High-Growth Supply Chain Businesses Embrace AI and Machine Learning at a Rapid Pace
In a recent study conducted by Epicor and Nucleus Research, it was found that high-growth supply chain businesses are leading the charge in adopting artificial intelligence (AI) and machine learning technologies to address escalating costs and operational challenges. The 2024 Agility Index research study surveyed over 1,700 supply chain management leaders worldwide, highlighting the growing trend of integrating AI and automation technologies into supply chain operations.
Key findings from the study include:
– Nearly half of surveyed companies in the make, move, and sell industries expressed concerns over escalating costs as the primary challenge facing supply chains.
– More than half of the companies surveyed are already using AI, automation, or machine learning for at least one supply chain management application.
– Businesses experiencing revenue growth of 20 percent or more over the past three years have embraced generative AI to manage costs and operational hurdles effectively.
The study revealed that businesses are leveraging AI and machine learning technologies across various functions within their supply chain operations. For instance, generative AI is commonly used in customer service chatbots and product descriptions, while machine learning is frequently employed for inventory optimization and demand forecasting.
Respondents to the survey highlighted increased efficiency and productivity, cost savings, and improved supply chain automation as the key benefits of adopting automation technologies. These findings underscore the potential of AI and machine learning to drive significant improvements in supply chain management.
Overall, the study showcases the pivotal role that AI and machine learning technologies play in helping supply chain businesses adapt to changing market conditions and better serve their customers. As businesses continue to navigate challenges such as supply chain disruptions and skilled labor gaps, the adoption of these technologies is expected to increase, enabling companies to enhance their agility and competitiveness in the industry.
