Today all the major businesses are leveraging intelligent machine solutions to accelerate their growth using the power of vast amounts of available data. The supply chains backed up with machine intelligence help avoid risks, improve insights, and make correct decisions to enhance performance.
According to research, approximately 69% of the organizations do not have complete visibility and control over their supply chains. They deal with more technical downtimes, higher transportation and storage costs, poor quality and safety, unhappy customers, poor resource and inventory management, and inefficient relationships with suppliers. Machine Learning and AI can help overcome these challenges and improve the efficiency of the supply chains.
At V3iT, we offer advanced AI and machine intelligent forecasting and planning for the supply chain management. It helps overcome the challenges in supply and logistics. Machine intelligent forecasting methods create a robust supply plan using predictive analytics. It provides automated quality inspections to find defects in machinery by image recognition. This approach streamlines the production systems and deals with disruptions effectively and quickly. Reduce operational costs using real-time data and historic delivery records to lower storage costs, delivery costs, and optimize warehousing processes. It solves the problem of under and overstocking and reduces forecast errors by up to 50% using intelligent IoT devices and transportation systems. It provides fraud detection and prevention through regular automated quality checks and audits by finding and reporting deviations from standard processes.
Demand forecasting is analyzing the historical customer demand data and estimating the future demand for products and services. With demand forecasts, the organization plans well to advance the supply required to fulfill that demand. It helps in better cash flow, workforce planning, risk assessment, inventory management. It lowers the supply chain costs. This approach prevents excessive inventory as well as out-of-stock situations. Data-based forecasting helps to make better predictions about future demands. It helps to avoid out-of-stock scenarios, which are generally not appreciated by customers. Therefore it results in higher customer satisfaction. The organization is better able to manage the otherwise unexpected demand fluctuations. To fulfill future demands, the HR departments can create people forecasting plans to work efficiently.
The AI-based forecasting at V3iT reduces the error rate by almost 50% and lowers the inventory storage costs by 30%. It makes the supplies readily available to fulfill the high demands whenever required to grab good profit margins instead of letting the opportunity go, as in traditional forecasting techniques. The integration of machine learning into supply chain management also gives more strength to optimize inventory replenishment plans.
The pandemic has disturbed the supply chain management systems of most organizations at a global level. V3iT is helping such organizations expedite the adoption of digital supply chains by optimizing the supply chains and tuning those to demand forecasting, supply planning, transportation, and inventory replenishment. Cognitive methods like AI, Machine Learning, and Advanced Analytics help in adopting efficient supply chains to counter the disruption.