Technologies in the supply chain have been conquering more and more space; the benefits they bring and the damage they prevent are, in fact, unimaginable. Many things that seemed to be in the distant future are now a reality. (or are very close to becoming so)
Time is passing, the past is receding, and the future is approaching; today we are already able to predict the ups and downs of demand and predict the closure of ports among other disturbances that affect global logistics. Managers who do not embrace the new era of the supply chain will be overtaken.
Key supply chain technologies
The most promising supply chain technologies are Artificial Intelligence and Machine Learning. Therefore, are already famous worldwide and will inevitably gain more adherents.
This tool brings power and accuracy to demand forecasting; prior to this technology, forecasting was done with primary and historical data. Machine Learning takes the forecast of demand to the next level by enhancing real-time information; aggregating data from multiple internal and external sources. Including the use of demographics, weather, online reviews, and even social media.
For new product introductions that lack historical data, machine learning can also improve forecasting by identifying trends in similar products and using that data to make better predictions. With this demand forecasting, supply chain errors reduce by 30-50%.
Artificial intelligence can take many forms in the supply chain, each with different levels of independence. It can help humans perform tasks as well as work 100% on its own.
Today, AI enables greater visibility and integration across networks, allowing brands to scale their supply chain while keeping everything streamlined. It works by using algorithms to detect patterns, trends, and gaps throughout the supply chain (which also plays a role in accurate forecasting).
So far, 61% of executives have reported reduced costs and 53% have reported increased revenue after implementing AI in their supply chains.
All technologies you need in one place
With the Grydd smart operating system, we unify the most important technologies in one place, bringing Machine Learning and artificial intelligence. All to access the best data and deliver the most reliable forecasts.