Supply chain startups have been playing a key role in revolutionizing the space with their Artificial Intelligence based innovations, cutting edge solutions and next generation models in India and other countries.
There are cutting edge innovations in Artificial Intelligence Application of Supply Chain. Some of the path-breaking AI enabled transformations are:
Contextual intelligence, Intelligent Robotic Sorting, AI-powered Visual Inspection etc. which are transforming warehouse management, shipping, tracking, logistics, packaging and so on.
Supervised learning, unsupervised learning and reinforcement learning technologies are facilitating real time decision making, enhanced fraud detection, predictive insights etc.
AI led Automation in the form of self-driving forklifts, automated sorting, self managing intelligent inventory systems, autonomous/ driverless ground vehicles etc. are revolutionizing warehousing, logistics, distribution, inventory management etc.
Intelligent software solutions are enabling better supplier selection, product design, audits, evaluations, production planning, B2B sourcing etc.
Artificial Intelligence (AI) is no longer a fictional element or a science of the distant future wherein robots and humanoids rule our world, it is enabling revolutionary transformations across industries.
The supply chain industry will benefit massively from this AI led transformation. The industry is already leveraging AI-enabled technology to drive higher revenues and achieve improved efficiency. The AI-powered solutions enable organizations to gain exceptional agility, precision, effectiveness, efficiency and end-to-end visibility in the supply chain if the right models and solutions are identified and applied.
In India, it is expected that this transformation will see the industry valuation double in the next 2 years. 30-40% of Indian businesses are leveraging AI-enabled tech solutions in their supply chain activities while others still use traditional, linear models. Two main causes are their lack of talent and resources for in-house innovations and their lack of awareness of grassroots innovations by startups.
Global e-commerce giant Amazon has revolutionized its business models, transformed customer experiences, forecasted demand with greater precision continuously reduced the delivery time and reigned supreme in e-commerce owing to its extensive use of technology including AI, ML, automation and IoT among others.
The supply chain, involving a highly interconnected and interdependent set of tasks, is a trade where even minor errors have multiplier effects on costs, revenues and business outcomes. AI, powered with Machine Learning (ML), predictive analytics, automation and so on, has the ability to process the voluminous supply chain data from disparate sources and equip business leaders with actionable insights and forecasts in real-time. Such insights enable quick decision-making and real-time change adaptation to streamline/ reinvent functions and processes, minimize leakages and losses and develop a strong strategic edge.