Injecting more information into supply chains
At a time when supply chains have been suffocating, investment dollars have been flowing to intelligent solutions, AI or analytics. For example, in recent news, The Wall Street Journal's Mark Vartabedian reports that Project44, which develops supply chain analysis software for shipping and logistics companies, raised $ 420 million in a funding round recently. short, bringing the value of the company to $ 2.2 billion. “Investor investors raised $ 24 billion higher for supply chain technical companies based in North America and Europe during the third quarter of last year, a nearly 60% jump from 2022 as a whole , according to analytics firm PitchBook Data Inc.
There is much that AI - based analysis and applications can do to clean up supply chains, riddled with pandemics and repercussions, without remembering the challenges of mill - run shipping. A recent study of 788 business leaders by Unsupervised finds that business intelligence practices are critical in helping many organizations tackle supply chain problems, but 40% do not. still on board. The remaining 60% are reported to use business intelligence - which the survey authors describe as the practice of combining data mining and visualization, analysis, and data infrastructure - to led a routine supply chain, with 29% applying business intelligence in their cases. industry specifically for supply chain efficiency.
“In the context of the challenges facing supply chains, it is clear that the old ways of working will not be enough and that even the best in the classroom today is unlikely to be good enough in the future, "according to IDC analyst Simon. Helen. (His report is available here via IBM.) The move. Ellis writes," Supply Chains ", one that is closely linked to sources different internal and external data such as social intelligence and IoT, enabled with complete and fast analytics driven by AI, openly collaborative through cloud-based trading networks, aware of cyber threats, and intertwined mentally. "
A digital-enabled thinking supply chain “that works on all available structured and unstructured data to prioritize actions and deliver better results,” Ellis explained. “Being digitally capable means connecting and automating internally across functional areas or through end-to-end processes such as ordering to money and with suppliers, messengers and customers. There will be a network impact where value is accelerated by the automation of business, documentation, and the empowerment of key partners. "
A further challenge that has emerged is that there is a growing shortage of talent needed to manage supply chain processes. "Supply chain organizations have continued to reduce costs and narrow traditional practices to the point where there are fewer people in the organization than ever before in the past," Ellis warns. "As data analytics capabilities continue to grow in the supply chain, it is likely that there will not be enough eyeballs available to realize the resulting ideas. So will the role of AI and learning essential tools. "
Building information in supply chains requires working closely with the industry and the data that is shared across these networks. Whitney Myers and Joel Stellner, both with Zuar, outline the key features that analysis should bring to the industry:
- “To see and understand application trends and open messenger orders,
- “To see and understand a routine inventory and open order distribution against replenishment plans from production teams and / or vendors, and
- "A combination of the above to create world-class supply chain forecasting, warning and management tools."
To begin this journey, Myers and Stellner say, “you need a data strategy that incorporates an automated data value chain, and a data positioning platform that integrates pipeline that moves data from your device to the database on time. "In addition, they point out, IT teams need to introduce a business intelligence platform that" connecting to databases and automatically updating reports, building calculations and interactive dashboards, and sharing dashboards with your team, along with the ability to set up personal contacts and memberships. "
Data - and the ability to apply it to rapid analysis - is at the heart of the intelligent supply chain that is essential for today's and tomorrow's economy. "Integration with all databases is essential, as is automation of all documents across both internal functions and process and supply chain partners," said Ellis from IDC. learning from data it does not have. Connected means being able to access unstructured data from social media, IoT (including structured, semi-structured and unstructured data), and structured data from traditional datasets traditionally available through ERP and B2B integration tools. "
(Disclosure: I have worked with IDC, mentioned in this article, over the past 12 months.)