Sonal Pandey
There is no bigger industry on our planet than food and agriculture. In fact, the World Bank estimates that food and agriculture comprise about 10% of the global GDP (Gross Domestic Product). Despite a huge customer base, the food industry is facing unprecedented challenges in production, demand and regulations stemming from consumer trends. Due to the involvement of humans, the food industries are failing to maintain the demand-supply chain and lacking in food safety. To overcome these issues in food industries, industrial automation is the best possible solution. Automation is completely based on Artificial Intelligence (AI) or Machine Learning (ML) or Deep Learning (DL) algorithms. Artificial intelligence with data science can improve the quality of restaurants, cafes, online delivery food chains, hotels, and food outlets by increasing production by utilizing different algorithms for sales prediction. Artificial Intelligence (AI), a radical concept developed by computer scientists in the 1950s, has tremendous applications in our daily lives. Artificial intelligence aims to learn human cognitive abilities and eventually surpass them. Currently, most AI models rely on deep neural networks, inspired by the human brain, which takes in a lot of raw data and expects results and learns the relationship between the two.
The Global AI in the Supply chain market reached USD 5,610.8 Million in 2021a across the globe. Increasing attention to artificial intelligence, large statistics, analytics, and a widening scope are all driving AI growth in the supply chain market globally. According to Taradata, 2022 every autonomous and semi-autonomous program implements computer vision. There are several players operating in the global AI supply chain market, including FedEx, McLane Company, DHL, Amazon, CSX, XPO Logistics, C.H, and others. The machine learning segment accounted for the largest share of the global AI in the supply chain market.
I tried to find these answers through my research article.
• Importance of AI and how will impact in Supply chain in the mid- and long-term?
• What are the ubiquitous movements in AI in the Supply chain?
• What are the key strategies adopted by leading companies For AI in Supply chain logistics?
• How can the implementation of AI make the Supply chain more efficient?
To answer all these questions, I use Primary as well as secondary data and reports from conducting surveys and various government agencies. I did SWOT analyses to check where we can implement AI in supply chain optimization. With the help of BCG matrix, I tried to give suggestions to Industry how revenue can be increased with the correct implementation of AI.