Artificial Intelligence Supply Chain Management Drives Sphera Acquisition
Summary
Artificial intelligence and enhanced data use are becoming a key part of supply chain management, and Sphera is boosting its capabilities in the area by completing an acquisition of software company Riskmethods. Riskmethods’ software as a service platform uses artificial intelligence, a range of data, and machine learning to identify, analyze and mitigate all types of supply chain risk. Earlier this year the company added a lifecycle assessment automation platform to assist businesses in tackling increasing investor and regulatory demands regarding sustainability and ESG efforts. Artificial intelligence in the supply chain market is expected to be valued at nearly $20.2 billion by 2028, growing at 20.5% per year, according to a report from BlueWave Consulting. Machine learning accounts for the largest share of the market, and the advantage of artificial intelligence to improve operational efficiency and take predictive supply chain measures is spurring the growth.
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