Machine learning—it’s a ubiquitous buzzword that’s used loosely but at the same time widely misunderstood. Like many powerful technologies, machine learning has the potential for great business benefit, but if wielded in the wrong way can result in wasted time and resources, and poor business decisions.
We’ve compiled six important tips for businesses considering applying machine learning to supply chain planning problems, based on our nearly 10 years of experience building and delivering machine learning solutions. You’ll learn important points every supply chain organization should consider before diving into a demand planning machine learning project, including:
How to set and track specific business objectives at the start
A phased approach for a solution that meets your objectives today and as your needs change
How to apply the four dimensions of machine learning data: volume, granularity, quality, and variety
Insight into operationalizing your machine learning solution for sustainable business value
Tips for assembling the right team with the skills and resources to ensure success
As many as 75 percent of companies are still using spreadsheets to optimize their inventories. And most still use ABC Classification, which dates all the way back to 1951.
Increasing supply chain complexity and demand uncertainty is creating a staggering array of variables, leaving planners that rely on last century’s solutions with little chance of meeting both service levels and financial goals in a sustainable way.
There’s a better way to optimize inventory. Service-driven inventory optimization is the new and proven way to optimize inventory in the digital age. This ebook, based on hundreds of successful deployments, will introduce you to the new building blocks for optimizing inventory in the digital age so you don’t get left behind. It will reveal:
Why traditional approaches are incapable of meeting today’s long-tail demand complexities
Why probability forecasting is replacing the traditional ‘one-number’ deterministic forecasting approach
Important considerations for selecting the right IO solution
How businesses like yours are slashing inventory and increasing service levels using a service-driven strategy
Supply chains are changing due to disruptions from the outside-in, making them the new normal. These interruptions can lead to innovation and new opportunities, and this e-book highlights where to focus to become a more flexible and resilient supply chain that can survive and thrive through changes.
Thomas O’Connor, senior director analyst with Gartner, relates the lessons that manufacturers and retailers can learn from China, which is just now emerging from lockdown due to the coronavirus pandemic.
While traditional higher education will remain a valuable asset, we are witnessing the death of our post-World War II, post-Industrial Revolution economy, where workers earned a steady paycheck for 40 years with a corporate entity, then retired comfortably at 65 with few or no hiccups.