Europe led the way for deal volumes within the logistics sector in 2017, according to accountancy and business advisory firm BDO’s Logistics and Supply Chain Management M&A Review.
Achieving secure, high-performance supply chains requires the marrying of performance and permissibility with the transparency and trust of blockchain technology, by combining blockchain with a proven network platform, companies today can integrate blockchain with supply chain networks.
What is Blockchain?
Blockchain has traditionally been the technology underlying the cryptocurrency Bitcoin.
Omnichannel commerce is the Holy Grail for retailers. In response to changing customer expectations, brands are razor-focused on delivering a seamless experience across every channel, device, and location they serve.
A worldwide study of supply chain, procurement and finance business leaders has found that 55% of organisations are set to make a major investment in artificial intelligence (AI) over the next two years.
A further 25% also plan to make a minor investment in AI to determine its potential ROI over the next two years.
The research, conducted by Forrester Consulting and commissioned by Ivalua, revealed that finance, supply chain and procurement business leaders believe that one of the biggest challenges to adopting AI is the poor quality of enterprise data.
Almost two-thirds of respondents (59%) said that poor data quality will make it impossible for AI to make accurate and informed decisions, undermining their ability to get value from any AI investment.
“There is clearly a huge appetite for AI and this will only increase as more relevant applications and success stories come to light,” comments David Khuat-Duy, Corporate CEO of Ivalua.
“But when investing in AI, it’s important that organisations address challenges that will otherwise limit value. Driving accurate insights from AI is reliant on having a solid data foundation from which to work, and the findings show that this remains a significant obstacle for most organisations.
“Success requires organisations to simultaneously address enterprise data problems when investing in AI.”
Improving the calibre of data is no easy task, with respondents detailing that their inability to access data (44%), a lack of normalisation between data sets (43%) and inaccurate data (41%) as their biggest challenges to improving overall quality. In addition, 36% cited that information overload and lack of internal skills makes it difficult to make sense of data.
In addition to data challenges, 44% of respondents said they do not have the support of C-level executives regarding AI innovation.
They also claim that they aren’t currently able to get full value from AI due to the immaturity of applications, with 62% citing this as a problem, suggesting AI vendor marketing is far more advanced than capabilities. There is also uncertainty regarding how to apply AI to certain use cases (47%).
In terms of the practical uses of AI, the study details that respondents believe it can have the most impact in alerting the enterprise and suppliers to supply chain disruption (44%), recognising and flagging supplier compliance issues (39%), and quickly identifying instances of fraud (37%).
In addition, respondents think that AI adoption will lead to greater automation of menial tasks, making them actionable in minutes or seconds, instead of hours or days.
Two of the biggest areas flagged by respondents as having the greatest potential for automation is invoice processing (51%) and approval of proposed purchases (35%).
With shipping expenses growing at a rate of over 5% per year, this is clearly a substantial expense for any company; however, implementing a transportation management system can keep shipping costs to a minimal and bring a business significant transportation and freight savings.
Implementing a Transporation Management System
- The United Kingdom must advocate for "free and frictionless trade" with the European Union if it is to protect the nation's food supply chain, according to "The UK Food Supply Chain Manifesto" sent Tuesday to Prime Minister Theresa May.
In the real estate industry, success has a lot to do with location. The same holds true in the world of e-commerce – as more businesses leverage strategically-located warehouses to reduce their overall delivery costs.
There’s a lot of talk about artificial intelligence (AI) as the next best thing since sliced bread. But what does AI really mean for the food industry and what are the implications, asks Stephanie Duvault-Alexandre, a consultant at software provider FuturMaster?
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