01 Sep Artificial Intelligence driven innovation in logistics
Artificial Intelligence (AI) is no longer a novelty to the world. For long, the world did hear about innovations that made strides on an industry level. However, the larger impact was felt with the recent advent of OpenAI’s ChatGPT. Every industry is now widely utilizing ChatGPT and similar tools to make their operations easier.
In 2023 alone, the buzz has been so much that in the next seven years i.e., by 2030, AI is expected to add US$15.7 trillion to the world’s GDP. This means more tools like ChatGPT will be on the rise and automation in labor intensive industries like logistics will be multifold. Experts also suggest that there is a possibility of 100 per cent digitization in specific and overall functions in the industry. On that note, here are some functions and processes in the industry which could go digital and will see rapid utilization of AI driven tools.
Customer interaction
Improving customer experience being the number one priority, interaction with each customer is of utmost importance. In this case, a tool like ChatGPT will come handy with essential business integrations. Reportedly, major logistics enterprises are now integrating ChatGPT as part of their regular enterprise solutions to address customer queries.
Data analysis
Logistics being a vast industry, studying data on all levels is highly essential. By studying and analyzing these data, the industry can diligently perform activities and take forward growth initiatives. AI is a smart tool that can help in analyzing the right data set for the industry and help the stakeholders make informed business decisions.
Carbon footprint monitoring
With the rising impetus on carbon emission reduction, the industry is now focused on counting every single carbon footprint and the percentage of emissions caused by each activity. With its predictive capabilities, AI will be the right tool to analyze carbon emissions caused by each activity.
Smart warehousing
Inventory management is the number one priority for the industry in airport as well as port level as the world saw a slump and a surge in less than during 2020 and 2021 respectively. In such cases, optimizing storage space, adjusting for seasonality and market trends are going to be the need of the hour. Some manufacturers are implementing smart warehouses with the intervention of AI to make their supply chain smart. Overall, the logistics industry too in an airport/port level is rapidly making their warehouses smart.
Redefining logistics ecosystem with AI
With AI being predicted to add US$15.7 trillion to the world’s GDP by 2030, it is clear that the industry is emerging as a powerful player. In the coming years, the impact of AI in industries like logistics will be much higher than expected. Therefore, innovation and AI will go hand in hand and redefine the business ecosystem in the near future worldwide.