Application of Artificial Intelligence in Demand Planning

AI Professional-1

By Tarique- Senior Associate at  Credforce,

Artificial Intelligence is everywhere. It is creating a buzz in the industry with its arrival in recruitment and demand planning. Every sector today is aiming to deploy automation to make the machines work on tedious tasks and let the professionals do the rest. It is now disrupting demand planning in supply chain management.

Artificial Intelligence and Machine Learning together are improving demand planning which is meant to be the most promising applications of AI for supply chains. This AI integrated technology uses past experience to analyze the factors that influence product demand. Nevertheless, AI-enabled demand forecasting is still at a relatively early stage of development.

The power of AI and ML has changed the whole scenario as earlier with the increase of data, detection of customer purchasing patterns used to be a hard nut to crack. AI integrated technology has made this interpretation possible without the need for demand planners. Automation has opened a gateway to where the forecasting process is like a cakewalk. According to a McKinsey study, AI-enhanced supply chain management may lead to improved accuracy by reducing forecasting errors by 20-50%.

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Benefits of using Machine Learning for demand planning-

  • The analytical options are accurate, transparent, and thorough.
  • Knows how to play with data that can yield new insights. It holds the potentiality to ingest and use a broad range of data.
  • It holds the ability to update constantly on the most recent data and models.
  • Its speed of processing workflows that can yield data science insights on what data to curate.
  • Impacts the business with powerful algorithms that are easy to configure.

Demand prediction, when combined with human expertise, can give rise to fruitful results. Top companies will be using demand prediction. This will create a surge for AI professionals in the future who will make the machines smart enough to complete the tasks that don’t require human intervention.

Machines alone cannot do the job of prediction. It can never replace humans. AI professionals will always be in demand to assist in data processing and model selection. Since professionals are experts in their field, they can create wonders with their innovative ideas. According to research,  55% of organizations are set to make a major investment in Artificial Intelligence over the next two years.

According to Gartner, Artificial Intelligence is expected to create 2.3 million jobs by 2020. According to Dun & Bradstreet, 40% of organizations are adding more jobs as a result of deploying AI withing their business.

AI is coming of age. Every company is looking to implement AI technology in its processes. However, there is a huge shortage of proven talent and hence, an opportunity for young talents to make it big. According to the sources, the highest demand is for professionals with skills in natural language processing and generation, image-based analytics, chatbots, and machine learning.

With the increased adoption of AI in demand forecasting, a door to big opportunities will open for the AI professionals. The professionals who are experts in AI and ML will be able to grab their place in the top companies. Therefore, AI certifications play a crucial role in making a career in AI. Certifications provide your credibility by demonstrating your capabilities on various social media platforms and prove your worth in the market. They make your skill sets strong by making you learn various ML concepts and boost your knowledge of the latest tools and technologies. Grabbing a certification implies that an individual is quite serious towards his work and that they are willing to learn more. Gear up to stay ahead in this world of competition and earn a certification!

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