“It is not the most intellectual of the species that survives, it is not the strongest that survives, but the species that survives is the one that is able to adapt to and to adjust best to the changing environment in which it finds itself” — Charles Darwin, Origin of the Species (1859).
Cognitive supply chains can not only predict abut adapt to changing trends and uncertainties, but they are also set to revolutionize trade and will be an important advantage in years to come. So the most sensible amongst business owners will adopt Cognitive supply chain Management systems to further their business, generate higher revenues and cut down human error amongst other things because it is powered by Artificial Intelligence. Today the adoption of Cognitive supply chain management is a crucial component to a company’s growth.
The traditional supply chain model was faulty to a great extent and it has been proven that what it requires is cognitive sourcing that is digitization guided by Machine Learning and Artificial Intelligence. Cognitive sourcing can identify risks and opportunities by analyzing relevant data and this is a massive task since the data comes from a variety of sources, maybe even in different languages and across multiple channels and that is something almost impossible to handle by humans and at that pace. With the data, they create insights based on possible impact and give necessary recommendations.
When a vast amount of data comes from innumerable sources, it needs to be assimilated. Cognitive supply chain model helps us to process the same and realize certain parameters of our business through digital data captured from all the supply chain partners. The result is effective decisions.
Cognitive supply chain makes minimum use of humans thereby saving on the precious resources of time and money. They help to reduce the problems of the normal supply chain process.
Why is Cognitive Supply Chain Management is absolutely necessary for your business?
There is much that you can do through the cognitive supply chain. Listed are some of the things:
|Smart Procurement||Cognitive Services in a supply chain help you to automate your procurement from your suppliers in a smart way.|
|Smart Inventory Management||Video intelligence helps to keep a tab on the inventory level and update its requirements.|
|Smart Order Management||Automation of communication with vendors and suppliers not just through email but voice chats|
|Measuring Employee Happiness||This is also automated to give results even on an hourly basis and will ensure the improvement of work culture as well as the productivity of employees|
|Forecast Demand||This too is done through cognitive management by the use of supply chain|
|Smart Dealings||Cheques and bills can be authorized and cleared based on computer vision and document intelligence.|
|Manage Vendors smartly||Helps to make smart decisions regarding choice of vendors, pricing and suppliers.|
|Smart Security Management||Video intelligence helps to detect frauds, create alert systems and set up updates to monitor the same intelligently.|
In a nutshell:
The old supply chain methods are obsolete now because they are not as efficient as the Cognitive one. “It has been estimated that by 2020, 50% of all business analytics software will incorporate cognitive computing functionality in order to deliver business growth and remain competitive in today’s world.”
The cognitive supply chain can manage complexities which traditional models have not been able to do so far. Multichannel data and enormous volumes require higher rates of accuracy and greater cognition and this is where the cognitive supply chain model can be applied successfully. The Pew Research Center predicts that by 2025 artificial intelligence will be “ built into the algorithmic architecture of countless functions of business and communication,” thereby increasing efficiency and reducing risks ranging from fact-finding to transactions. You can thus strengthen your control over the ecommerce market with your smart move by shifting to Cognitive supply chain management systems.
The need of the hour is a supply chain management system powered by AI so that it aids you and the supply chain manager by becoming a cognitive advisor in decision making. It should be something that is capable of delivering beyond keeping inventory and scheduling tasks. Eunimart is a perfect example of an advanced AI-powered platform capable of automating and integrating all your business processes across all channels of sales to help you scale internationally seamlessly. Step into the future today with Eunimart!
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