Unlike yesteryears, today new-age technologies like AI, Analytics, and Blockchain have accelerated the innovation in the logistics industry, particularly strengthening intelligent supply chain management. Such systems are capable of operationalizing data lakes to empower better decisions.
The amalgamation of AI tools with deeper analytical processing and blockchain advents caters to a platform for the better, efficient and intelligent supply chain management.
AI for Supply Chain
Regulating its promise to disrupt every industry for better, AI is transforming supply chain management as well. The technology has a number of applications in the supply chain which include extraction of information, analysis of data, planning for supply and demand, and better management for autonomous vehicles and warehouses. AI-enabled NLP scans through the supply chain documents like contracts, purchase orders, chat logs with customers or suppliers and significant others to identify commonalities which are used as feedback to optimize SCM as part of continual improvement.
ML helps people manage the flow of goods throughout the supply chain while ensuring that raw materials and products are in the right place at the right time. Also, technology can source and process data from different areas and forecast future demand based on external factors.
And most importantly, AI helps analyze warehouse processes and optimize the sending, receiving, storing, picking and management of individual products. In terms of autonomous vehicle management, while optimizing warehouse operations, AI powers autonomous vehicles within distribution centers.
Analytics for Supply Chain
According to a market report, the Supply Chain Big Data Analytics Market is expected to register a CAGR of over 17.31 percent during the forecast period 2019 – 2024. The growth is owing to the advancements in information technology that are enabling firms to access, store, and process a…