Data Science for the Manufacturing Supply chain

Date:

Thursday, June 6, 2024

Time:

10:30 am

Summary:

Data science is becoming increasingly relevant in the field of manufacturing, primarily in the areas of Materials Requirement Planning (MRP), Master Production Schedule (MPS) and Distribution Requirements Planning (DRP). This abstract focuses on the application and influence of AI and data science in these areas. Data science leverages statistical models, machine learning, forecasting and optimization to analyze and interpret complex data sets. In the manufacturing context, these techniques can be used to optimize operations, predict demand, and improve supply chain management. Specifically, MRP can utilize data science to optimize Raw material inventory levels, reduce lead times, and anticipate material requirements from downstream operations. MPS can leverage data science to enhance production scheduling and planning, minimize downtime, and improve capacity planning. DRP can benefit from data science by improving the accuracy of distribution plans, reducing stockouts, and minimizing holding costs. The integration of data science into MRP, MPS and DRP can lead to more efficient and effective manufacturing processes, thus enabling companies to gain a competitive edge in today’s data-driven business environment. However, the successful implementation of data science in manufacturing requires strong data infrastructure, skilled personnel, and a culture that encourages data-driven decision making.

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