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Enhancing Supply Chain Agility and Sustainability through Machine Learning: Optimization Techniques for Logistics and Inventory Management.
- Source :
- Logistics (2305-6290); Sep2024, Vol. 8 Issue 3, p73, 16p
- Publication Year :
- 2024
-
Abstract
- Background: In the current global market, supply chains are increasingly complex, necessitating agile and sustainable management strategies. Traditional analytical methods often fall short in addressing these challenges, creating a need for more advanced approaches. Methods: This study leverages advanced machine learning (ML) techniques to enhance logistics and inventory man-agement. Using historical data from a multinational retail corporation, including sales, inventory levels, order fulfillment rates, and operational costs, we applied a variety of ML algorithms, in-cluding regression, classification, clustering, and time series analysis. Results: The application of these ML models resulted in significant improvements across key operational areas. We achieved a 15% increase in demand forecasting accuracy, a 10% reduction in overstock and stockouts, and a 95% accuracy in predicting order fulfillment timelines. Additionally, the approach identified at-risk shipments and enabled customer segmentation based on delivery preferences, leading to more personalized service offerings. Conclusions: Our evaluation demonstrates the transforma-tive potential of ML in making supply chain operations more responsive and data-driven. The study underscores the importance of adopting advanced technologies to enhance deci-sion-making, evidenced by a 12% improvement in lead time efficiency, a silhouette coefficient of 0.75 for clustering, and an 8% reduction in replenishment errors. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 23056290
- Volume :
- 8
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- Logistics (2305-6290)
- Publication Type :
- Academic Journal
- Accession number :
- 180019530
- Full Text :
- https://doi.org/10.3390/logistics8030073