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Our Quick Notes on Use of Artificial Intelligence (AI) in Supply Chain Management
Part of our new "Quick Notes" series - this report answers your most pertinent questions of the topic. Do not be deceived by their short nature - these notes are only 22 pages or so. But these are 22 pages of potent dynamite that will supercharge your thinking in the right direction. Included are quick notes and some of the frequently asked questions (FAQs) on supply chain finance that we have encountered in our workshops, seminars, and other forums. Here are some of the topics and questions covered in these quick What is Supply chain AI and why everyone is moving towards it? What is the advantage of integrating AI in a supply chain environment? What are the current applications of AI in SCM? What are the current trends in the field of AI which aid improvements in SCM? Which are the experimental models in AI meant for supply chain management? What is Supply chain AI and why everyone is moving towards it? What is the advantage of integrating AI in a supply chain environment? What are the current applications of AI in SCM? What are the current trends in the field of AI which aid improvements in SCM? Which are the experimental models in AI meant for supply chain management? What are the fully developed AI models that are currently used in the business environment? Out of the four stages of supply chain analytics - descriptive, diagnostic, predictive and prescriptive - which one has the most potential application of supply chain AI? How does the predictive nature of AI algorithms help in forecasting? What is the current cost reduction that AI brings into SCM? In this current ongoing COVID -19 crisis can we use AI to reduce the decision making time and to process huge amount of data. If yes how? What are the requirements for a company to incorporate the use of AI in its supply chain? What are the future trends that we need to look in AI? Which are the industries that can gain more from an AI-powered SCM? What is the role of the current ERP and DSS tools when deploying AI?
4 pages, Kindle Edition
Published November 26, 2020
About the author
Vivek Sood
24 books5 followersManaging Director - Global Supply Chain Group
MBA, LLM, CFA
Let me include a couple of brief biographical paragraphs that will hopefully spur you on to read my books with your full attention to get the best use out of them.
If you have read my other writings these might have already signaled to you that I see myself as an outsider. I do not have a Bachelor’s degree, and really started my college education at the age of 29 - both facts helped me succeed immensely in life. At the age of 17 years, straight out of a boarding school in Northern India I joined a merchant marine company as a deck cadet after a brief training.
My first assignment was to go to a shipyard in Japan and work with the ship's Captain, Chief Engineer and other officers to take delivery of a brand new ship being built there. At this time, due to the severe depression in the global shipping industry I saw many super tankers, worth several millions of dollars, sailing on their maiden voyage straight from the shipyard to the demolition yard.
It was like seeing a baby being killed at its birth. It aroused in me an intense desire to study the causes of economic cycles - I had already seen the effects. Over the next 3 years - as I circumnavigated the globe multiple times on ships working 12-16 hours a day 6-7 days a week - I spent all my spare time reading voraciously about the economics, finance and modern commerce. I kept my day job for another 7 years because it afforded me the luxury of working with ports, harbours, stevedores, logistics companies, commodity producers and traders, importers, exporters and various other wheelers and dealers around the world, while earning a good living - enough to put some money aside for what I then considered a proper education.
I travelled to more than 100 countries during these 11 years, rose in rank from a cadet to a Master Mariner with progressively more responsibility and a wider perspective, and saw thousands of different ways of doing similar things in all the different places I visited and worked in. Curiously, all of these ways had some practices worth emulating and others worth discarding. In my spare time I added another pursuit to my economic study - combining various ways of doing things to come up with the most suitable way for the circumstance in question. These two pursuits had already become my twin passions long before I studies for my MBA at one of the best business schools in Australia and took a job as a management consultant with a highly regarded global top-tier consulting company.
For the last 15 years I have been a management consultant to the CEOs, boards and top executives in Asia, Australia and other places. I have focused on empowering corporations on 5 continents to achieve their peak potential – in operations, in strategy, and in all components of their entire supply chains. In January 2000, I co-founded and managed Global Supply Chain Group, a high impact services company made up of supply chain pioneers and thought leaders who work only on selected high impact strategy projects with some of the largest corporations in the world. I travel 60% of my time around the world for a single passion – creating, configuring, and formulating effective, secure and sustainable supply chains.
MBA, LLM, CFA
Let me include a couple of brief biographical paragraphs that will hopefully spur you on to read my books with your full attention to get the best use out of them.
If you have read my other writings these might have already signaled to you that I see myself as an outsider. I do not have a Bachelor’s degree, and really started my college education at the age of 29 - both facts helped me succeed immensely in life. At the age of 17 years, straight out of a boarding school in Northern India I joined a merchant marine company as a deck cadet after a brief training.
My first assignment was to go to a shipyard in Japan and work with the ship's Captain, Chief Engineer and other officers to take delivery of a brand new ship being built there. At this time, due to the severe depression in the global shipping industry I saw many super tankers, worth several millions of dollars, sailing on their maiden voyage straight from the shipyard to the demolition yard.
It was like seeing a baby being killed at its birth. It aroused in me an intense desire to study the causes of economic cycles - I had already seen the effects. Over the next 3 years - as I circumnavigated the globe multiple times on ships working 12-16 hours a day 6-7 days a week - I spent all my spare time reading voraciously about the economics, finance and modern commerce. I kept my day job for another 7 years because it afforded me the luxury of working with ports, harbours, stevedores, logistics companies, commodity producers and traders, importers, exporters and various other wheelers and dealers around the world, while earning a good living - enough to put some money aside for what I then considered a proper education.
I travelled to more than 100 countries during these 11 years, rose in rank from a cadet to a Master Mariner with progressively more responsibility and a wider perspective, and saw thousands of different ways of doing similar things in all the different places I visited and worked in. Curiously, all of these ways had some practices worth emulating and others worth discarding. In my spare time I added another pursuit to my economic study - combining various ways of doing things to come up with the most suitable way for the circumstance in question. These two pursuits had already become my twin passions long before I studies for my MBA at one of the best business schools in Australia and took a job as a management consultant with a highly regarded global top-tier consulting company.
For the last 15 years I have been a management consultant to the CEOs, boards and top executives in Asia, Australia and other places. I have focused on empowering corporations on 5 continents to achieve their peak potential – in operations, in strategy, and in all components of their entire supply chains. In January 2000, I co-founded and managed Global Supply Chain Group, a high impact services company made up of supply chain pioneers and thought leaders who work only on selected high impact strategy projects with some of the largest corporations in the world. I travel 60% of my time around the world for a single passion – creating, configuring, and formulating effective, secure and sustainable supply chains.
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