A supply chain is a process of traversing the products right from the manufacturer to the end consumer. Every sector comprises a dedicated team to manage the supply chain of products........
Know the importance of supply chain management and the role of supply chain management in organization's success.
Read how SCM can help in growth of an organizationhttps://www.forceintellect.com/2018/05/14/importance-of-supply-chain-management/
Supply chain management is a complex medley of processes in which even a slight lack of visibility or synchronization can lead to enormous losses and overheads.
But with the recent developments in AI & machine learning, we can now harness historic and real-time supply chain data to discover patterns that help us understand what factors influence the different aspects of the supply chain network.These insights help companies in getting a competitive edge, streamline processes, cutting down on costs and increasing profits, and leveraging recommendations to enhance the customer experience.
According to Gartner, at least 50% of global companies would be using AI-related transformational technologies such as Machine Learning in supply chain operations by 2023.5 Ways In Which ML Acts As A Game Changer In Supply Chain Management 1.
With big data analytics, manufacturers can analyze different types of data including past sales demand, chanel performance, product returns, POS data, promotions data etc.
Unexpected and extended downtimes can result in out of stock situations and lost revenue.In order to avoid these situations, companies are replacing the reactive and inefficient break-fix service model with proactive maintenance approaches – predictive and preventive maintenance.This involves using machine learning to analyze data from smart parts and sensors and predicting when a machine/part will fail and determining the right time for repairs and replacements.This allows companies to reduce excess inventory, mitigate the costs and disruption caused due to unscheduled downtime and ultimately improve customer satisfaction and brand loyalty.In addition, machine learning can also help understand how to extend the life of the existing assets, determine common reasons for failure and take necessary proactive steps.3.
Logistics Last mile logistics in supply chain management is prone to operational inefficiencies and costs upto 28 percent of the total cost of the delivery.Some common challenges in this area include:Not able to find a parking spot for large delivery trucks near the customer’s destination and having to carry the package to its destination by walkCustomers not being at home to sign the receipt of items and thus causing a delay in deliveryDamages to the package during this last leg of deliveryIn most cases, it’s very difficult for companies to identify exactly what’s going on during this last mile.
Advatix is an outstanding team of Supply Chain Experts with remarkable experience in supply chain and Logistics Design, Planning, and Management to transform businesses.For More Details Visit: https://www.advatix.com/
In the past few years, priorities in supply chains and procurement have shifted dramatically, from rapidly increasing sustainability in their utility grids to doubling their spend optimization.While these are short-term shifts in response to the business’s growing uncertainty, two themes remain relevant and will receive more attention in the medium and long term, sustainability and diversity.
Supply chain management with procurement can no longer be ignored because their impact on businesses goes way beyond the pandemic.Key to sustainability:Sustainability is one of the crucial topics among the business leaders and is now on the agenda of every company and under increasing pressure from consumers and investors alike to track their environmental impact.
To implement this program, companies need to focus on sustainable public procurement policies.Here’s how:Make Sustainable Procurement your #1 Goal:Procurement leaders need to make decisions based not only on cost, but also on how those decisions impact their communities, environment, and social standing.
They need to incorporate socio-economic, environmental, and ethical dimensions into public procurement and processes and fulfill their corporate social responsibilities.
To know more - https://katalysttech.com/blog/embracing-a-sustainable-procurement-strategy/
