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How to use no-code artificial intelligence to predict and minimize the inventory distortions for resilient supply chains.

Authors :
Jauhar, Sunil Kumar
Jani, Shashank Mayurkumar
Kamble, Sachin S.
Pratap, Saurabh
Belhadi, Amine
Gupta, Shivam
Source :
International Journal of Production Research; Aug2024, Vol. 62 Issue 15, p5510-5534, 25p
Publication Year :
2024

Abstract

Consumers' dramatic demand has a pernicious effect throughout the supply chain. It exacerbates inventory distortion because of significant revenue loss caused by stock-level issues. Despite the availability of several forecasting techniques, large organisations, manufacturing firms, and e-commerce websites collectively lose around $1.8 trillion annually to inventory distortion. If this problem is solved, sales may increase by 10.3 percent. The businesses are concerned about mitigating this loss. Artificial intelligence (AI) can play a significant role in building resilient supply chains. However, developing AI models consumes time and cost. In this paper, we propose a No Code Artificial Intelligence (NCAI) enabling non-technical companies to build machine learning models based on production quantity and inventory replenishment. The development of the NCAI model is fast and inexpensive. However, little research deals with applying NCAI to operations and supply chain problems. Addressing the existing gap, we show the application of NCAI in the retail industry. [ABSTRACT FROM AUTHOR]

Details

Language :
English
ISSN :
00207543
Volume :
62
Issue :
15
Database :
Complementary Index
Journal :
International Journal of Production Research
Publication Type :
Academic Journal
Accession number :
178176808
Full Text :
https://doi.org/10.1080/00207543.2023.2166139