Our supply chains are the lifeblood of global business. You probably don't need to be reminded of the stakes involved when companies engage in the movement of products throughout the world — especially if you deal in time-sensitive merchandise like foods, beverages or health care products.
Big data, data analytics and machine learning, are bringing enormous changes to the transportation, shipping and supply chain industries, all of them for the better. Here's a look at what's changing.
1. Demand Forecasting and Facility Planning
The days when companies didn't have the tools to make informed expansion decisions are far behind us. Company business decisions have to harmoniously balance a vast amount of information and a huge number of variables. That's where artificial intelligence enters the mix.
Companies hoping to broaden their reach by establishing new routes or breaking ground on distribution centers increasingly call upon their databases of structured and unstructured information. This includes past transaction records, customer data such as location, preferences, purchase history and anticipated future purchases, and the flow of products across shipping routes, as well as vendors and other world partners.
This web of information is increasingly a vital part of choosing business priorities and planning for the future. Knowing where your ...
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