Taking the supply chain to next level, Locus has released a smart supply chain decision-making platform ‘Locus NodeIQ’ which enables companies to perform end-to-end network and inventory optimization. Locus, which focuses on fast-moving consumer goods (FMCG), consumer packaged goods (CPG), retail, home services, third-party logistics (3PL), e-commerce and industrial enterprises, provides a portfolio of products that drive efficiency with AI and machine learning. NodeIQ automates strategic supply chain decisions that impact four key areas; flow, location, inventory, and strategic sourcing. With NodeIQ, users can optimise the movement of goods, from raw materials to delivery of finished products, identify optimal facility locations to address supply and demand gaps, optimise stock levels and improve strategic sourcing. NodeIQ factors in real-time constraints like service levels, lead times, costs and capacity to minimize costs and maximize efficiency.
“A black swan event like the pandemic demonstrates the importance of agility in the supply chain,” said Krishna Khandelwal, Chief Business Officer, Locus, in adding, “But supply chains are enormously complex, and depending on the scope of the operation, the number of factors to weigh in while making the right strategic decision is truly beyond human capacity. NodeIQ’s AI-powered strategic decision-making capabilities let enterprises make the right strategic choices so they can stay agile and optimize results at every level.”
Locus products are gaining users worldwide because the platform is simple to use. Supply chain optimization is a data-intensive function, but Locus uses AI and other advanced technologies to cleanse data, flag anomalies and deliver clear insights. Following the same product principle of ease and simplicity, Locus NodeIQ uses a digital twin approach to make it easy for clients to test various scenarios and drill down to specific segments of the supply chain to assess potential impact. As a result, Locus customers operate more efficiently and are able to respond quickly when business conditions change.
“When COVID-19 hit, demand supply planners, procurement managers, supply chain analysts, ecommerce and warehousing specialists and other supply chain leaders at organizations around the world came together to assess how the pandemic was affecting the supply chain and make decisions on how to move forward,” Khandelwal observed. “Lack of digital visibility hampered this effort for too many enterprises. Locus NodeIQ and our complete portfolio of solutions can provide that visibility.”