How can artificial intelligence fuel the logistics industry?

Artificial Intelligence

Artificial Intelligence is the buzzword of the year with many big giants in almost every industry trying to explore this cutting-edge technology. Right from self-checkout cash registers to AI-based applications to analyse large data in real-time to advanced security check-ins at the airport, AI is just about everywhere.

Currently, the logistics industry is bloated with a number of challenges related to cost, efficiency, security, bureaucracy, and reliability. So, according to the experts, new age technologies like AI, machine learning, the blockchain, and big data are the only fix for the logistics sector which can improve the supply chain ecosystem right from purchase to internal exchanges like storage, auditing, and delivery.

AI is an underlying technology which can enhance the supplier selection, boost supplier relationship management, and more. When combined with big data analytics AI also helps in analysing the supplier related data such as on-time delivery performance, credit scoring, audits, evaluations etc. This helps in making valuable decisions based on actionable real-time insights.

Here are a few ways in which AI has contributed to the logistics industry.

Enhanced Customer Experience

It’s now easy to improve the relationship between the logistics provider and customers with tailored solutions using AI. For e.g. The world’s leading logistics company DHL Parcel in cooperation with Amazon provides voice-based service in order to track couriers. This way their customers can get the shipment information using Amazon’s Alexa just by using speech recognition technology. Echo can also signal DHL for assistance in case of any problem with the shipment which can be later redirected to the customer assistance department.

Improves Production Planning and Factory Scheduling

AI works best for production planning and factory scheduling as it helps them to balance the constraints automatically. For e.g: AI can be used to reduce the supply chain latency for most popular or highly customized products. It can predict the demand and optimize the flow of those critical parts in order to keep the production moving smoothly.

Computing Power and Speed

With the development of supercomputers, AI contributes in significantly improving the processing power as well as the efficiency. The latest example is the development of the GPU (Graphical Processing Units) to expand the CPU functionalities to a great extent.

Algorithmic Advancements

The innovative algorithm of AI helps in detecting patterns and the discovery of correlations which are otherwise difficult or impossible to find by humans or conventional technology alone. This smart algorithm by AI is used to get information about the number of trucks available for delivery in real-time which can then be useful to know the price and approximate time frames for future deliveries.

Intelligent and Automated Warehousing

In England, you may find large warehouses that have automated operations run by robots who are able of completing around 65,000 orders (nearly 3.5 million grocery items) over the course of a week.

Using the operational capacity of the “hive-grid-machines” designed by the British online grocer Ocado, these automated warehouses are capable of moving, lifting, and sorting grocery items, which are then packaged and sent out for delivery. This hugely reduces the amount of time it takes to complete the majority of the company’s online orders.

In Nutshell

The increased data reliability introduced by these new technologies might cover the way for the back office AI in logistics. The digitization of transaction data is becoming more secure and widespread which allows AI to take over menial but as well as technical paperwork. Banks, accounting firms, and insurance companies are already using this type of technology to streamline the processing of client data and the logistics industry is making its moves to take benefit of this tech as well.

AI when coupled with other intelligent technologies and the vast amount of features it brings along is all set to redefine the entire global supply chain while creating sustainable value. AI is still in its nascent stage but when compared to the prevailing technologies and process in the global supply chain, it can be the salvation for the industry.

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How the Internet of Things is reshaping the World?

Internet Of Things

The Internet of things (IoT) is relatively a new concept which is slowly but surely making a place for itself in the business world. The Internet of Things is changing everything specifically in the workplace. There is no sign of IoT slowing down and if things remain the same for a few years, IoT may become the most important thing for businesses in the future.

What is the Internet of Things (IoT)?

It refers to a system of devices connected to the web and to each other such as coffee makers, light switches, fridges, garage doors, wearable devices, tablets, smartphones, headphones, washing machines, etc.

For example:

You can operate Smart toasters from your mobile phone with fine-tuning features for the perfect toast; central heating that can be turned on from the comfort of your car on your drive home from work.

How IoT Will Change Businesses in The Future?

By 2020 it is predicted that there will more than 25 billion web-connected devices. And, this is just a conservative estimate. Some experts even believe the number could be as high as 100 billion. If it is 25 billion or 100 billion, the number of devices that’ll be connected to the web by 2020 is significant enough for everyone to consider the impact IoT will have on businesses in the future.

In 2015, the amount spent by business on the internet of things rounded up to $700 billion and by 2019 this number is expected to increase to $1.3 trillion. Further, by 2020, IoT is expected to generate an additional $344 billion in revenues and lower costs by $177 billion. In fact, few U.S based organizations are already seeing an improvement in performance due to augmented reality and internet of things.

Over time, the internet of things will provide you with many little pieces of data and by putting together these pieces of data/ information you get a clear picture of your customers and/or the audience which you want to target in near future. To make sure that the resources of your organization don’t go to waste you need to combine the IoT with tools that help you to improve your targeted efforts.

Below are some of the ways that it will transform everyday life.

Ease Our Carbon Footprint

Internet of Things will give greener living accessible to all. Through the intelligent programming, we can use smart devices to control energy consumption and make choices that are friendly to the environment.

Better Healthcare 

IoT will contribute a lot in the healthcare sector because experts believe that new technology will help in improving drug management. It will also give enhanced patient experience and reduced errors in hospitals/clinics.

Smarter & Safer Cities

Can you visualize cities where parking is led by smart parking technology, where traffic lights are managed by traffic flow intelligence, where roads are a dream to drive on? Machine knowledge will make our towns, cities, and suburbs much safer for pedestrians and motorists.

Bottom line:

As everything is connected to the internet so it’s obvious that Internet of Things will increase in our day to day life and most of the technology needed for it has already been made. The IoT holds the potential to usher in sweeping changes in the way we work, play, entertain, farm and pretty much almost everything we do. India, with its strong network of software, engineering and manufacturing expertise is an excellent place to profit from the opportunities ahead, while also gaining from the productivity, cost savings and lifestyle improvement benefits.

The coming wave in IoT, and how it will navigate the future of businesses?

Internet-of-Thing

With an upsurge in the internet usage, it seems, as if it is the principal concept of everything in this contemporary era. The most pertinent contribution of the internet to mankind is the invention of the Internet of Things (IoT) which is classified as the ecosystem of all the objects that are connected to the internet.

Though a relatively new concept, IoT is here to stay forever and is fast changing everything particularly in the business realm. Emboldened by its amazing features and incorporation of unique marketing processes, IoT is progressively becoming the new source of capital for enterprises.

The entire world is rapidly migrating to IoT, with almost every industry investing in this new technology and constantly adapting to the fast-paced changes in the way. IoT is more than smart appliances or connected homes, it is swiftly expanding and efficiently shaping the future of the way businesses operate and interact. With everything becoming smart, technology experts call IoT as the ‘Next-gen of the internet’ or ‘Next digital revolution’!

Driving self-learning environment and digital disruption, IoT enables enterprises unlock new values and reinvent their business model along with changes in productivity, operations, costs, improvements and customer experiences. Here are the top four IoT trends that will navigate the future of the businesses in 2018:

  • Digital Twin

digital twin technology

Digital Twin is a trending strategic technology offering assistance with asset management, operational efficiency and insights into how new-age products can be used and how it can be improved. They are the next step in the IoT has driven world reducing operating cost and extending the life of the equipment as well as assets. It is boon in the manufacturing world, helping organizations stay afloat in the digital disruption by adapting the changes and deeply understanding the customer behaviour, preferences, customization, and experiences. The asset management makes it possible to manufacture high-quality products.

  • Blockchain Technology

Blockchain technology and IoT go hand-in-hand by providing scalability, enhancing security, seamless transactions as well as creating efficiencies in the supply chain. Blockchain technology is perfect for transforming the business as it helps to accelerate transactions, reduce costs and helps to build trust between the people and clients that transact together. The transactions in the blockchain are decentralized, automated and are encoded to maintain the enterprise-level privacy. Now improve operational efficiency, enhance customer experience and adopt new business models to reach goals faster.

key benefits - blockchain for IoT

  • SaaS

Software as a service is creating a buzz in this digital world, rapidly gaining popularity in the business world. A new class of centralized computing methodology enables businesses to amplify their revenue while delivering computing applications ‘in the cloud’ or through cloud computing. SaaS supports any dynamic business model, help them grow, reduce operational costs & change without being tied down due to IT infrastructure limitations or purchased licenses. SaaS has flourished in the recent years offering businesses of all types’ benefits like lowering costs, reducing time, scalable and robust features, and enhanced security. Take advantage of this cloud-based technology which can provide you peace of mind to run your business by being compatible and by saving time, money as well as resources.

  • Big Data Analytics

Big Data Analytics is here from quite some time now, bringing revolution in the way business use their mission-critical data and gain valuable insights out of it. IoT is all about devices, connectivity while Big Data Analytics is like the fuel for the business world. For example, when multiple devices and platforms get connected it gives rise to the humongous amount of data, gaining insights from this unstructured raw data is a challenge for business. This is where Big Data steps in discovering pattern and correlations in real-time to positively impact business.