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AI on AI: Supply Chain Management
Artificial Intelligence (AI) can revolutionize supply chain management through improved demand forecasting, inventory optimization, efficient logistics and route optimization, increased supply chain visibility, improved supplier management, predictive maintenance, and sustainability. However, challenges such as data privacy, ethical implications, and workforce displacement need addressing for responsible AI implementation.
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What is Strategic Sourcing
Strategic sourcing is an organized, collaborative method of identifying and selecting suppliers to support a company’s overall business strategy. This approach aims to optimize supply chains, cut costs, and enhance supplier performance, while meeting quality, delivery, and service objectives. The process involves analyzing current spending, identifying potential suppliers, leveraging market competition, conducting evaluations, negotiating contracts, and engaging suppliers continuously. It’s a crucial tool in procurement and supply chain management to obtain the best value from suppliers.
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The Logistics 5 with Sal Guasto
Sal Guasto, a global supply chain and logistics professional, shared his insights on the current logistics industry. He identified excessive inventory backup, lack of integration in supply chain management, and non-customizable software as major issues. Guasto also discussed the difficulty of getting internal stakeholders on board with evaluations and urged executives to actively manage third-party service providers.
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