AI-enabled intelligent inventory and supply chain optimization platform for SMEs
1 Independent Researcher, Minnesota, United States.
2 Independent Researcher, Lagos, Nigeria.
3 Independent Researcher, Port Harcourt, Nigeria.
4 Sanctus Maris Concepts Ltd, Nigeria.
Review
Comprehensive Research and Reviews Journal, 2024, 02(02), 001–012.
Article DOI: 10.57219/crrj.2024.2.2.0030
Publication history:
Received on 22 September 2024; revised on 01 November 2024; accepted on 04 November 2024
Abstract:
An AI-enabled intelligent inventory and supply chain optimization platform offers SMEs a transformative solution to streamline operations, improve forecasting accuracy, and reduce costs. SMEs often face challenges in managing inventory efficiently, forecasting demand, and maintaining strong supplier relationships, largely due to limited resources and fragmented data. This platform integrates data from multiple sources such as sales, ERP, and supplier systems into a centralized system, enabling comprehensive visibility across inventory and supply chain functions. The platform employs machine learning algorithms to analyze historical data, identify trends, and predict demand patterns, resulting in more accurate forecasting and optimized stock levels. With predictive analytics, SMEs can set dynamic reorder points, minimizing overstock and stockouts while maintaining optimal safety stock. Additionally, the platform provides real-time tracking of shipments and supplier performance, allowing SMEs to monitor logistics in real-time and make informed, proactive decisions. Intelligent automation tools further enhance productivity by automating reorder processes, handling order generation, and reducing manual intervention in restocking. Benefits of this AI-driven platform include increased operational efficiency, reduced inventory holding and ordering costs, and enhanced customer satisfaction through timely order fulfillment. By optimizing stock levels and supply chain flows, SMEs can adapt quickly to market fluctuations and demand shifts, gaining a competitive edge. While challenges remain, such as data integration and employee training, the platform’s scalable design allows SMEs to start small and expand as needed. As AI technology advances, SMEs adopting these intelligent systems will position themselves for sustainable growth, improved resilience, and higher customer satisfaction in a rapidly evolving market landscape.
Keywords:
Artificial intelligence; Supply Chain; SMEs; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0