AI-Powered Supply Chains Towards Greater Efficiency

Abstract

In the current scenario of business environment, a supply chain is the linking pin among the various business activities, which makes it rather indispensable. Global businesses are spending money on digital solutions to increase the effectiveness of their supply chains, which will enhance their operational performance. One of the important solutions to it is the application of AI (artificial intelligence) to bring in advancements in all the business processes. Artificial intelligence (AI) is the term used to describe the replication of human intelligence processes by technology, primarily computers. Artificial intelligence is expected to contribute 15.7 trillion dollars to the global economy by 2030. The various technologies of AI, namely big data, machine learning, cloud computing, blockchain, chatbots, and ChatGPT, have a wide range of applications in various sectors or industries resulting in efficiency and improved customer satisfaction. AI-powered supply chain across various sectors with its benefits and limitations is discussed in detail.