaining additional inventory of the item when the current inventory level does not match the predicted demand.

Claims (40)

1. A method of inventory management, comprising:

receiving, by a computer system comprising one or more processors, via a communication interface, an input signal indicative of location information associated with a device, the location information determined using one or more satellites;

determining, by the computer system in response to receiving the input signal, a first geolocation of the device associated with an item within a threshold distance to an entity associated with the item based on the location information from the device determined using the one or more satellites;

obtaining, by the computer system, information associated with the item from sources comprising at least the device and at least one point of sale (POS) terminal device, the information associated with the item comprising the first geolocation of the device associated with the item, payroll data associated with the device, and pull data uploaded to the computer system from the POS terminal device associated with at least the entity, wherein the pull data is indicative of a plurality of exchanges of at least the item at a plurality of time periods;

generating, by the computer system, a first score for the first geolocation, a second score for the payroll data, and a third score for the pull data, wherein a corresponding value of each of the first score, the second score, and the third score is proportional to a corresponding weight applied to each of the first geolocation, the payroll data, and the pull data, respectively;

predicting, by the computer system, demand of the item for a second entity based on the obtained information by weighting the first geolocation, the payroll data, and the pull data by the first score, the second score, and the third score, respectively, to determine correlations between the first geolocation, the payroll data associated with the device, the pull data uploaded from the POS terminal device associated with at least the entity, and a second geolocation associated with another device at the second entity, wherein the second geolocation is based on second location information determined using the one or more satellites;

determining, by the computer system, that a current inventory level of the second entity is below a threshold inventory level based on the predicted demand of the item;

determining, by the computer system, an adjustment of the value of the item based on the predicted demand of the item;

generating, by the computer system, one or more instructions to cause the one or more processors to request additional inventory of the item at the second entity and initiate the adjustment of the value of the item, responsive to determining that (i) the current inventory level of the second entity is below the threshold inventory level, and (ii) the demand is greater than a threshold or less than the threshold;

providing, by the computer system, for display via a web browser, a notification recommending execution of the one or more instructions to request the additional inventory of the item and adjust the value of the item, the execution of the one or more instructions controllable by the second entity;

receiving, by the computer system, from an input device, an indication of interaction via the web browser to execute at least a portion of the one or more instructions to request the additional inventory of the item and adjust the value of the item;

obtaining, by the computer system, in response to receiving the indication of interaction via the web browser to execute at least the portion of the one or more instructions, the additional inventory of the item based on the instructions being executed;

automatically adjusting, by the computer system, the value of the item in response to receiving the indication of interaction via the web browser to execute at least the portion of the one or more instructions; and

providing, by the computer system, for display via the web browser in response to obtaining the additional inventory, at least one of an indication of the additional inventory being requested at the second entity and the adjusted value of the item.

2. The method of claim 1 , wherein the information associated with the item comprises geo-location of potential customers and location of a business that is selling the item.

3. The method of claim 2 , wherein the geo-location of potential customers includes a time period in which the geo-location of potential customers are within a predetermined distance from the business which is correlated to an increase in sales of the item.

4. The method of claim 1 , wherein the information associated with the item comprises spending habits on the item when a potential customer is in or about certain locations.

5. The method of claim 1 , wherein the information associated with the item comprises aggregated employment and income data in granular geographic locations.

6. The method of claim 1 , wherein the information associated with the item comprises geo-coded transactional data.

7. The method of claim 1 , wherein the information associated with the item comprises commute and migration data.

8. The method of claim 7 , wherein the commute and migration data comprises cellphone and satellite data.

9. The method of claim 1 , wherein the information associated with the item comprises POS information of the item within a radius of a certain location.

10. The method of claim 1 , wherein the information associated with the item comprises inventory levels and/or historical inventory levels.

11. The method of claim 1 , wherein the information associated with the item comprises pricing of the item.

12. The method of claim 1 , further comprising generating communicable and predictive inventory management plans for exact product item placement by business location based on the information associated with the item.

13. The method of claim 1 , further comprising correlating the payroll data to an increase in sales of the item.

14. The method of claim 1 , further comprising determining a price of the item based on the information associated with the item.

15. A computer program product comprising computer readable program instructions stored on computer readable storage medium, the computer readable program instructions causing a computing device to perform the steps of:

receiving, via a communication interface, an input signal indicative of location information associated with a device, the location information determined using one or more satellites;

determining, in response to receiving the input signal, a first geolocation of the device associated with an item within a threshold distance to an entity associated with the item based on the location information from the device determined using the one or more satellites;

obtaining information associated with the item from sources comprising at least the device and at least one point of sale (POS) terminal device, the information associated with the item comprising the first geolocation of the device associated with the item, payroll data associated with the device, and pull data uploaded to the computer device from the POS terminal device associated with at least the entity, wherein the pull data is indicative of a plurality of exchanges of at least the item at a plurality of time periods;

generating a first score for the first geolocation, a second score for the payroll data, and a third score for the pull data, wherein a corresponding value of each of the first score, the second score, and the third score is proportional to a corresponding weight applied to each of the first geolocation, the payroll data, and the pull data, respectively;

predicting demand of the item for a second entity based on the obtained information by weighting the first geolocation, the payroll data, and the pull data by the first score, the second score, and the third score, respectively, to determine correlations between the first geolocation, the payroll data associated with the device, the pull data uploaded from the POS terminal device associated with at least the entity, and a second geolocation associated with another device at the second entity, wherein the second geolocation is based on second location information determined using the one or more satellites;

determining that a current inventory level of the second entity is below a threshold inventory level based on the predicted demand of the item;

determining, by the computer device, an adjustment of the value of the item based on the predicted demand of the item;

generating one or more instructions to cause one or more processors to request additional inventory of the item at the second entity and initiate the adjustment of the value of the item, responsive to determining that (i) the current inventory level of the second entity is below the threshold inventory level, and (ii) the demand is greater than a threshold or less than the threshold;

providing for display via a web browser, a notification recommending execution of the one or more instructions to request the additional inventory of the item and adjust the value of the item, the execution of the one or more instructions controllable by the second entity;

receiving, from an input device, an indication of interaction via the web browser to execute at least a portion of the one or more instructions to request the additional inventory of the item and adjust the value of the item;

automatically adjusting, in response to receiving the indication of interaction via the web browser to execute the one or more instructions, inventory of the item with the additional inventory based on the one or more instructions being executed and the value of the item; and

providing, for display via the web browser in response to adjusting the inventory of the item, at least one of an indication of the adjusted inventory of the item being requested at the second entity and the adjusted value of the item.

Assignments (2)
CHANGE OF NAME Recorded Feb 4, 2022
From: ADP, LLC
To: ADP, INC.
Reel/Frame 058959/0729 →
ASSIGNMENT OF ASSIGNOR'S INTEREST Recorded Jun 14, 2021
From: COLE, RAMSAY; GERSTL, GIL
To: ADP, LLC
Reel/Frame 056533/0612 →