In recent years, we've seen how rising costs, disrupted supply chains, and lockdowns can adversely affect businesses of any size. But there are some solutions that, if followed, can reduce your risk and help make turbulent times a little easier. This week on Let's Talk, our experts share their tips that will help you address the risks and prepare your business for any supply chain shocks. "There are several tactics that Australian business leaders can adopt to prepare for and address the aftershocks of shipment delays and stock unavailability. "Rather than relying on the just in time approach, which can be risky when there are supply shortages or shipping delays, the just in case approach is recommended. This approach focuses on forecasting demand to proactively secure sufficient supplies ahead of time. For this to work, a robust business management solution which grants to timely data which provides insight into incoming orders versus available stock is a key requirement. The just in case approach can boost profitability, while preventing wastage. "Having up-to-date industry data like procurement lead times, stock levels and order volumes can allow business owners to manage potential vulnerabilities in the supply chain and optimise efficiencies within. Finance teams can leverage this data allowing them to create more accurate financial forecasting models to save on supply chain costs and inventory management."

In a mid-2020 issue of Supply & Demand Chain Executive, I had the pleasure of speaking with managing editor Brielle Jaekel on the "emerging technologies that claim to help companies in the supply chain." "In the near future, supply chain AI will begin to migrate to machine learning. Currently, supply chain AI consists of developers programming business rules, telling computers what to look for and what action to take when it encounters those situations, but as AI migrates to machine learning, it will begin to think for itself. As machine learning becomes more advanced, technologies will increasingly be able to make note of repetitive situations and past experiences to start learning and making recommendations on its own. Technology like this has already deployed on a wide scale in other industries, and it has the potential to rapidly automate and improve a wide range of supply chain processes."

Modern disruptive technologies like Machine Learning (ML) and Artificial Intelligence (AI) make their presence known in today's competitive markets. Organizations continuously attempt to improve profit margins, cut down on expenses, and provide a superior customer experience. It is evident that Artificial Intelligence and Machine Learning have become buzzwords in various industries, but what is their role, and what do they mean when it comes to Supply Chain Management? Using machine learning in logistics and supply chain management may aid in the automation of various routine processes, allowing businesses to concentrate on more strategic and significant business operations. Artificial intelligence and machine learning applications can be seen in every element of the supply chain process, including production, inventory management, procurement, warehousing, shipping, and customer support.

Machine learning is one technology that has revolutionized industries by helping optimize their day to day processes. One such segment where the technology has made its mark is supply chain optimization and management. ML in the supply chain has made it possible for businesses to discover patterns and identify variables that impact the networks' success. Supply chain optimization or even management requires a business to continually look into data and discover the changing patterns. What has been a manual or a semi-automated process, now doesn't need manual intervention thanks to ML in the supply chain.

Artificial intelligence has made noticeable changes to technologies around the world. Perhaps AI's most notable potential, however, is its role in the supply chain industry. AI has changed the supply chain process from reactive to proactive, which creates a larger change in how data-driven processes will operate in the future. The true role of AI in the supply chain is to enhance and augment human intelligence and decision making. That is much different than what some people view as making human intelligence obsolete, according to experts at Supplyframe.

Artificial Intelligence (AI) is expected to have a more profound impact on humanity than electricity or fire, according to Google's CEO Sundar Pichai. In the manufacturing business heavy investments are being made in AI. It is predicted to affect every step within the supply chain process in future, enabling more efficient procurement activities than ever before. Numerous vendors already claim to operate with this intelligent technology. But the reigning buzzword is not always understood, used and promoted correctly, which leads to confusion both by buyers and sellers.

Machine learning is one such technology which has the potential to become one of the most disruptive technologies of the 21st century. Machine learning refers to the ability of computers to learn on their own without being explicitly programmed. It is driving innovation across sectors such as healthcare, agriculture, education, supply chain, manufacturing, etc. The supply chain is one such sector which has also joined the bandwagon as it now leverages machine learning algorithms to find out new patterns in supply chain data to revolutionize every element of the supply chain for a business. Managing a supply chain is a crucial process as an optimized supply chain helps reduce costs and increase the speed of the production cycle. A supply chain is a crucial aspect of a business process.

Like most people, coffee is one of the most important rituals in my morning routine. There's something about the aroma and taste that kick-starts my ability to have a great day. So imagine my surprise when I found out that a favorite coffee shop was closed before I had to jump on an early-morning flight home. The employees were in the shop, but the gate locked out coffee aficionados, like me, that really needed that jolt of caffeine. Although this experience was understandably a letdown, it was also a source of inspiration.

Olay Skin Advisor is a mobile app that relies on machine-learning algorithms to analyze skin care needs. The app performs a facial analysis from a consumer's no-makeup selfie and recommends products based on personal data and best practices from skin care experts. The artificial intelligence (AI)-enabled app also collects buying behavior data directly from the consumer and uses that data to determine the demand for and recommend specific products. Supply chain leaders must assess their company's risk culture to determine their readiness to explore and adopt emerging offerings Similarly, FlavorPrint, an AI-based platform introduced by McCormick spinoff Vivanda, determines what is called a "flavor DNA" -- a digital taste identifier that matches consumers to food items. Through this direct customer engagement, FlavorPrint is sensing demand by better understanding customer preference.

Like most people, coffee is one of the most important rituals in my morning routine. There's something about the aroma and taste that kick-starts my ability to have a great day. So, imagine my surprise when I found out that a favorite coffee shop was closed before I had to jump on an early-morning flight home. The employees were in the shop, but the gate locked out coffee aficionados, like me, who really needed that jolt of caffeine. Although this experience was understandably a letdown, it was also a source of inspiration.