“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 how to 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 the cognitive supply chain system 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 Absolutely Necessary For Your Business?
There is much that you can do through the cognitive supply chain. Listed are some of the things:
- Cognitive supply chain management gives you access to important information about stock-out tolerance limits, lost sales, stock gaps or audit compliances. You are thus equipped to deal with risks and pick up opportunities. You can also make prompt decisions regarding your business.
- You can foresee the future of your unproductive inventory and make decisions accordingly with cognitive supply chain. This will enable you to also predict future improvements.
- Customer satisfaction which is of paramount importance to a business is increased with the use of cognitive supply chain management systems. This system can meet the growing demand of customers because they are more responsive to and flexible in meeting customer requirements.
- Cognitive supply chain management ensures that suppliers, logistic providers, customers and manufacturers are on the same platform real-time in order to take quick decisions thereby reducing communication lapses.
- The old supply chain methods are obsolete now because they are not as efficient as the new Cognitive supply chain system is. “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!
Frequently Asked Questions
What is cognitive supply chain management?
Cognitive supply chain is an AI powered system which helps to manage various things like logistics, automating data analysis and decision making.
Why do you need a cognitive supply chain?
A cognitive supply chain reduces risk to some extent and helps companies to get more insights to become more accurate and successful. It also increases transparency
What is an ecosystem centric cognitive supply chain?
An ecosystem centric cognitive supply chain plays a vital role to identify various challenges and act accordingly. It can make a customer’s journey more engaging, in turn increasing customer retention rate.