As Marcus Lemonis from CNBC’s “The Profit” says, “Bad inventory management can bankrupt your business; if you have inventory just sitting around for years, it's just like burning money." Despite its high importance there are still 46% of SME’s in the US that do not manage their inventory. And 83% of businesses that do, suffer from stocking problems. This is because existing solutions require big investment in both time and money. They are based on manual data entry and software estimations which are prone to error.
Smart Inventory System is a combination of hardware devices and software services. It is the first inventory management solution to integrate a weight sensor. Our shelf like device is able to measure and report the exact inventory levels.
We are living in the golden age of internet of Things. Connected hardware is now everywhere. Smart Inventory System builds on the IoT technology but Smart Inventory System is not just a connected hardware. Smart inventory system is an ecosystem where connected hardware is combined with sophisticated software and intuitive User interface. Smart Inventory System will automate the inventory management process and offer inventory analytics with high level of details not seen on the market before.
Collective Intelligence is one of the key factors for measuring a team’s performance. The two most important things that influence Collective Intelligence are Diversity and Women presence in the workplace.
Our team comes from two different countries: Lebanon and Poland. Our diversity allows us to expand our market presence faster. Starting from the Lebanese market and expanding to the Polish one, we can reach customers from both MENA and European regions easily before expanding to other international markets. This diversity also allows us to have a better understanding of our clients’ needs and expectations depending on their cultural background.
Collectively, our team members have the needed expertize for running a business. Each of us has experience in a different domain: Marketing, Software Development, Hardware Development, Sales, Finance and Human Resources.
We already have our first prototype up and running and we finished the design of the shelf like hardware device. Our next milestone is to reach our first customers such as Supermarkets and Restaurants. Being early adopters, these customers will benefit from special prices and extensive support. Our ultimate goal is to tackle the global inventory management market which is estimated at 3.5Bn dollars.
ABOUT THE ENTRANT
Name: Hisham Moussa Daou
Type of entry: team
Joanna Rozum Zaneta Mikos Hisham Moussa Daou Imad Moussa Daou
Number of times previously entering contest:never
Hisham's favorite design and analysis
Hisham's hobbies and activities:
Electronic Desgin / Tech News / DIY Projects
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Software used for this entry:
Eclipse, KiCad, FreeCad, Draftsight
Patent status: none