Supply Chain Management
Supply chain management aims to manage the physical flow of goods from company to consumer. Managers maximize the efficiencies in this process to reduce costs, increase customer value, and achieve a competitive advantage. Information technology is used to communicate and track each item on its trip along the supply chain. SCM has four major categories:
- Production: Transforming raw materials into finished products
- Distribution: Processing products from supplier to customer
- Procurement: Sourcing and purchasing goods
- Logistics: Controlling the transportation of goods
Artificial Intelligence
Artificial intelligence are digital systems operating like a cognitive mind. They use vast arrays of digital knowledge to create, assist, and consult with people. These can range from customer service to idea generation to streamlining job processes. The growth of this product has occurred in the past two decades. AI is projected to increase exponentially, as more resources are put into its abilities.
The 3 major types of AI today are machine learning, natural language processing, and robotic process automation. Machine learning uses algorithms so they can utilize database information. Natural language processing focuses on human language and interpreting it. This creates machines that can speak and understand more casual language outputs. Robotic process automation uses algorithms to automate repetitive tasks. Adding these three processes together creates machines that are capable of mass internalization of data and the ability to convey that to its users.
Businesses are adopting AI rapidly, using it for many facets of operations. According to Forbes, "Almost all (97%) business owners believe ChatGPT will help their business." This article goes on to show many areas where adoption rates of this technology are near, at, or above 50% of businesses for given industries.
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