Benefits of Using AI in Supply Chain Management

Benefits of Using AI in Supply Chain Management

AI in Supply chain Management: An Overview

According to market research firm IDC, by 2020, 50% of supply chains will use AI and advanced analytics for planning. It also predicts that companies will eliminate sole reliance on short-term demand forecasts.

Artificial Intelligence has an essential role to play in modern supply chain optimization. For instance, in warehousing goods, AI and location intelligence enable retailers to maintain a competitive edge for supply chain operations and product delivery. Retailers can also use AI to predict which products are more cost-efficient to stock in a warehouse based on its proximity to certain areas. The demographics and behavioral information in that location determine what will be stocked. Retailers can also change this information depending on shifts in behavior or other external factors.

To Read More: Transforming Supply Chain and Logistics with Blockchain

How Businesses are Using AI to Improve their Supply Chain Process

For instance, AI can be used to gather comprehensive data (weather patterns, GPS information and reroutes) that may affect delivery times. The collected data enables the sales team to predict more accurate delivery times. It immediately notifies the users of real-time inventory adjustments. As a result, businesses can provide better customer service to current and potential customers.

AI Applications within Supply Chain Activities

Machine Learning for Supply Chain Planning

By utilizing ML technology, supply chain professionals can provide the best possible scenarios with machine-to-machine analysis and intelligent algorithms of big data sets. ML in the supply chain enables retailers to optimize the delivery of goods while balancing supply and demand.

Chatbots in Operational Procurement

How chatbots can be utilized in the supply chain:

* Chat with suppliers about most common queries

* Research and answer internal questions regarding procurement functionalities

* Send actions to suppliers regarding governance and compliance materials

* Documentation of invoices and payment requests

To Read Full Article: Benefits of Using AI in Supply Chain Management

At Oodles ERP, we have experience in providing end-to-end customized supply chain development services to businesses. Our team integrates AI in supply chain systems while catering to specific business requirements. With our AI application development services, businesses can gain a high level of accuracy and improve the customer experience.

To Read More: Improving Supply Chain Productivity with Barcode and RFID Solutions

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We are a leading ERP development company in India offers a wide range of ERP software development services to help you grow your business exponentially.

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We are a leading ERP development company in India offers a wide range of ERP software development services to help you grow your business exponentially.