With new innovative technologies, such as Artificial Intelligence (AI) and the Internet of Things (IoT), intelligence-driven supply chain management can intensify the impact of supply chain processes, from forecasting demand to optimizing cash flow.
It can streamline the manufacturing process in several ways. First, AI can be used to take over repetitive tasks that would cause injuries to human workers over time. Second, AI can forecast demand and correlate that with scheduling to optimize production timing, saving costs on overtime, electricity, excess inventory and more. Excess inventory costs companies $443 billion each year, and one AI solution applied to this problem reduced one company’s inventory overages by 20 percent, double the predicted savings.
Artificial intelligence has change the way of think about the supply chain and supply chain efficiency. It has made it easier for the companies to seamlessly integrate new shipping logistics and communication technology into their business models. It has provided a much needed solution that will not only save companies and clients’ money, but valuable time too. Internet of Things (IoT) sensors could help managers assess and evaluate the condition of their trucks and other mechanical workings.
While artificial intelligence may not be commercially available on a huge scale for another few years or so, machine learning is already being tested and used by companies across the world, and others are fighting to keep up. With cutting edge technology being rolled out and plenty more in production, it may only be a matter of time before the supply chain industry becomes artificially intelligent and whether or not it’ll improve the industry has yet to be seen.
In order to get yourself updated with the latest technology experts from the industry will be speaking about the “Scripting AI in your business” at Internet Commerce Summit held on 20-21 August 2019 at ITC Gardenia, Bengaluru.