… your business could get additional help without adding personnel?
… your computer systems could be trained to detect when a customer is going to leave?
… a tool could warn you when a vendor will not serve you well enough to support your clients?
Monitoring internal activities and projecting into the future is hard. Getting trends wrong can be costly but at least you have direct control over operations and can react fast to head off total disaster once problems start.
Responding to problems with customers and vendors is much more difficult. For most manufacturers and distributors, many meetings, discussions and efforts go toward solving problems with external parties. Many of these problems are foreseeable and thus preventable – as long as trends are being monitored.
Artificial Intelligence (AI) as it exists now is unlikely to solve the problems with suppliers and customers, but it can alert you to issues earlier and prompt your people to act on them sooner. For example, the sooner you see that suppliers are taking longer to ship, are increasing short shipments or their quality is deteriorating, the sooner you can take corrective actions.
Likewise, knowing when customers are changing their behavior is critical to maintaining a profitable customer long term. Spotting the warning signs when they may be sourcing items from another supplier, looking to leave you altogether, or taking longer to pay their bills can only help you resolve issues before they become big problems.
What if… all these and many more were available to you today for a small investment?