Increasing the Efficiency of Supply Chains
Major logistics providers have long relied on analytics and research teams to make sense of the data they generate from their operations. Operating in an industry with low margins, AI's ability to streamline supply chain and logistics functions delivers a competitive advantage for early adopters by reducing costs and enhancing productivity.
Over the past 30 years, there has been a dramatic shift in customer expectations. Due to advances in transportation and communications, corporations have become increasingly global, requiring vast amounts of merchandise to be shipped internationally in a timely manner. The internet has spawned the age of online commerce in which consumers expect their orders to be delivered within two days or faster. The growth of big data has created massive amounts of logistics data -- outstriping a corporations ability to fully leverage this resource. The growth of online retail has driven prices down and squeezed margins.
These changing dynamics have increased the volume and complexity of supply chains profoundly. As a result, these challenges have forced retailers, wholsalers, manufacturers, and couriers to seek ways to minimize costs and maximize margins while improving delivery speeds to remain competitive. The tightrope of customer demands (e.g. fast shipping) and business demands (e.g. higher profit) have created a need for more operational efficiency. Artificial Intelligence is a tool that can solve many of these difficult changes.
AI is a powerful tool that can automate manual tasks, increase the efficiency of human workers, and improve the customer experience.
RPA is a new class of software that automates business processes at a fraction of the cost of traditional solutions, without the need to change existing IT systems. RPA works by replicating manual activities that people currently undertake, using existing core applications, accessing websites, and manipulating spreadsheets, documents, and email to complete tasks.
Integrated with existing RPA vendors, the Skymind Intelligence Layer (SKIL) enables teams to leverage the power of AI within their existing claims workflows. The benefits for insurance include the reduction of a claims documents processing time, 24/7 uninterrupted operations, and the reduction of human errors.