Once thought of only as the stuff of sci-fi movies, artificial intelligence (AI) and machine learning (ML) have become more commonplace in the supply chain, with uses in a range of applications from manufacturing to yard management.
Many companies, however, have yet to tap into AI/ML for supply chain usage—but it is becoming more of a priority. That's the message from research conducted by Symphony RetailAI, a provider of integrated AI-powered supply chain solutions for fast-moving consumer goods (FMCG) retailers and manufacturers, in partnership with Incisiv. The survey reveals:
- 87% of FMCG retailers have not yet taken steps to embrace AI and ML.
- Data-related initiatives—supported by AI/ML tools—are becoming a top supply chain priority: 82% of respondents say they are focusing on data-driven demand forecasting and 61% cite the need to improve master data management.
- 92% of FMCG retailers say that their inability to integrate data from multiple sources prevents them from successfully pursuing AI solutions.
- Respondents cite other roadblocks to AI: poor data quality (79%) and a lack of confidence in AI to make good recommendations (31%).
- 22% of respondents are concerned about falling behind to the competition due to a lack of an AI-based strategy.