Modern-day businesses have realized the importance of collecting and sharing supply chain information with trading partners and customers. By increasing supply chain transparency, companies can connect with customers, build trust, and gain better visibility into all stages of their supply chains to drive process improvements and react faster and more effectively when problems occur.
There are numerous advantages to supply chain transparency, such as the increasing confidence among companies that their suppliers, materials, and products are genuine, acquired honestly, and live up to company standards. Transparency also helps enterprises determine whether suppliers comply with regulations and ensure that all components are tracked from acquisition to delivery. This need for transparency is driving the demand for AI-based supply chain solutions. Market players are focused on product launches and partnerships to offer enhanced supply chain visibility. For instance:
- In June 2023, FourKites, Inc. (U.S.), a leading supply chain visibility company, expanded its partnership with NFI Industries (U.S.) to provide transportation partners with enhanced visibility and more granular data points. The company’s tools deliver valuable insights, allowing partners to take action and continuously improve performance and customer relationships.
- In June 2023, Vizion, Inc. (U.S.), a supply chain visibility solutions provider, launched an intermodal tracking tool to offer greater supply chain transparency.
- In May 2023, Resilinc Corporation (U.S.), a supply chain risk mapping, monitoring, and resiliency solution provider, partnered with SEMI (U.S.), the industry association serving the global electronics manufacturing and design supply chain, to provide over 2,500 of its members with resources for achieving greater supply chain visibility and transparency, enhancing the resilience of the entire semiconductor value chain.
Conclusion
The increased focus of businesses on integrating AI technologies to gain better visibility and transparency into all stages of their supply chains, drive process improvements, and react faster and more effectively when problems occur is driving the demand for AI-based supply chain solutions.
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