The Impact of Supply Chain Artificial Intelligence on Profits of Manufacturing Companies

The Impact of Supply Chain Artificial Intelligence on Profits of Manufacturing Companies
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Abstract
Artificial intelligence is increasingly being used in manufacturing because of its perceived benefits. There are many ways through which artificial intelligence can enhance efficiency and increase productivity. Notably, there are prospects that firms utilizing artificial intelligence increase their profits. A survey research will be conducted targeting managers, investors, personnel, and stakeholders in manufacturing firms. The data collected aims to highlight the benefits of artificial intelligence and its implications on company profitability.
Key words: artificial intelligence, supply, technology, efficiency, profits.
Table of Contents
TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc70432296 \h 2
1.Introduction PAGEREF _Toc70432297 \h 4
1.1.Broad Issues and Current Conditions PAGEREF _Toc70432298 \h 4
1.2.Problem Definition PAGEREF _Toc70432299 \h 6
1.2.1.Formal Problem Statement PAGEREF _Toc70432300 \h 7
1.2.2.Past Research and Gaps PAGEREF _Toc70432301 \h 8
1.3.Purpose of Study PAGEREF _Toc70432302 \h 9
1.4.Research Questions PAGEREF _Toc70432303 \h 9
1.5.Hypotheses PAGEREF _Toc70432304 \h 10
1.6.Philosophical Research Paradigm PAGEREF _Toc70432305 \h 10
1.7.Theoretical Framework PAGEREF _Toc70432306 \h 12
2.Literature Review PAGEREF _Toc70432307 \h 13
2.1.Introduction PAGEREF _Toc70432308 \h 13
2.2.Artificial Intelligence and Efficiency PAGEREF _Toc70432309 \h 13
2.3.Artificial Intelligence and Costs PAGEREF _Toc70432310 \h 18
3.Research Methodology PAGEREF _Toc70432311 \h 23
3.1.Methodology PAGEREF _Toc70432312 \h 23
References PAGEREF _Toc70432313 \h 24
1 Introduction
1 Broad Issues and Current Conditions
In almost every sector, businesses are adopting artificial intelligence to enhance efficiency, automate processes, and reduce costs. There are many ways through which manufacturing companies enhance their performance and increase revenue through the use of artificial intelligence. In a report by Gartner, it was found that supply chain institutions are expecting to double their use of artificial intelligence system to double by the close of 2020 (Jacobs, 2020). There are increasing complexities in the supply chain systems that mandate the need for efficiency and lower margin for errors. Moreover, as competition continues to increase, companies are capitalizing on the power of technology to enhance profits and ensure that they remain competitive in the market (Senthiil, Sirusshti, & Sathish, 2019). People are capitalizing on speed, efficiency, and reduced costs to ensure that their needs are met faster and whenever they want. Therefore, leveraging on the power and ability of artificial intelligence will ensure that manufacturing companies remain productive even as they address the different aspects related to supply and logistics (Kersten, Blecker, & Ringle, 2019). The availability of raw materials and speed of distributing finished products from manufacturing centers can be enhanced through the power of artificial intelligence.
In the suppl...