Simplify Supply Chain with Technology
Transforming Supply Chain with SMAC and IoT
Smart Infrastructure for Supply Chain Management
3 Guidelines for the Logistics Industry in the Age of Business...
High Tech Approach to Solve Complex Projects in Supply Chain
Maike Sievers, Director of Logistics Planning, Sales and Marketing, BLG Logistics
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Darrell Edwards, SVP & Chief Supply Chain Officer, La-Z-Boy Incorporated [NYSE:LZB]
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Scott McDevitt, President & CEO, Translogistics
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Richard Sherman, Senior Fellow, Supply Chain Centre of Excellence, TCS [NSE:TCS.NS]
Applying Machine Learning in Supply Chain Management
Machine Learning (ML) is the solution for the supply chain realm as it gives a new life to machines. Each day, the system is gaining improved insights, which aids in increasing efficiency and revenue. With ML predicting the patterns and providing better results, it supports sensible decisions. Some examples to elaborate on the streamlining of ML to optimize operations in Supply chain management are:
• ML takes an analytical approach which amplifies the capacity to process large data sets and provide insights that support decision making.
• In an ever-growing market, ML offers the necessary support during the scaling of manufacturing operations and to the staff in case of a sudden influx of orders.
• The combination of ML and Big Data makes up a smart machine, and intelligent machines perform tasks more effectively than any technology.
• The cross-functionality in the supply chain industry will ease the production workflows, managing inventory, and decision-making is optimized, courtesy of ML.
• With the Injection of ML in data management and reporting, professionals can produce detailed logs of operations in the product hierarchy, and curb the extra work and cost associated with it.
• A better balance of the enterprise can be assured in the market with ML, as it identifies the demand patterns and hands over the optimal solutions for a permutation of scenarios.
• ML monitors stocks to maintain a secure level amongst various unknown factors for the stability of the enterprise.
• Speeds up operations in the field of aligning labor resources, equipment handling, pricing, and scheduling works. It also accelerates connectivity between the warehouses, logistics and manufacturing units.
• For a product launch, ML conducts an extensive survey on the background, the scope of the product in the market and projects the sales numbers that can be expected. It avails transparency of the process for further verification.