The Benefits of Machine Learning for the Supply Chain
The past two to three years have been seeing one news story from another, with week after week showing news on how machine learning is revolutionizing a specific industry. There are countless applications for artificial intelligence and machine learning as a whole. Whether its detecting fraud or increasing the accuracy of predictions, one thing that business leaders can’t deny is just how powerful it truly is.
How Machine Learning Can Optimize the Supply Chain Process
One of the many sectors that machine learning is helping is the supply chain. While there are plenty of reasons why predictive analytics solutions make sense for the supply chain, one primary reason is exactly that: prediction. Through enhanced predictive analytics solutions, you can analyze and improve each step of the process, making sure that you save every dollar and cent on what matters. As we describe in our infographic down below, machine learning benefits the supply chain in the following ways:
- Raw materials – Make better predictions for price management to improve negotiation for raw materials.
- Supplier – Detect defects in the products quicker and more accurately.
- Manufacturing – Take more preventative measures by analyzing machine breakdowns before they occur.
- Distribution – Increase the delivery time to both the retailer and consumer.
- Retailer – Receive faster, more accurate predictions on what products to replenish in your inventory, reducing markdowns.
- Consumer – Get your order at the right time, at the right price and be a happier customer.