As supply chains become more complex, they create the need for more streamlined approaches for reporting and analyzing. As businesses react and evolve to the long-term effects of the COVID-19 pandemic, efficiencies in operations and analytics are brought into focus revealing an overwhelming lack of timeliness, cost-efficiency, and organization across supply chains. Gartner predicts that by 2023, “overall analytics adoption will increase from 35% to 50%, driven by vertical- and domain-specific augmented analytics solutions.” Read on to learn how augmentation, a performance of artificial intelligence, is a front running technology in aiding supply chains in their digital transformation.
Today’s traditional reporting software is unable to keep up with the demands of fast-paced operations. Most reporting tools require a developer to configure reports, which leads to added costs and unnecessary time in waiting for clear and succinct results. With the introduction of augmentation in these processes, supply chains are able to automate the supply chain to develop reports, automate time consuming, repetitive tasks and eliminate countless hours and costly resources.
Supply chain planners typically analyze business’ inventory, as well as supply and demand lead times, to make more informed, educated decisions. Artificial intelligence agents, like ConverSight.ai’s Athena, augments this analysis to provide recommendations on purchase orders, inventory levels and more.
Once reports are developed, decision makers are able to easily and quickly to gather insights and summarized information on their supply chain to answer user questions such as:
- “Did my price increase?”
- “How many orders did my customers purchase?”
- “What are our daily sales?”
Additionally, the augmentation of business user’s analytics allows for proactive monitoring of specific inquiries and data. Issues or anomalies are caught early on before turning into costly, long-tail errors.
Human reporting is becoming a tool of the past, as the automation and augmentation of the supply chain through artificial intelligence creates more efficient, smoother transitions for the process of reporting, analyzing, and recommending. Additional research by Gartner, states “organizations that seize the opportunities presented by the newly catalyzed market will be able to dramatically hasten their analytics-related maturation, which could potentially enable them to make competitive breakthroughs, in comparison with slower-maturing rivals.” How does your supply chain shape up to the defined status quo?
To learn more about ways your business can improve reporting times and optimize operations, visit https://www.conversight.ai/supply-chain-optimization/