The global economy is subject to upheavals that highlight the problems affecting the supply chain, impacting its entire organization, from the factory to the consumer, as well as inventory management.
The Ever Given incident blocked 12% of world trade and losses amounted to 10 billion dollars. It reminds us of the interconnectedness and fragility of the global economy. The supply chain is a process that remains very complex and uncertain, just like customs procedures. The supply chain involves physical flows that are increasingly interconnected due to the growing complexity of product lines. Thus, as soon as a market instability appears, if the supply chain is not agile and flexible, it impacts the routing of products. In addition, the just-in-time, low inventory management favored by suppliers is dependent on market stability, and depends on far too many elements to be reliable in the long term. Fortunately, there are innovative approaches to combat these uncertainties. With the use of the Internet of Things (iOT) in the supply chain, the amount of data will increase drastically. And the solution to make the most of it is artificial intelligence.
And AI in all this?
Indeed, Machine Learning requires large amounts of data, provided by the iOT, to enrich the computer models. The objective of using AI is to react quickly to threats. This requires a high granularity on changes. Instead of looking at these on a weekly basis, we need to be more precise and move to a daily or even hourly level. The same is true for customs regulations: in order to monitor regulations, you need to have a high granularity on the measures that come into force in order to be able to comply with them at any time. Are there currently companies using AI for this purpose? Yes, Customs Bridge helps its customers to simplify their customs procedures by developing a high granularity AI engine in order to offer its users a powerful regulatory intelligence. The AI is now at their disposal to realize their regulatory watch. More information on www.customsbridge.fr