AI Unleashed: Transforming Buzz into Real-World Change

According to Bill Benton, who co-founded gainsystems, businesses can break free from the buzz surrounding artificial intelligence adn leverage it effectively to enhance their supply chains.

Benton emphasizes that the journey begins with pinpointing the exact issue at hand by utilizing an “impact matrix.” The key is to identify meaningful events and potential responses that could yield substantial benefits for the institution.

The focus should be on fast implementation and a pragmatic view of what’s achievable. Frequently enough, these actions are not glamorous; they involve setting realistic targets rather than aiming for lofty goals like fully automated planning or flawless demand forecasting, which should be considered as future aspirations.

While theoretically one could analyze countless scenarios and data points, Benton suggests a more strategic approach: using AI to filter through this information. This allows companies to take targeted actions that enhance human efforts rather than replace them entirely.

A common misunderstanding about AI today is confusing experimental projects with practical applications.Benton notes that around 83% of ambitious AI initiatives either fail fully or fall short of their initial objectives.

The real error lies in not accurately assessing success probabilities but instead chasing overly ambitious targets. Supply chain leaders should aim for “quick wins” first and then build on those successes incrementally—allowing each achievement to fund the next step forward.

AI can deliver immediate and significant insights by generating relevant scenarios tailored to an organization’s needs. While its findings often draw from past data, it also has the capability to evaluate unprecedented events where no prior strategies exist.