Supply Chain Forecasting Employing Artificial Intelligence and Machine Learning Approaches: A Survey

Supply Chain Forecasting Employing Artificial Intelligence and Machine Learning Approaches: A Survey

Divya Rathwe1, Prof. Virendra Verma2

Abstract: Off late, the demand for pharmaceutical products and drugs has ramped up significantly due to the ongoing COVID-19 scenario. Several instances have been reported where large scarcity of drugs have led to fatalities in patients. Hence, the necessity for a holistic approach for demand forecasting for the pharmaceutical supply chain has become imperative. Recently, soft computing techniques are being used widely for demand forecasting due to relatively higher accuracy compared to conventional statistical techniques. This work presents a comprehensive review on machine learning based models for demand forecasting in pharmaceutical supply chains. The performance parameters have also been discussed.

Keywords: Demand Forecasting, Pharmaceutical Supply Chain, Soft Computing, Machine Learning, Mean Absolute Percentage Error (MAPE).