Published on: 12 January 2023
AI for Tracking Movement of Goods
One key benefit of AI in the supply chain is the ability to track and monitor the movement of goods throughout the entire process. This level of visibility allows companies to identify bottlenecks and inefficiencies, and take action to address them. For example, AI can be used to optimise routing and scheduling, predict and prevent equipment failures, and monitor inventory levels.
AI for Demand Forecasting
AI can also help improve the accuracy of demand forecasting, which is essential for managing the flow of goods through the supply chain. By analysing historical data and considering various factors such as seasonality and market trends, AI algorithms can predict future demand with a high degree of accuracy. This allows companies to adjust production and inventory levels accordingly, reducing the risk of overstocking or running out of supplies.
AI for Supply Chain Transparency
In addition to improving efficiency, AI can also increase supply chain transparency, and therefore the level of accountability. By providing real-time data on the location and status of goods, AI can help companies identify potential issues and resolve them quickly. This is particularly important in today's globalise world, where supply chains often span multiple countries and involve multiple partners.
AI for Predicting Organisational Behaviours
However, where there is the most potential for progress is in predicting the behaviour of organisations and not just the products and services they purchase and use. With the right framework of open data on corporate compliance and stakeholder relationships, transparency can be used to discern genuine ethical behaviour from corporate whitewash and greenwash. Users of TISCreport have been using the its contextual ESG datasets to assess the impact of ESG-related actions of corporate entities within their supply chains, and using their influence to achieve better social impact.
Overall, AI automation has the potential to greatly improve the efficiency and transparency of the supply chain, and using TISCreport, desired social outcomes can be assessed and amplified. While it may require an initial investment in technology and training, the long-term benefits are significant. Companies that embrace AI in all its forms will be better equipped to respond to changes in demand, reduce costs, and satisfy customer needs.