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Artificial Intelligence in supply chain management: 3 Game-changing applications you can’t ignore

Artificial Intelligence In Supply Chain Management

The machines have finally made it. Businesses are now applying Artificial Intelligence in supply chain management to conquer an increasingly diverse array of supply chain challenges.

In this article, we reveal 3 ways AI can help you:

  • checkEnrich demand forecasts
  • checkTake control of the entire supply chain
  • checkEliminate waste, boost efficiency & maximise profitability
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How is AI Shaping tomorrow’s supply chain, today?

We live in a world where technology is a fundamental part of our day-to-day lives. And the technologies we depend on are advancing at an exponential rate.

And for years, businesses have strived to implement these new & intelligent technologies. The end goal is that these machines not only make decisions but that these decisions are ‘good’ and do not need to be validated by a human.

The question is how are businesses applying AI, Machine Learning & other clever technologies today? And how can your business benefit?

Machine learning forecasting models

We need a vast amount of data to build robust demand forecasts. But not all data is created equally.

Some types of data are more relevant for determining future demand than others. Equally some data is more reliable while some we need to ignore completely.  Thankfully, this is where Machine Learning comes in!

In the past, supply chain teams depended on historic sales data to anticipate future demand. With Machine Learning, planning teams can enrich the demand forecasts with a whole raft of external data insights. By taking into account social factors, customer behaviour & even the weather, planning teams gain a far richer view of future demand. But more importantly, AI can then help businesses identify errors & anomalies as well as to detect when an item is at risk of going obsolete.

The result: businesses become far better positioned to take the ‘right’ commercial actions to exploit an opportunity or mitigate an imminent risk.

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Artificial Intelligence in supply chain planning

The chain is only as strong as the weakest link. The problem is: do you have the right insights to determine who your weakest supply chain partner actually is?

When it comes to supply planning, Artificial Intelligence in supply chain management plays an increasingly important role. From optimising replenishment routes to providing real-time visibility of where every pallet sits within the supply chain, Artificial Intelligence is changing the way businesses engage with their supply chain partners.

By bringing together data from a multitude of sources, AI allows planning teams to monitor, track & optimise the upstream supply chain. Taking into account constraints such as storage costs, delivery time, warehouse capacity as well shipping delays and stock shortages, businesses can anticipate supply-side risks far sooner.

As a result, planning teams can work with supply partners to safeguard availability and reduce supply chain costs.

Artificial Intelligence In Supply Chain Management Machine Learning

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Machine Learning supply chain optimisation

Supply chains are made up of thousands of moving pieces. From forecasting demand, placing orders, optimising logistics routes and even fulfilling customer demand, the supply chain team often have to do lots of heavy lifting.

By Appling Artificial Intelligence & Machine Learning in supply chain management, businesses can automate tasks of little value allowing more time to focus on strategic and higher impact business activities.

The challenge however is in successfully implementing this technology throughout the supply chain. After all, to succeed, the technology requires information sharing between different areas of the company. Furthermore, AI & Machine Learning supply chain optimisation required new processes, new ways of working & a new skill set within the workforce.

For companies that hope to work more efficiently, this clever offers significant competitive advantages. And the exciting thing is that this technology is available today

 

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