A technological boom is transforming the shape of our world in multiple ways. It is hard to think about the times when our routines still ran on manual power and not technological aid. Businesses, especially, have been revolutionized in terms of marketing and operational solutions.
Logistics is an inherent part in every merchandising and manufacturing business. Logistics also happen to be a central focus of technological development. AI has shown promising results in terms of efficiency for supply chains.
As per the International Data Corporation (IDC), the global market research agency, many facets of the business supply chain are in for a fierce evolution in the short-term future. In the words of Simon Ellis, vice president of IDC’s global supply chain strategies practice, the supply chain is currently experiencing an unmatched reform affecting every last bit of its fabric.
IDC estimates that by end of year 2020, a majority of the largest manufacturers will implement AI and automation and will in turn enjoy a 15% gain in productivity.
Let’s take a look at the impact of AI and machine learning on the different niches making up the supply chain:
Artificial Intelligence – the path to efficient and resilient fleet management
Our definition of maps and travel has changed drastically in recent years. Fleet management is inevitably getting more secure and agile thanks to the improvements to modern technology. AI-empowered fleet management is often referred to as ‘Smart Fleet Management’ and it has already become a booming industry. As per estimates by Grand View Research, the value of this evolving domain is expected to grow to $565 billion in the next five years.
AI strives to improve efficiency and productivity, making fleet management more resilient by solving the complications caused by workforce shortages, unforeseen breakdowns of transport vehicles, weather delays and siloed data issues.
Quicker and more accurate fleet optimization based on real-time weather, traffic, and road route details is one significant provision of AI-empowered technology. Distinct data analysis with AI allows for better fleet management by enabling quicker repairs. All this paves the way for seamless fleet management processes.
IoT and AI erasing asset losses and making the supply chain safer
The power of AI for data-based predictions can help in making informed decisions and planning for the future. It can help remove unwanted slowdowns and asset loss with real-time insights that can be accessed by operators on duty.
A combination of IoT and AI can provide drivers with a visual safety monitoring system that has already shown impressive results in reducing accidents on the road.
Asset tracking by Beacon signals
Asset tracking and safety haunt the dreams of every manufacturer. The aid of AI and modern tracking systems might be a solution that has long been sought.
Beacon signal trackers lend real-time tracking information to both the manufacturer and warehouse managers. Modern technology has no limitations when it comes to the precision of tracking assets in a widespread distribution area.
It is a solution that protects business owners from the horrors of asset theft all while using significantly less battery than traditional trackers. Beacons can prevent downtime resulting from unforeseen circumstances.
It is evident after understanding how this technology is influencing the logistic industry that AI is here to stay. The future of AI in the logistics business is bright. It is only a matter of time before every single business in this industry will be using artificial intelligence.
As proclaimed by the IDC, by 2023, approximately 70% of world manufacturers will have introduced AI-empowered robots to automate tasks and deal with supply chain deficiencies.
Data is the soul of every business and organizational system, and AI has proven that it excels at supplying it. The shift to AI is a change that will need to be adopted in order to meet the demands of the future.