AI Set To Transform Supply Chain Management
Artificial intelligence is here to stay and grow. Global revenue from artificial intelligence by 2025 is expected to touch $36.8 billion while currently the revenue is $643.7 million according to eMarketer’s figures. Servion predicts that by 2025, AI will account for 95% of customer interactions as humans continue to be replaced across industries by bots.
By 2018, more than three fourths of developers across the world are expected to use AI in services and applications.
The Growing Use Of AI In Supply Chain And Retail
The supply chain industry will take to AI in a big way according to experts. According to Gartner survey of 2016, one third of B2B companies will use AI in one of their sales processes by 2020. Starting from assembly to after sales interactions with customers, AI will be used in innovative ways in the coming years in the retail industry’s product and service cycles. AI would be integrated in the following areas in retail:
• Logistics and delivery
• Customer relationship Management
• Payment services
A study from Linc and Brand Garage indicates Alexa from Amazon, Messenger and other bots are already being used by retailers in a big way for improving customer experience. The survey showed 87 % of participants intended to step up use of AI to improve customer service in the coming years. Close to 44% of participants in this survey indicated that they would use a conversational interface with bots to enhance customer experience.
Ultimately, it is no secret that technology is truly enhancing the ways that companies get business done. For example, with regards to monitoring customer experience, more and more companies are now using a digital marketing platform and other analytics software to better identify their customers and prospects so that their products and services can be adapted accordingly.
Furthermore, one in five retailers said that chats will pave way for voice interactions in the coming years.
Different Uses Of AI
Among the first users of innovative AI and virtual reality are brands including Tommy Hilfiger and North Face. North Face has been using IBM Watson’s Fluid Expert Personal Shopper tool that improves the shopping experience by providing more intuitive shopping recommendations.
Tommy Hilfiger uses virtual reality to enable customers to view the clothes in their original display environment.
Manufacturing and assembly lines are already using robots and machine learning to streamline operations and cut down costs. For example, industrial mixing equipment manufacturers can control their industrial mixers via the use of AI. Additionally, Gakushu learning software enables robots to learn on the job and adapt to real-time environment conditions to speed up tasks like spot welding, more information about this can be found on the Weldinginsider.com site. Tesla has been at the forefront of adopting this learning software in its factory to boost productivity.
Domino’s Robotic Unit (DRU) is another AI powered robot that Domino’s has rolled out in the trial phase in some countries including Japan, Belgium, New Zealand, Germany and Australia. The robots figure out the best route for delivery apart from maintaining the food at the required temperature.
The awareness and ability to make fact-based decisions that artificial intelligence makes possible is completely new to supply chain management. This technology is expected to create the supply chain of the future – able to feel, perceive and react to situations at an extraordinarily granular level.
Oceanstar has built a favorable reputation as a global transportation logistics and procurement partner over many decades. We provide the advice and supply chain management you need, whether it be for the procurement of products or the transportation of cargo via ocean, air, trucking, or rail. Click here to learn more about our network and contact us if you would be interested in speaking with an Oceanstar representative.