Demand Forecasting Inventory Management and Artificial Intelligence Essay

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AI in Supply Chain ManagementArtificial intelligence (AI) can be used in supply chain management to improve various processes such as demand forecasting, inventory management, transportation optimization, and supply chain risk management. Demand forecasting is one of the key process where AI can be used (Amirkolaii et al., 2017). AI can be used to analyze historical sales data and predict future demand. This can help companies make more accurate and informed decisions about production and inventory levels. For example, by using AI, a company can predict with a high degree of accuracy which products will sell well and when, allowing them to adjust their production and inventory levels accordingly.Inventory management is another area where AI can be beneficial (Min, 2010). AI can be used to optimize inventory levels by predicting when products will sell and when they will need to be restocked. This can help companies reduce waste and keep their inventory levels in line with demand. Additionally, AI can also help companies reduce the amount of money they have tied up in inventory by ensuring that they only have the right amount of stock on hand at any given time.Transportation optimization is also a process where AI can be used…

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…is an example plan to utilize AI in supply chain management:· Gather and clean data from all supply chain processes: historical sales data, inventory data, logistics data and supplier data.· Train AI models on the data to improve forecasting, inventory management, transportation optimization and supply chain risk management.

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· Implement the AI models into the supply chain management systems and processes.· Continuously monitor the results and fine-tune the AI models as needed.· Invest in human resources to manage, monitor and improve the AI models and processes.· Review the results and cost-benefit analysis regularly to make sure the investment in AI is beneficial….....

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