Application of Machine Learning Techniques in Supply Chain Management

Anshul Agarwal, Arvind Jayant

International Research journal of Management Science and Technology

ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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APPLICATION OF MACHINE LEARNING TECHNIQUES IN SUPPLY CHAIN MANAGEMENT

2 Author(s): ANSHUL AGARWAL, ARVIND JAYANT

Vol - 10, Issue- 6 , Page(s) : 29 - 49 (2019 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

Supply Chain Management is very crucial for any business organization. Many times people involved in business activities have to take decisions regarding various aspects of supply chain like planning, procurement, production, inventory management, transportation, distribution and customer relationship management. The prospects of any company depends on these decisions. These decisions are taken on the basis of predictions and forecasting models developed for various areas of supply chain mentioned above. These models and framework developed for decision-making should be accurate and precise as company’s revenue depends on this. Methods: Generally, the models are formulated using traditional methods but in recent trends latest methods are used such as Machine learning and Natural Language Processing. Findings: This paper presents a comprehensive review of all machine learning algorithms as well as NLP techniques applied to develop such models and frameworks. There is vast application of these algorithms and techniques in all areas of supply chain management. Finally, a list of potential work for future research directions are recommended.

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