First-of-its-kind tool leverages AI and historical data to predict price fluctuations and availability across key commodities including rare earth, raw material, and industrial gasses
MILPITAS, CA– December 9, 2021 – Resilinc Corporation, the world’s leading supply chain monitoring, mapping, and resiliency solution is pleased to announce the launch of CommodityWatchAI. The artificial intelligence (AI)-powered tool monitors over four million data sources and trends on key commodities – including but not limited to gold, copper, aluminum, silicon, and paper – and predicts price fluctuations in the coming months by analyzing historical data on how these commodities have responded when faced with similar circumstances. Armed with this data, organizations can make strategic purchasing decisions, negotiate favorable contracts, and protect continuity of supply.
“Rare earth elements and commodities like precious metals, industrial gasses, chemicals, and even paper are resources with limited supplies. As more and more commodities go into constrained and delayed stages, we see intense cross-industry competition for them,” said Resilinc CPO and co-founder, Sumit Vakil. “CommodityWatchAI delivers dynamic, rapidly updating insights into price and supply availability. That empowers category managers and buyers to negotiate advantageous terms.”
One of the most significant challenges in supply chain management is anticipating price fluctuations of raw materials and goods in unstable global markets. Category managers and buyers need fresh, dynamic information about price and supply trends. In today’s world, static snapshots delivered every quarter or month are insufficient and companies lose the window of opportunity to take advantage of price and supply changes.
CommodityWatchAI is a first-of-its-kind product that provides customers with warnings on price fluctuations two to three months prior. It does this by leveraging AI, historical data, and machine learning to: send alerts about an event or trend that is impacting supply and demand for a specific commodity; predict the risk level and price fluctuation; and propose a purchasing action plan for commodity and sourcing teams.
“CommodityWatchAI uses Resilinc’s AI capabilities to scan 4.2 million data and news sources to identify events or supply and demand trends that could potentially impact pricing for specific commodities or raw materials,” said Shahzaib Khan, Resilinc’s Senior Director of Data and Product. “When an event occurs, it then uses AI to look at pricing trends for that commodity over the past 10 years, when faced with the same event or supply and demand trend. Users are then provided with the predicted price fluctuation of that commodity over the subsequent three months.”
Currently, CommodityWatchAI monitors dozens of commodities including but not limited to gold, silver, aluminum, copper, caustic soda, cobalt, helium, paper, and tin; all were chosen due to their wide use across products and industries. Resilinc will continue to add commodities to the platform on an ongoing basis.
CommodityWatch AI is part of Resilinc’s evolution and vision to integrate AI and machine learning with supply chain risk management, bringing predictive supply chain visibility and resiliency to customers. For more information about Resilinc’s products and services, please visit our Products Page.
Resilinc is the world’s leading supply chain monitoring, mapping, and resiliency solution. Over 100 of the world’s leading organizations including IBM, General Motors, Amgen, and Western Digital rely on Resilinc’s AI-powered monitoring service to have visibility into potential supply chain disruption. Resilinc maps the supply chain multiple tiers deep, down to part, supplier and site levels, and exposes bottlenecks deep in sub-tier suppliers. Companies partner with Resilinc to protect revenue despite supply chain disruptions worldwide. For more information, visit us at https://www.resilinc.com.