Ready to unlock the true potential of artificial intelligence in supply chain management? Join us as we embark on a thrilling journey to explore AI’s role in predicting customer behavior, nudging them towards favorable decisions, mitigating risk, sensing market situations, increasing fleet efficiencies, and more. Learn how access to large data sets empowers AI to revolutionize industries and how digital transformations are helping organizations make better decisions in today’s competitive landscape.
We’ll tackle the hype around AI and chat about its limitations while taking a closer look at how it can be a game-changing factor in ensuring customer loyalty. Shed light on AI applications in credit risk and fraud management, electric vehicles, and manufacturing sectors, and dive into the ethics and controversies surrounding its use. Don’t miss out on this engaging discussion as we demystify the world of artificial intelligence and its impact on our everyday lives.
Ai, has been used in all kinds of applications in supply chains to improve efficiency, make better decisions and reduce cost and serve customers better. Some specific applications of AI in supply chain management include predicting customer behavior technologies that nudge people in the right direction. So nudge technology is the kind of just nudge people into a decision that’s favorable towards the supply chain in some way mitigating risk, sensing market situations, increasing fleet efficiencies in the shipping and logistics areas and, improving the customer experience.
Ai applications for supply chain management require large amounts of data, so big data is important to feed the system, so that the system can learn. So the artificial intelligence can gather that into its databases and, of course, harvest that data as and when needed and learn from interactions in the processes that take place. So AI is being used in a variety of ways, and the supply chain software solutions that are provided by artificial intelligence will be used to manage categories of goods, monitor orders, develop, procure, to pay systems that are more efficient and, of course, to manage inventories. AI underpins an integrated system with many different aspects of supply chain management.
For those of you who like numbers McKinsey, have produced some statistics about AI-enabled supply chain management and how it’s improved logistic cost by 15%, inventory levels by 35%, service levels by 65% and lower inventory carrying cost and those inventory reductions of up to 75%, as well as lowering transportation and labor costs, which are amongst the biggest areas of saving. So you can see quite a lot of saving of cost going on through the better decision making that’s happened within supply chains because of artificial intelligence. The application of technology and supply chains has been prevalent during the past decade and many organisations have undertaken digital transformations so that they can gain advantage from the technology in making those better decisions And, of course, by having better information, not only for themselves but for their partners and the customers within those supply chains.
Want to find out more? Then pick up the Chain Reaction Podcast at your favourite podcast platform and listen to the full episode.
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