If you’re like me, you’ve likely been hearing a lot about generative AI and its implications for businesses. I often get asked about how Everstream uses Artificial Intelligence (AI) and machine learning (ML) and our plans to incorporate generative AI into our solutions.
It’s an easy question to answer. AI and ML have been foundational to the Everstream platform since day one. Our robust incident monitoring has always leveraged AI/ML technologies to predict weather forecasts and extract supply chain topics and company names from media sources.
New AI technologies in supply chain management
AI technology continues to evolve and Everstream’s solutions continue to incorporate new and emerging AI technologies. As a big data company, we combine billions of supply chain interactions with AI, advanced analytics, and graph technology to produce both short-term and long-range strategic risk scores, assessed at the material, supplier, and facility location levels. As networks and risks change, so does the assessment.
Among the information our AI engine processes regularly:
Figure 1: Everstream’s data processing for AI in supply chain risk management.
Everstream’s AI applications in supply chain management
Our weather insights, ETA predictions, and equipment recommendations all incorporate ML modeling and evaluations to ensure that our customers avoid risks associated with on-time and in-full deliveries and make strategic plans that incorporate climate change and carbon emissions.
Our Everstream Discover solution uses AI for entity resolution to contextualize billions of trading transactions, derive trading relationships, and refine networks to visualize value chains. This is tough to do in a big data environment and requires the application of sophisticated AI/ML algorithms, graph technology, and data science.
Figure 2: AI can support detailed supply chain dashboards and integrations.
We do this through connected business networks, scalable computing power, graph database technology, and advances in AI algorithms that enable Everstream to combine massive volumes of public and proprietary data to build a model of the global supply chain. Our modeling uses open-source, 3rd party, and proprietary algorithms. As new data enters the system, models are automatically retrained to reflect the latest global supply chain environment.
The future of AI in supply chain management
As a company, we invest heavily in both artificial and human intelligence because it takes both AI and expert analysis to identify patterns, understand the context, and make accurate predictions. The advancement of generative AI (i.e. ChatGPT) has allowed us to auto-generate incident descriptions to support our Intelligent Solutions team – making our human intelligence more efficient.
Most importantly, we’re continuing to invest across all aspects of our platform so as technology evolves, so do our solutions.
Read Koray Kose’s take on Gen AI for supply chain risk management
Jim Hayden is Everstream’s Chief Data Scientist with 25 years’ experience producing award-winning solutions through the practical application of knowledge discovery and machine learning. At Everstream Analytics, Jim leads the Data Science teams in building scalable predictive and prescriptive supply chain risk solutions.