ValueTrix: A Mobile Application for Inventory Management with Optical Character Recognition (OCR) Integration and Profitability Forecasting

• Published in: 2024 9th International Conference on Communication and Electronics Systems (ICCES) pp. 1655 - 1662
• Main Authors: Cabuhayan, Jasmine Rose, Cruz, Hannah Dela, Jores, Angeline, Centeno, Criselle, de Joya, Benito Roger, Dioses, Raymund, Mercado, Mark Anthony
• Format: Conference Proceeding
• Language: English
• Published: IEEE 16.12.2024
• Subjects: Accuracy; AutoRegressive Integrated Moving Average (ARIMA); Character recognition; Forecasting; Inventory management; ISO Standards; Mobile applications; Named Entity Recognition (NER); Natural Language Processing (NLP); Optical character recognition; Optical Character Recognition (OCR); Predictive Analytics; Profitability; Profitability Management; Sustainable development
• DOI: 10.1109/ICCES63552.2024.10859814

ValueTrix is a mobile app created for A2 Pharmacy in the pharmaceutical industry by using modern technologies like Optical Character Recognition (OCR), Natural Language Processing (NLP), and Predictive Analytics. It helps businesses by improving stock management, automating daily processes, and providing accurate financial forecasts. Using ARIMA, it predicts profitability based on sales and inventory data. The integration of OCR technology, which results in 98% accuracy rate higher than the 95% reported in similar studies by Shahin et al. [1]. Additionally, the app's NLP-NER algorithm simplifies the organization of purchase orders and sales data, ensuring everything is accurately sorted for smoother operations. Unlike expensive machinery, this mobile solution provides an effective and affordable alternative for businesses. By addressing problems like manual inventory management errors and inefficiencies, ValueTrix empowers better decision-making and operational efficiency. Success satisfaction is rated highly at 4.74 % per ISO 25010:2023. ValueTrix demonstrates that mobile-based emerging technologies can drive business growth, promote sustainability, and enhance profitability management by enabling firms to adjust stock levels, control expenses, and plan for demand fluctuations effectively.