Abstract
Artificial intelligence (AI) was introduced to develop and create “thinking machines” that are capable of mimicking, learning, and replacing human intelligence. Since the late 1970s, AI has shown great promise in improving human decision-making processes and the subsequent productivity in various business endeavors due to its ability to recognize business patterns, learn business phenomena, seek information, and analyze data intelligently. Despite its widespread acceptance as a decision-aid tool, AI has seen limited application in supply chain management (SCM). To fully exploit the potential benefits of AI for SCM, this paper explores various sub-fields of AI that are most suitable for solving practical problems relevant to SCM. In so doing, this paper reviews the past record of success in AI applications to SCM and identifies the most fruitful areas of SCM in which to apply AI.
Highlights
Artificial intelligence (AI) was introduced to develop and create “thinking machines” that are capable of mimicking, learning, and replacing human intelligence
Enterprise applications based on advanced technologies such as AI and machine learning (ML), though still in the nascent stages of development, are beginning to drive innovation strategies of business
AI adoption is taking off in the supply chain is the realization by companies of its potential to solve the complexities of running a global logistics network
Summary
Enterprise applications based on advanced technologies such as AI and machine learning (ML), though still in the nascent stages of development, are beginning to drive innovation strategies of business. In the supply-chain and logistics industry, these technologies are proving to be a game changer. McKinsey & Company expects businesses to gain between $1.3tr and $2tr a year in economic value by using AI in their Supply Chains. According to PricewaterhouseCoopers, AI could contribute almost $15.7tr to the global economy by 2030
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