Recently we’ve all heard and felt the effects of the supply chain issues. Issues have been growing with the increased demand of e-commerce businesses and exacerbated by Covid-19. Fortunately, supply chain management companies aren’t waiting for the issues to resolve themselves. Instead, supply chains are innovating with AI and metaverse technologies to help ease the problems and improve the customer experience.
The adoption of AI in the supply chain has already begun. The supply-chain management organizations that have successfully implemented AI technologies improved logistics costs by 15 percent, inventory levels by 35 percent, and service levels by 65 percent, compared with slower-moving competitors.
Demand Forecasting: Time Series modeling in predictive analytics can predict periods of high and low demand across segments and geographies. This allows supply chain managers to prepare, coordinate, and adapt accordingly.
Delivery Route Optimization: Automated predictive analytics leveraging AI can analyze and detect the patterns across the supply chain funnel faster and more efficiently than a human brain. Additionally, explainable AI can uncover the data points associated with issues, not just the obvious ones but the subtle ones hiding in the data.
Squark is currently working with one shipping leader to stay ahead of customer needs by not only predicting and forecasting but understanding what causes shipping delays and increased costs and how to avoid them to increase profit proactively.
Relationship Management: Supply chain companies have become part of the brand experience. Natural Language Processing (NLP), a capability of AI, can be used to monitor social media and customer success communication to identify issues early as well as identify potential promoters and detractors. Those communications can be highlighted and addressed quickly and satisfactorily.
Supply-chain management solutions aren’t stopping with predictive analytics. Many organizations are looking at the metaverse as the next wave of innovation, a way to connect the physical space and the supplier space. How exactly that will take form is still to be seen, but the supply-chain early adopters of this technology will be poised to revolutionize the industry.
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