Comprehensive inventory visibility can now be acquired with the power of AI.
AI will drive 360-degree inventory visibility.
Data from multiple sources would fuel a real-time inventory visibility solution. AI technologies will then process and analyze this data to generate and deliver actionable insights to various stakeholders. Here are a few ways in which innovations in digital technology are making it possible to achieve supply chain visibility:
- AI and Machine Learning: AI and ML algorithms can detect anomalous events in your supply chain processes and offer KPI-driven recommendations to various user personas for decision support.
- Internet of Things: IoT sensors make it possible to track the status and location of inventory in transit accurately. In addition, they also build visibility into your inventory levels within warehouses.
- Augmented and Virtual Reality: AR and VR technologies make packaging and transportation processes more efficient. They enable this by showing the exact location of items and empowering your cargo-loading processes.
- Cloud Inventory Management Systems: Data from CIMS systems of multiple suppliers can be integrated into your systems to achieve real-time visibility into their inventories and raw material stocks.
- Generative AI: Finally, GenAI can deliver insights to your users in natural language by analyzing supplier inventory statuses and translating anomalous events into warnings and alerts for your supply chain stakeholders.
Business benefits of supplier inventory visibility
Upstream and midstream supply chain visibility brings significant business impact for manufacturing organizations. Here are some of the key benefits that are enabled by comprehensive inventory visibility:
In addition to lowering the likelihood of disruptions, upstream visibility into the supply chain usually results from arresting the points of leakages early on and being able to explore alternatives with agility. This, coupled with the ability to understand and tie the data from various sources together making the model predictive and prescriptive, gives organizations the real power to make a difference. The next three to five years will usher in not only an increase in the adoption of digital supply chain technologies 8 but also new, more IT-focused roles that supply chain leaders will integrate.
As a result, manufacturers can expect a simultaneous positive impact on their top and bottom lines with comprehensive supply chain visibility.