How Machine Learning Can Improve Supply Chain Efficiency

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Takeaway:  

In order for a business to succeed, it must have a properly managed supply chain. Machine learning is helping to improve the accuracy and efficiency of supply chain management.

In today's volatile and complex business world, it is very difficult to make a reliable demand forecasting model for supply chains. Most forecasting techniques produce disappointing results. The root causes behind these errors are often found to be lying in the techniques that are used in the old models. These models are not designed to learn continuously from data and make decisions. Therefore, they become obsolete when new data comes in and forecasting is undertaken. The answer to this problem is machine learning, which can help a supply chain to forecast efficiently and manage it properly. (For more on machines and intelligence, see Thinking Machines: The Artificial Intelligence Debate.)....

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