Speed in decision-making, speed in reducing cycle-times, speed in operations, and speed in continuous improvement. AI in the supply chain is here to stay and make waves in the years to come.
According to Gartner, supply chain organizations expect the level of machine automation in their supply chain processes to double in the next five years. At the same time, global spending on IIoT Platforms is predicted to grow from $1.67B in 2018 to $12.44B in 2024, attaining a 40% compound annual growth rate (CAGR) in seven years.
In today’s connected digital world, maximizing productivity by reducing uncertainties is the top priority across industries. Mounting expectations of supersonic speed and efficiencies between suppliers and business partners of all types further underscores the need for the industry to leverage the prowess of the Artificial Intelligence (AI) in supply chains and logistics
AI in supply chains is helping to deliver the powerful optimization capabilities required for more accurate capacity planning, improved productivity, high quality, lower costs, and greater output, all while fostering safer working conditions.
When faced with a pandemic like COVID-19, establishing a good understanding of the impact on supply chains and contingency plans can help manufacturing companies deal with uncertainties in the right way.
Given the scenario above, discuss how the incorporation of AI can assist struggling businesses to make a comeback with their supply chain efficiencies in the forefront?