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Harnessing generative AI in manufacturing and supply chains
Generative AI (gen AI) is taking the world by storm. In a recent McKinsey survey, 79 percent of global executives said they had some familiarity with it, and 22 percent said they use it regularly in their work. The technology is expected to herald a new age of efficiency in operations: in manufacturing and supply chain alone, it could reduce expenses by up to half a trillion dollars.1Gen AI’s implementation needs and use cases differ from those of analytical AI. Analytical AI is broadly implemented for forecasting, set point optimization, and the use of historical data to improve processes and outcomes. Gen AI, meanwhile, opens a new frontier for problem solving, illustrated by recent innovations in content creation, insight generation, and human-like interaction.Harnessing generative AI in manufacturing and supply chains
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Poor planning cycles hamper growth, threaten successful sales and drive away your best sales leaders. Take a new approach: an integrated sales analytics and planning solution.
Help your salespeople reach quotas. Improve average profit margin per target market. Shorten the sales cycle. IBM® Planning Analytics lets you track and analyze sales rep performance, and sales capacity data in real time. Use the power of AI to gain an in-depth understanding of your target customers, optimize KPIs, increase lead generation and drive new business.
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How AI can streamline Sales & Operations
How AI can streamline Sales & Operations
As business leaders, we inevitably find ourselves quoting Tom Cruise’s line from Jerry Maguire: “Show me the money!” And it’s our job to lead our teams to where the money is.
Business leaders need to remember that making money is not only about bringing in more of it; learning how to stop losing it due to operational inefficiencies is equally important. This is true for any company, but especially those involved in any part of the supply chain, such as big manufacturers, distributors, retailers and e-commerce players that need to juggle thousands, and sometimes millions, of planning items.
One of the most effective ways to generate more revenue and to stop leaving money on the table is to hit two birds with one stone by streamlining sales and operations planning. Companies that have mastered the sales and operations planning process report an up to 31% revenue growth, an up to 46% inventory reduction and an up to 39% uptake in customer satisfaction. Using artificial intelligence (AI) plays an essential role in this upgrade.
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Analytics for an Online Retailer: Demand Forecasting and Price Optimization
This presentation highlights a collaborative effort with Rue La La, an online fashion sample sales retailer, showcasing how leveraging extensive data can optimize daily pricing decisions. Rue La La faces the challenge of pricing and forecasting demand for new products, a significant portion of their sales. To address this, the team employs machine learning to estimate historical lost sales and predict future demand. The unique nonparametric structure of the demand prediction model, coupled with the influence of competitor prices, requires a tailored algorithm for multi-product price optimization.read more
The helping hand in Sales and Operation Planning
In our previous blog post, The Human Touch, we explored common use cases for (AI) in supply chain planning today, discussing where it can best add value and where to apply more human intelligence.1 Given the buzz set off by popular Generative AI (GenAI) chat services, no discussion on AI would be complete without mentioning the large language models (LLMs) currently captivating the business landscape. This post explores the frontiers of how LLMs can and likely soon will be applied in the S&OP process of the future. We see three primary use cases, one of which is poised for near-term implementation by companies at a mature phase in their S&OP journey.The helping hand in Sales and Operation Planning
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How AI saves your S&OP process
How AI saves your S&OP process
Sales and operations planning (S&OP) has been a longstanding practice for businesses across nearly every industry. However, this critical supply chain process has been under enormous stress lately from departmental silos, complex trading partner networks, and geopolitical turmoil. Meanwhile, planners skilled to handle these challenges are in short supply – especially as supply chain leaders retire in record numbers.
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Sales and operations planning (S&OP) has been a longstanding practice for businesses across nearly every industry. However, this critical supply chain process has been under enormous stress lately from departmental silos, complex trading partner networks, and geopolitical turmoil. Meanwhile, planners skilled to handle these challenges are in short supply – especially as supply chain leaders retire in record numbers.
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