How much AI is your business employing right now? In the next few years, the amount of artificial intelligence that supply chain businesses rely on may double or even triple.
According to the 2022 MHI Annual Industry Report, only about 14% of companies have adopted artificial intelligence technologies. However, that number is projected to increase to 73% in the next five years. In fact, all technologies reviewed, including Cloud Computing and Inventory and Network Optimization Tools, are expected to achieve an adoption rate of at least 66% over the next five years.
The Future is AI
According to the 2022 MHI Report, Artificial Intelligence is projected to see the most accelerated growth out of all the technologies covered with an increase from 14% to 73%. This is nearly a five-fold increase. Look at the below graphic for context:
For the past nine years of the survey, hiring and retaining qualified workers was seen as the top supply chain challenge. However, this year’s survey shows that supply chain disruptions are number one. Businesses will now have to meet hiring challenges head on, while also grappling with supply chains in major flux.
Supply Chain Disruptions
When preparing for disruptions, businesses have had to undergo changes and reach out for help. 47% say they are partnering with external vendors to understand applications. On the other hand, 40% began piloting new technologies to meet challenges, and 37% increased investment in innovative technologies.
Companies are now starting to see the benefits of employing even small amounts of AI. Demand planning is simplified with accurate insights into seasonal demand and supply chain shortages, as well as enhanced communication with suppliers. In turn, you can optimize your inventory levels to customer needs and cut down on headaches like split shipments.
The goal is to create end-to-end visibility within your operations, down to granular analytics on all SKUs.
AI is already transforming how many of the top businesses plan for the future. Request a demo to see how ConverSight can fill that gap in your knowledge base: