National Supply Chain Day AMA
In honor of National Supply Chain Day on April 29, we hosted an AMA (Ask Me Anything) where viewers pre-submitted their burning supply chain questions for our expert, Dave Hamilton, Senior Director of Retail Industry Strategy, to answer. Below is an abbreviated version of the session, and you can find the full AMA here.
Dave: AI is causing a shift in supply chain performance by automating tasks, improving decision-making and optimizing processes. This leads to a more efficient and agile supply chain. AI can be used for demand forecasting, inventory tracking, routing optimization and compliance. As AI continues to develop, we can expect to see more personalized customer experiences, new business models and improved safety.
Dave: Supply chain issues are having a significant impact on inflation and the cost of goods due to widespread disruptions across the supply chain, leading to shortages of goods and services, higher prices and longer delivery times. It is unclear when these issues will be resolved, but companies can work to mitigate the impact by being more agile, optimizing their supply chains and improving communication.
Dave: Technologies like ChatGPT can improve communication and collaboration across the supply chain, leading to more efficient and agile supply chains. ChatGPT can be used for demand forecasting, inventory tracking, routing optimization and compliance. However, companies should also be aware of the potential risks of AI, such as bias and privacy concerns.
Dave: The Biden administration’s disengagement with China will impact supply chains, as many companies rely on China for their supply chain needs. Companies should consider diversifying their supply chains to mitigate the impact of these changes. They should also consider working with partners in countries that have similar values and regulations.
Dave: We can make supply chains more sustainable by optimizing transportation routes, using alternative transportation methods such as electric vehicles, and reducing waste in the supply chain. Companies can also work with suppliers who have sustainable practices and implement sustainable practices throughout the supply chain.
During the AMA, we also debuted a new animated video showing the importance of supply chain sustainability. Check out How AI-Powered Supply Chains Can Save the World.