As part of C3’s presence at the AI Frontiers conference, C3 Group VP of Products Dr. Nikhil Krishnan delivered a talk on AI in the enterprise focused on stochastic inventory optimization.
The annual AI Frontiers conference brings together leading data scientists and practitioners who have deployed large-scale AI applications and projects. This year’s conference in San Jose centered around data science topics such as natural-language processing, computer vision, deep learning, AI in healthcare and finance, and IoT.
Dr. Krishnan’s presentation, “AI-Based Stochastic Supply Chain Optimization,” described how the C3 Inventory Optimization application applies new technologies and approaches for industrial manufacturing companies to optimize inventory levels, improve service levels, and proactively manage supplier delays.
Until now, manufacturing companies have deployed Material Requirements Planning (MRP) software to support production planning, and automated inventory and supplier management. However, MRP software cannot easily address the need for real-time operations; they do not readily easily accommodate multiple data sources or leverage AI/machine learning to optimize supply networks and provide visibility.
This dynamic optimization and real-time insight are what C3 Inventory Optimization provides. The application helps organizations manage real-world uncertainties including variability in demand, supplier delivery times, quality issues with parts delivered by suppliers, and production line disruptions. C3 Inventory Optimization is particularly relevant to manufacturers of sophisticated equipment that are highly configurable, or manufacturers with a large number of SKUs. (Read a case study on a $30B global discrete manufacturer's use of C3 Inventory Optimization.)
“The risk mitigation benefits and productivity gains for manufacturers taking optimization seriously are exponential,” said Krishnan. “It’s not a case of ‘if’ but ‘when’ companies choose to apply AI and big data to their systems. Earlier adopters of AI-based systems will reap the rewards of getting ahead of the game.”
The 2018 AI Frontiers Conference was held Nov. 9-11 at the San Jose Convention Center.