AI and Demand Forecasting
Peggy Smedley and Jeff Winter talk about demand forecasting. He says demand forecasting involves predicting future customer demand for a product or a service—and it is the starting point for all supply chain planning and management activities.
They also discuss:
Three ways AI (artificial intelligence) can help with demand forecasting.
The bullwhip effect in the supply chain.
Examples of how different industries benefit from using AI with demand forecasting.
Questions Jeff answers in this episode:
In what ways can AI help with demand forecasting?
What values does this provide?
What vertical markets stand to benefit the most?
What are your predictions for the future? What does the future hold?
Sources Referenced:
McKinsey & Company - Smartening up with Artificial Intelligence (AI) - What’s in it for Germany and its Industrial Sector? 2017: https://www.mckinsey.com/~/media/mckinsey/industries/semiconductors/our%20insights/smartening%20up%20with%20artificial%20intelligence/smartening-up-with-artificial-intelligence.ashx
Forbes - 10 Ways AI Is Improving Manufacturing in 2020 (Danone Case Study): https://www.forbes.com/sites/louiscolumbus/2020/05/18/10-ways-ai-is-improving-manufacturing-in-2020/
World Economic Forum - The Future of Jobs Report 2023: The Future of Jobs Report 2023 | World Economic Forum (weforum.org)
PwC’s 2023 Digital Trends in Supply Chain Survey: Supply chain risk and resilience: PwC
