Machine learning is turning inventory manufacturing into an agile and dynamic process, opening an array of opportunities and information for inventory manufacturing around the globe. By implementing machine learning to optimise and streamline business practices, the inventory environment is becoming more competitive.
If you think about an individual company, there is so much data being exchanged on an internal level. The amount of data continues to grow outside of the company as well. Externally, data is being populated on videos, emails, search engines, spreadsheets and more. But what’s the point of having all of this data? If there’s too much to sort through, how will a company derive any meaning or understanding from it?
What is Machine Learning?
Machine learning is a fascinating solution that allows us to learn from data through a computer that has developed statistical techniques. These techniques give the computer the ability to continuously learn from data.
Machine learning is a segment of artificial intelligence that provides high-speed data analysis, greater than what human analysts could achieve. This is due to the sheer amount of information and data it can process at any given time. With this technology, patterns can be extrapolated. It can also do functions such as process customer service requests and help with demand forecasts.
In everyday life, machine learning is seen in the technology that provides us with self-driving cars and speech recognition. It has helped us rifle through the internet faster and more efficiently by helping us with effective web searches.
How Does Inventory Relate to Machine Learning?
Inventory manufacturing environments are latching on to the benefits of machine learning. One of the biggest benefits machine learning can yield is more accurate demand forecasting. When your demand forecasting is more accurate, many facets of manufacturing can be more efficient. With a more accurate count for production, you can save on energy costs; if you don’t overproduce, you will not waste energy. In large scale inventory manufacturing settings, these energy costs can add up.
Machine learning can also assist in optimising inventory distribution. It can streamline delivery services and take into account any factor that would impede on delivery. With this kind of optimisation, inventory manufacturing has that opportunity to have stronger service levels and be more proactive with delivery issues.
The algorithms behind machine learning can also co-ordinate the manufacturing centre and store where the products are sold. With up-to-date, real time information, some manufacturing machines can change settings to increase or decrease production seamlessly.
Moreover, machine learning can provide insightful information surrounding manufacturing machines and when they need maintenance. It can recommend times for preventative maintenance, helping the warehouse run more efficiently. This process has been optimised through intelligent, preventative maintenance.
The opportunities with machine learning are limitless. The inventory manufacturing industry welcomes the current changes and it will be exciting to see where future applications go.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.