Arpit Arya, Supply Chain & Operations Head, Blue Tribe Foods asserted that Machine Learning and Artificial Intelligence were some of the key supply chain trends that helped enterprises streamline their operations, minimize costs, and improve overall efficiency. The tools could be used to automate the end-to-end process of the purchase order (PO) to billing in a smooth manner. The machine learning algorithms could complete tasks that included purchase order creation, approval, invoice matching, and processing, as well as tracking payments.
“The automation of such tasks helps free up the employees' time so that they can focus on more urgent and strategic matters at hand. Moreover, these supply chain trends may also help in enhanced supply chain visibility, predictive analytics, and dynamic pricing optimization,” he added.
Optimizing Supply Chain Management
The business landscape is one that is extremely dynamic and continuously evolving, leading to supply chain management becoming complex and unpredictable. Therefore, process automation in a company could be a valuable tool to improve supply chain management as it would lead to higher efficiency, reduction of errors, and overall improvement in supply chain performance.
“There is also a need to anticipate the business requirement for the next year while also constantly engaging with startups, which are agile enough to provide solutions at short notice,” he stated.