Studies found The Global Supply Chain and Management Market size was estimated at USD 17.41 billion in 2021, USD 19.50 billion in 2022, and is projected to grow at a CAGR of 12.17% to reach USD 34.70 billion by 2027. AI is modernizing the supply chain and providing insights on how to manage inventory in key ways as we move forward post-pandemic. Everyone values a return to normal; how we get there is through correcting the supply chain.
Let’s look at 3 ways we can get back to a fully-functioning supply chain:
Enhancing Demand Forecast Accuracy
With the capabilities of AI and automation, businesses’ supply chains are able to use history of sales data, current market research, and consumer trends to precisely predict demand trends. A BCG study showed that demand forecasting is the highest digital investment priority for supply chains followed by tracking, planning, and automation. BCG claims this specifically is why companies are projected to increase investments in digital technology.
Improving Order Management Automation
With AI, businesses are able to automate tricky or time-consuming tasks that would normally take analysts’ time and resources. AI can respond to questions posed and produce the data in graphs and other visual ways. This can cut down on decision cycle time, use of resources, and ultimately reduce your stock.
Improving Customer Delivery
Improving customer delivery means giving customers a better journey from start to finish in terms of product delivery. AI has the power to help supply chain businesses with planning inventory. A McKinsey study found that AI-enabled supply-chain management has enabled adopters to improve logistics costs by 15%, inventory planning management levels by 35%, and service levels by 65%. Businesses that take advantage of AI are seeing benefits across multiple levels of their organization.
Optimize operations with inventory planning software
ConverSight’s production planning and inventory control software delivers proactive, need-to-know data, insights, and recommendations in real-time, leading to faster, and smarter business decisions. Our AI-powered solution acts as a Supply Chain Control Tower to automate reporting, optimize operations, and minimize disruptions allowing business leaders to fully understand, prioritize and resolve critical supply chain issues. ConverSight’s platform uses AI-powered analytics to help your supply chain:
- Gain end-to-end visibility as well as predictive analytics
- Accurately forecast demand, analyze buying patterns, and plan for the future
- Receive guided recommendations and instant alerts that flag low inventory, bottlenecks, and anomalies as they occur, so your next move is the right one
- Automate work orders, purchase orders, and recurring reports in seconds – saving hours for users on a weekly basis
Start your journey with AI today! Request a demo or learn more on how to effectively optimize your supply chain for more accurate demand forecasts, better order management capabilities, and improved customer delivery.