The ability of artificial intelligence (AI) to improve visibility of ERP inventory data, as well as the implementation timeline for using AI on a daily basis, were among the top interests from participants during a recent webinar, “Taking Stock of AI Technology for Inventory Management.”
The webinar featured expert advice from both Verusen CEO Paul Noble and Erik Green, practice lead, Materials & Equipment, at Accenture, a leading global professional services company.
The webinar demonstrated how AI replaces disconnected data silos with a digitized network footprint of all goods, services and logistics throughout the supply chain so inventory decisions are visible to teams across an organization. It also covered how AI’s machine-learning capability continually updates and interprets market trends to drive accurate predictive inventory analyses for indirect MRO, direct goods and even finished products, instead of relying on subjective decisions.
Among the topics covered:
- How does AI interface with my ERP system for better inventory visibility? An AI platform structures and understands inventory data, often with inconsistent naming conventions, in materials catalogs and tables across multiple ERP systems. The platform displays the most pressing inventory needs per plant and offers suggestions for planners, data managers and plant personnel to right-size inventories while doing the heavy lifting that eliminates manual efforts.
- How quickly can my company deploy AI technology for use on a daily basis? A customized AI system could take from 12 to 24 months to implement, but a productized AI platform can be quickly modified for an environment and provide results in as little as 90 days.
- How does AI for materials inventory management benefit sales? By having optimized inventory at each plant, production uptime is maximized so that customers remain satisfied with timely deliveries and are more likely to place future orders.
To listen to the entire “Taking Stock of AI Technology for Inventory Management” webinar, visit: https://supplychainnowradio.com/episode-266/.
If you are beginning an inventory management transformation, have a reduction goal or are just looking for a quick “big win” in 2020, give us a call!