The world today is in the middle of an evolution. Over the past decades, there has been substantial improvements and innovations in how we handle data Collecting, analyzing and viewing. The world today is in the middle of an evolution. Over the past decades, there has been substantial improvements and innovations in how we handle data. Collecting, analyzing and viewing of data has seen tremendous growth but there is still a long way to go before getting to the maximum efficiency. The most recurrent factors that limit the handling of data are time management and accuracy.
Business intelligence is mashing together different data sources, such as weather, traffic, and trade data to generate new insights. Also, automation and technological advancements such as Internet of Things (IoT), mobile solutions and telematics are proofed ways of improving the process of data collection.
However, they sometimes complicate the process of analyzing the data. In present world of business, a large volume of data is being generated from time to time and it is still a challenging issue to cater for. The trending way of doing this is through AI (Artificial Intelligence).
Put simply, AI refers to the use of computer systems to simulate human intelligence, with the added functionality of learning, acquiring and classifying information, and the ability to reason by way of finding insights into the data. The core of AI is been able to identify data across its volume, velocity and variety and then grouping the diverse nature of data.
As mentioned by the CEO Amazon (the ecommerce giant), Jeff Bezos, there are three technological foundations essential for the advancement of AI. They include: Algorithms, Compute power and Training data. The first two have been around for decades, but the third is still not in play yet.
Training data is where the idea of contextual awareness come in and it comes directly from consumers who transact online. When the ability to sense and respond to complex data variations, which is offered by AI, is combined with this contextual awareness, we can expect to see wonders in getting to the best possible outcomes when it comes to automation.
Today, artificial intelligence include things ranging from machine vision and chatbots, speech recognition to complex robotics. AI will definitely increase the speed and accuracy of handling data way beyond the capabilities of human. Without any doubt, all activities of business that includes the collection and analysis of all forms of data, structured and unstructured, will benefit from AI due to its ability to permit faster and smarter decision making. This makes the industry of Supply chain management a natural field requiring the injection of artificial intelligence.
With the trend in digitalization of supply chain, the next area where companies can look to raise their revenue is Artificial Intelligence. It will help the companies to analyze all voluminous and complex data to better understand the process of supply chains. This lays out the foundation for improved supply chain management by the effective reduction of time to get products to the market and the ability to deal with uncertainties. In addition, this will enable a smooth flow of information and product from one point to another.
As a result of this, Artificial Intelligence is an important evolution in supply chain that should not and cannot be ignored. It’s a sure way of saving time spent in every step of supply chain such as planning, monitoring and coordinating. It will allow the industry to focus more on growth and innovation and prepare them for unexpected situations.