Inventory management solutions aim to automate the inventory management process and increase accuracy and reliability. Every individual inventory item that is to be tracked receives an RFID tag or other similar tracking technology. Each tag has a unique identification number that contains encoded digital data about an inventory item, for example the model and batch number. Tags are scanned by RFID or other readers. Upon scanning, a reader extracts the tag's ID and transmits it to the cloud for processing. Along with the tag's ID, the cloud receives data about the reader’s location and the time of the reading. Based on this data, an application states the location of the item with the corresponding ID, visualizes the findings and displays real-time updates about inventory items’ movements to the solution users, allowing them to monitor the inventory using a smartphone or a laptop from anywhere, in real time. There are also secondary benefits of inventory management. For example, machine learning can forecast the amount of raw materials needed for the upcoming production cycle based on the data about the inventory quantity and location, and reorder them as needed. It can also help in matching demand with supply more accurately as inventory movement is also a representation of demand.