The growth of artificial intelligence in recent years has been nothing short of amazing. Many people think of a number of different consumer applications for artificial intelligence like smart home speakers, self-driving cars, and how Netflix always seems to know what someone wants to watch next. But the enterprise growth of AI has also been impressive as many businesses look to leverage the power of artificial intelligence to improve operations, cut costs, and take the next step forward. In fact, enterprise use of artificial intelligence has grown 270% in the last 4 years.
For those looking to bring elements of artificial intelligence into their business, taking that first step can seem daunting. After all, implementing a new technology in an existing business can mean major changes are ahead. How do decision makers ensure that this is the right change to make? There are always a lot of questions surrounding artificial intelligence.
One of the main areas where businesses have made the leap to embrace artificial intelligence is in supply chain management. Due to the many complexities and intertwined processes of supply chain management, artificial intelligence is a logical way for businesses to make improvements. But if you’re looking at making this change, what are a few things you should know before diving in?
AI Enhances Human Workforces
One of the first concerns many people have about artificial intelligence is the effect it will have on human employees. Will people lose their jobs? This is a valid concern whenever the concept of automation is discussed. However, the fact is, artificial intelligence is designed to enable human employees to do their best work rather than replace them entirely.
Half of employees say that they spend 50% of their day on menial tasks. These tasks may be important to get done but they are time-consuming and don’t require a lot of thought or effort. AI gives businesses the opportunity to take many of these menial, time-consuming tasks from employees and enable them to focus on other things where they can be more productive and use their skills to their fullest.
Take data crunching for example; a business could have an employee sift through mountains of data, look for important points, and then build a report on their findings. Or, with the help of artificial intelligence, the data can be analyzed quickly with suggestions made to the human staff on which they can make the final decision. Hours per day could be saved for each employee which can be used to focus on things humans do better than AI like engaging with customers directly. And, speaking of data…
Piles of Data Analyzed Quickly
Many people think of artificial intelligence as some kind of limitless force of efficiency. While there is a lot of room for artificial intelligence to grow, the real benefit of AI today is having massive amounts of data analyzed quickly. Businesses have more data available than ever before but this comes with the new problem of having to somehow analyze all of that data. A human doing this task could be a full-time job. Artificial intelligence can analyze this increasing number of data points more quickly and efficiently.
What does this mean for a supply chain? Small details like changes in order frequency, delivery vehicle routes, scheduling trends, and more can all be spotted, analyzed, and planned for quickly. Artificial intelligence is best for using historical data and spotting patterns or trends. No matter how small the trend may be, the artificial intelligence platform can spot it and help businesses make better supply chain management decisions.
Better Customer Experiences
When it comes to supply chain management, artificial intelligence isn’t just about making the supply chain more efficient and cost effective for the business. AI can also help deliver better customer experiences. Of course, customers love it when their shipments arrive on time which artificial can certainly help with. But that’s just the beginning of the customer experience equation.
Artificial intelligence can help predict customer ordering trends so that sales staff can reach out proactively. Perhaps customer order history can provide insights into recommended products of interest that can be offered in the future. All of this can be accomplished with artificial intelligence and, best of all, delivering this quality experience can lead to increased revenue as well as an improved reputation.
Just Scratching the Surface
There is a lot to learn about artificial intelligence and how it can improve supply chain management. As technology improves, data point number increase, and business needs change, there is no telling how much businesses can accomplish with AI. To learn more, contact Clover AI Direct today.