External Data Sources Are More Critical Than Ever in Supply Chain Management

AI models will always be more accurate than gut feelings from scant data because they are objective and have "considered" a wide variety and volume of relevant data. Natural language processing allows data scientists to take newsfeeds, social media text, and publicly available business reports and convert them into data for decision making. By training AI models to learn patterns in all sorts of contextual data that pertain to a particular industry, supply chain managers are able to identify the events that will lead to disruption. They are also able to prescribe the best actions to take to avert disaster in their supply chain or pricing structures. Some AI/ML models can automate an appropriate response or alert the human in charge to make the necessary decisions to avert disruption.