I t is a widely shared sentiment: “Technology is great…when it works.” Controlled enthusiasm about constantly evolving technology resonates with business professionals of all stripes, but supply chain experts agree that there is no room for technophobia in today’s logistics space. Logistics providers who are laggards in adopting new technologies run the risk of paying a serious competitive price, while early adopters of technologies that accelerate and improve supply chain performance race to the top.
teams make better decisions faster. The company’s solution helps sourcing teams reduce costs and mitigate risk at the part, ingredient, and metal level, arming procurement teams with built-in capabilities that provide improved visibility and increased collaboration. The end game? A greater ability to take decisive actions. “LevaData is equipping teams with the insights and intelligence they need to execute with higher velocity and greater accuracy,” says Keith Hartley, CEO of LevaData. By contextualizing complex data from hundreds of data sets, the LevaData platform provides actionable insights and potential cost-savings opportunities to companies like Dyson that are looking to gain a competitive edge. The platform’s custom dashboards provide spend intelligence using real-time data and interactive visualizations, which “can dramatically accelerate decision- making,” Hartley notes. Probabilistic Planning is the Right Tool Seeking ef ciencies on its path to business growth and network expansion, Grupo Mercury, a Latin American importer and marketer of wholesale electronics products, went searching for an AI partner. It selected an AI-driven planning suite called Service Optimizer 99+ (SO99+) from ToolsGroup, a global retail and supply chain planning and optimization software provider. SO99+ is an AI-fueled supply chain planning tool that helps retailers, distributors, and manufacturers improve the resilience and performance of their operations. Its effectiveness comes from a probabilistic planning approach that leverages AI and real- time data from across the enterprise for fast decision making. The solution accounts for variability and tailors inventory to demand, helping to mitigate risk and uncertainty in demand and supply planning. By leveraging ToolsGroup’s native AI and automation, Grupo Mercury says it can navigate complexity, satisfy demand, and achieve enhanced business performance amid network expansion.
Arti cial intelligence (AI) and blockchain are two technologies that are quickly becoming indispensable tools within the global supply chain sector. Arti cial intelligence, with its ability to analyze vast datasets and forecast trends, helps to enable the proactive decision- making needed to optimize logistics, predict demand, and enhance overall ef ciency. Its role in predictive analytics, route optimization, and demand forecasting has become paramount in addressing the complexities of global trade. Today, 37% of supply chain leaders are currently using AI or are planning to deploy it within the next 24 months, according to data compiled by zipdo. The market for AI in the supply chain is expected to hit $10 billion by 2025. Blockchain technology promotes transparency, traceability, and security by creating an immutable ledger of transactions across the supply chain network. This decentralized and tamper- resistant system goes a long way toward instilling trust among stakeholders, while it streamlines documentation and signi cantly reduces the risk of fraud. Blockchain is still a nascent force in the supply chain, but its supply chain market size is expected to grow from $0.56 billion in 2023 to $4.21 billion by 2028, at a CAGR of 49.87%, according to Mordor Intelligence ( see chart ). Together, AI and blockchain are drastically altering how companies manage, secure, and optimize operations within the intricate web of global supply chains and trade networks. Here’s a closer look at some companies that create, produce, and use these advanced tools.
ARTIFICIAL INTELLIGENCE A Better Way to Analyze Data
BLOCKCHAIN SUPPLY CHAIN MARKET based technology that aggregates and contextualizes data to help supply chain, procurement, and product mindset is still stuck on spreadsheets,” says Michelle Shi-Verdaasdonk, chief supply chain of cer at Dyson. The solution came from LevaData’s proprietary AI- and automation- A lack of information visibility and collaboration across its procurement, supply chain, and product engineering teams was causing issues for Dyson, a multinational provider of household appliances such as vacuum cleaners, fans, air puri ers, and other items. The company needed a better way to analyze data across departments—and a fresh mindset around embracing AI. “It’s fantastic to have a system that can analyze the data and give you insights, but you won’t go anywhere if your
$4.21 B
Market Size is USD Billion CAGR 49.87%
$0.56 B
2023
2028
Source: Mordor Intelligence
January 2024 • Inbound Logistics 171
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