How Artificial Intelligence
Can Benefit Supply Chain Management
For months now, the COVID-19 pandemic has wreaked havoc on global supply chain management, slowing economic growth. The rise of Artificial Intelligence and Machine Learning (AI/ML) is changing the face of the supply chain industry with their phenomenal speed, accuracy, and efficiencies. Businesses today must run at maximum productivity with fewer uncertainties and errors in an increasingly competitive environment. Therefore, Artificial Intelligence (AI) in Supply Chain Management & Logistics is an essential component of enhancing productivity, quality, lowering costs, and boosting output. By leveraging AI/ML, enterprises are gaining access to all aspects of the supply chain beyond what their own capabilities can provide. COVID-19 has been causing economic growth to slacken for months now due to its effects on supply chain management. According to the Institute for Supply Chain Management, approximately 75% of the companies reported having experienced some sort of supply disruption as a result of Coronavirus. For months, transportation restrictions have constrained the flow of supplies.
In this article, we
list the key benefits of artificial intelligence in supply chain
management.
Management of
Accurate Inventory: Accurate inventory management with AI-driven tools can help
to analyze and interpret huge datasets quickly by forecasting supply and demand
in real-time. It can also be crucial in limiting overstocking, inadequate
stock, and unexpected stock-outs.
Efficiency in
Warehouses: AI systems have the capability to solve a wide variety of warehouse
issues, more quickly and accurately. Therefore, the involvement of humans is
eliminated to simplify compound procedures, thus speeding up the process. It
thus saves time and lowers warehouse staffing costs.
Improved Safety:
AI-based automated data analysis makes workplace safety easier to understand
and informs manufacturers of possible risks. Automated data systems for
tracking stocking parameters help in keeping warehouses safe and make the
company compliant with safety standards since they provide the necessary
information to update operations.
Reduced Operations
Costs: In every business organization, maximization of utility from minimal
investment is the basic premise. One of the biggest benefits AI can offer is
this. Customer service desk to the warehouse, its automated intelligent
operations deliver error-free work execution with reduced workplace
incidents. The installation of AI-enabled robots in warehouses can enhance
speed and accuracy while increasing productivity.
On-Time Delivery.
Supply Chain Management can reduce the occurrence of human errors by using
Artificial Intelligence. This reduces turnaround time by facilitating on-time
delivery of goods to customers. Automating systems can enable organizations to
reduce the effort of meeting delivery targets, removing operational
bottlenecks.
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