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See the Change in Supply Chain and Logistics through Artificial Intelligence
The management of the supply chain and the logistics, artificial intelligence is leading up. It is demonstrated that relatively 65% of high-ranking transportation centered executives believe that the process of transportation, logistics, and supply chain are leading towards a great transformation. The evolution of artificial intelligence (AI), machine learning(ML) and several technologies carry great potential for disruption and innovation and are bringing change within the industry today.
The computing techniques of artificial intelligence, for instance, like machine learning, deep learning and NLP helps in lining the process of selecting the data having the large volume which is amassed from the supply chain and logistics. When these techniques are well employed and easily deliver the analysis which is refined well, and can easily initiate an event which is centered around the analysis results, the information provided is requested and many other functions which are complex are also performed.
From artificial intelligence investments, revenue is already driven by many organizations. The leading areas where revenue can easily be derived by businesses are product innovation, research and development, service to the customers and the supply chain operations.
Here are three ways AI can revolutionize supply chain management and logistics
Operational cost reduction and responsiveness
AI facilitates circumstantial intelligence and provides insights and knowledge into determining influential factors that reduce operations and inventory costs and improve responsiveness. Organizations embracing machine learning and other AI technologies are likely to benefit more from the insights into a variety of aspects including logistics and warehouse management, collaboration, and supply chain management.
A collaborative report by DHL and IBM, Artificial Intelligence in Logistics, highlighted a number of useful AI applications in logistics including
- Intelligent Robotic Sorting an effective, highspeed sorting of unstructured parcels, letters, and palletized shipments with the help of Artificial Intelligence driven robots that reduces human effort and error rates. Key Player: ZenRobotics
- AI Powered Visual Inspection a high potential area for AI in the logistics operational environment using AI-powered cognitive visual recognition capabilities to do maintenance of physical assets. Key Player: IBM Watson
Efficient supplier relationship management
AI can improve supplier selection and increase the effectiveness of supplier relationship management. Supplier-related risks are a major consideration for logistics professionals, says Darrin Mackay, a logistics expert at AWriter. Just one mistake on the part of a supplier and a company's reputation can be damaged significantly.
AI can analyze supplier-related data such as time in full delivery performance, audits, evaluations, and credit scoring and provide information to use for future decisions regarding certain suppliers. As the result, a company can make better supplier decisions and improve its customer service.
Enhanced Customer Experience
AI changes relationships between logistics providers and customers by personalizing them. A great example of personalized customer experience is DHL Parcels cooperation with Amazon. The delivery company offered a voice-based service to track parcels and get shipment information using Amazons Alex powered Echo.
A customer can query Alexa to find out the current whereabouts of their shipment. If there was a problem with the shipment, Echo users could also ask DHL for assistance and be redirected to the customer assistance department of the company.
The enthusiasm for AI is wellfounded and the value, while lacking in some areas, is evident in other areas like recognition of pattern and machine learning. The technology already plays a significant role in some of today's advanced supply chain and logistics solutions, increasing effectiveness, efficiency, and automating many tasks for supply chain managers and planners.
Source: HOB