Tag: Supply chain

Cost, Compliance, Efficiency, and Manpower – These are the pillars on which a fleet management business stands. A compromise on any of these can mean the whole business topples with a resounding crash. 

How can you ensure the stability of these pillars? Custom Fleet Management Software brings you the solution. Let us find out how.

Fleet Management and Technology

Before we dive into the many valid reasons why every successful company should have its own personalized fleet management software, let us first familiarize ourselves with what fleet management is.

Fleet management is a service that helps businesses that rely on transportation remove or limit the risks associated with vehicle investment, enhance efficiency and productivity, and decrease total transportation and labor expenses. While most typically used for vehicle tracking, fleet management also involves monitoring and documenting mechanical problems and driver behavior.

In addition to a 12% increase in fleet management technology usage between 2019 and 2020, forecasts indicate that the fleet management market was valued at $25.5 billion in 2022 and might grow to $52.4 billion by 2027. 

Fleet efficiency is by far the most important and game-changing aspect of fleet management. It refers to the economic feasibility and optimal functioning of the entire fleet, irrespective of the vehicles in it. If you can lock down the efficiency of your fleet, you will be one step ahead of other businesses. This makes improving fleet efficiency a top priority for companies.

Read more: Robotics in Logistics: Dawn of a New Era

Fleet Management Challenges

Just like shop-floor machinery and equipment, fleet vehicles have their fair share of obstacles. The top three are:

• Driver Shortage: The shortage of drivers has been one of the top issues for fleet managers over the last decade. Recruiting drivers with little driving experience can also result in safety concerns and the additional requirement for driver monitoring strategies.
• Safety: Accidents are not only costly and result in injury or even serious hospitalization, but they also harm production, profitability, and reputation.
• Handling High Costs: The most significant obstacle to fleet management will always be cost control. It’s critical to do a complete analysis of your present operations and focus on areas that require improvement, such as driver behavior, fuel prices, possible theft, and CO2 emissions.

How Does Fleet Management Software (FMS) Help Tackle These Challenges?

Effective fleet management software is a perfect solution for these top three challenges faced by most companies, here’s how:

• Technology can aid in monitoring driver responses and safety practices. Intelligent systems are able to analyze and extract meaning from the data. Additionally, deviations in data that might indicate future issues can be found using predictive analytics. They can serve as early warning systems and aid in hiring qualified drivers for the position.
• A fleet management system can track a driver’s hours of service and shifts performed, which can help reduce the risk of accidents. It can also monitor a driver’s training and experience to guarantee they are matched with a vehicle.
• Although it can seem impossible to overcome increased expenses, operating more economically and efficiently is now feasible thanks to advanced technological solutions. Your fleet operations can be improved by implementing an AI-powered solution or fleet management software.

Benefits Of FMS

Here are the key advantages of a well-primed fleet management system:

• Improved customer satisfaction that comes with orders and services being on schedule.
• You can manage your whole fleet from one location using FMS, giving you access to a single, user-friendly platform.
• Technology-based solutions periodically yield unexpected insights about managing fuel use. They enable you to get notifications and updates, such as when a certain vehicle is about to go over the daily distance allotted.
• There are built-in capabilities in the software that let you drive less and use less gasoline, which cuts down on expenses significantly.
• Customer wait times, maintenance expenses, and fuel costs may all be decreased with the use of route optimization.

Some of the other benefits include thorough and well-structured reporting and analytics, prevention of theft and fraud, and improved vehicle lifespan.

How Is Customized Fleet Software Better Than Fleet Management Off-The-Shelf Software?

When dealing with software and technology in general, it is always better to opt for a more personalized service rather than ordinary, pre-developed software. Though it might seem to cost more and take longer to produce, custom software provides specialized solutions, scalability, and a competitive edge. A custom FMS is made especially for the firm and tailored to its specific business practices.

According to 87% of IT decision-makers questioned, corporate technology innovation is being driven by custom software. Pre-packaged software is less likely to be used than bespoke software, according to half of the respondents (52 percent). 

A custom FMS can provide a level of flexibility to your solution that has the power to make all your business processes flow seamlessly. As a business owner, it is part of your responsibility to ensure that whatever investment you make in the company can survive in the long run. Customized software for fleet management is one such investment. It is definitely worth it in the long run.

Myths Revolving Around Custom FMS Development

Most evolving technologies suffer at the hands of myths and rumors of inefficiency. This leads to uncertainty and hesitation towards developing a custom solution. Let’s address some of those myths associated with custom FMS development:

• A GPS Tracker And Fleet Management System Are the Same Thing: This is untrue. GPS tracking is one of the many components of FMS. There are many other beneficial components of the software.
• Customized Software Is Not Scalable: On the contrary, custom software is more scalable than off-the-shelf. With the right software partner, the software can be designed to be scalable – you only pay how much your business needs and then add to it as the business expands. 
• Small-Fleet Businesses Do Not Benefit from A Fleet Management System: Regardless of the size of the business, they usually require a fleet of vehicles, a number of drivers, and logistic hassles that come with them. Fleet efficiency is paramount if a business wants to have a competitive edge in the market, especially for small businesses vying for a spot with big players. This makes Fleet Management Software all the more necessary.  
• Fleet Management Systems Violate Drivers’ Privacy: It becomes crucial for fleet managers to clarify to drivers that the purpose of using fleet management technologies is to increase overall process efficiency, not to violate an individual’s privacy.

How Can Fingent Help?

Fingent works with clients globally to develop custom software for their many logistical operations, including fleet management. By incorporating technologies like IoT, cloud computing, robotic process automation, big data, and blockchain, we bring you the efficiencies that they provide. This includes real-time data visibility, automation of tedious tasks, intelligent tracking of road conditions, and more. 

Our tech experts will work with you to provide a custom solution that will meet your specific business needs, with the ability to scale as your business grows.

Give us a call, and let’s discuss how we can make this possible. 

Supply chain management is a complex web of processes that involve the seamless coordination of procurement, production, distribution, and more. Among these, inventory management stands out as a pivotal aspect that can make or break the entire system. 

Maintaining control over inventory is like keeping a careful eye on the pieces of a chessboard. Every move counts, and any miscalculation can have far-reaching consequences. Imagine trying to play chess without knowing the current position of your pieces or your opponent’s – chaos would ensue. 

In this blog, we delve into the common challenges faced in supply chain management concerning inventory control and explore the merits of building a custom inventory tracking system to address these issues.

Diving into the Nuts and Bolts: Common Inventory Management Challenges

1. Running Out and Piling Up: The absence of real-time tracking often leads to discrepancies between recorded and actual stock levels. This discrepancy can result in stockouts or overstock situations. Have you ever reached for your favorite snack only to find an empty bag? That’s what a stockout feels like for businesses – missed sales and disappointed customers. On the flip side, having too much inventory is like buying more snacks than you can eat – it leads to unnecessary costs and storage challenges.

2. Data Silos: Traditional inventory systems are often isolated, creating data silos that hinder communication and collaboration across different departments. This lack of cohesion can lead to inefficiencies and errors.

3. Forecasting Difficulties: Accurate demand forecasting is challenging without real-time insights. Businesses often struggle to predict market trends and consumer demands, leading to suboptimal inventory levels and increased holding costs.

4. Manual Processes: Relying on manual processes for inventory management is not only time-consuming but also prone to errors. It is like trying to juggle a dozen eggs without a basket. This can result in discrepancies between recorded and actual inventory levels, leading to operational inefficiencies.

5. Lack of Scalability: Many off-the-shelf inventory management solutions may lack the flexibility needed to adapt to the unique demands of a growing business. This lack of scalability can hinder long-term success.

How Can an Inventory Tracking System Help?

A custom inventory tracking system serves as a key strategic tool, providing businesses with a competitive edge in managing inventory complexities. Let’s now explore the concrete benefits of implementing such a system and its targeted solutions to common supply chain challenges.

1. Real-time Visibility:

An effective inventory tracking system grants you real-time visibility into your stock levels. This transparency enables timely decision-making, reducing the risk of stockouts or overstock situations. By knowing exactly what is in your inventory at any given moment, you can optimize stocking levels and respond swiftly to changes in demand.

Read more: AI in Supply Chain and Logistics

2. Cost Savings:

A well-designed tracking system allows you to minimize carrying costs by preventing excess inventory buildup. By optimizing stock levels and improving order accuracy, you can reduce holding costs, warehouse space requirements, and the costs associated with expedited shipping due to stockouts.

3. Enhanced Accuracy:

Manual tracking methods are prone to errors, leading to discrepancies in stock levels and financial records. An automated inventory tracking system eliminates human errors, ensuring accuracy in your records. This not only improves financial reporting but also builds trust with your customers and stakeholders.

4. Efficient Order Fulfillment:

An inventory tracking system streamlines the order fulfillment process by providing insights into available stock, order status, and delivery timelines. This efficiency contributes to a positive customer experience and strengthens your business reputation.

Read more: Warehouse Management System: Business Applications and Case Studies.

Challenges Addressed by a Custom Inventory Tracking System

1. Stockouts and Overstock Situations

Challenge: Unplanned stockouts or excessive inventory can cripple operations and strain relationships with clients.

Solution: Real-time visibility allows for proactive inventory management, preventing stockouts and overstock situations. The system sends alerts when stock levels approach predefined thresholds, empowering you to take preventive action.

2. Manual Errors in Tracking:

Challenge: Manual tracking methods are prone to human errors, leading to discrepancies in records and financial reporting.

Solution: Automation eradicates the potential for errors, ensuring accuracy in tracking and reporting. This not only saves time spent on rectifying mistakes but also builds trust with stakeholders.

3. Inefficient Order Fulfillment:

Challenge: Slow and inaccurate order fulfillment can result in dissatisfied customers and harm your brand reputation.

Solution: An inventory tracking system provides real-time insights into stock levels, enabling efficient order processing. This leads to faster order fulfillment, improved customer satisfaction, and a competitive edge.

4. Lack of Data-Driven Decision Making:

Challenge: Without real-time data, decision-makers are forced to rely on intuition rather than insights.

Solution: The system’s data analytics capabilities empower decision-makers with actionable insights. This data-driven approach facilitates strategic decision-making and allows for quicker adaptations to market changes.

The Case for Custom Inventory Tracking 

In supply chain management, precision and efficiency are vital for success. Off-the-shelf solutions may appear attractive, but investing in a custom inventory tracking system is a strategic imperative. Here’s why:

1. Precision Aligned with Your Unique Needs: Off-the-shelf solutions lack specificity, designed for a broad audience. A custom system is tailored to your unique operations, ensuring seamless alignment with your processes, from order fulfillment to warehouse management.

2. Real-Time Adaptability: Custom solutions offer real-time adaptability to changing market conditions, technological advancements, and industry standards. This agility ensures you stay ahead without being confined by pre-set functionalities.

3. Cost-Effective Scalability: Off-the-shelf solutions often come with unnecessary features or limitations, hindering growth. Custom inventory tracking systems offer scalable, cost-effective solutions, allowing you to expand or modify functionalities without unnecessary overheads as your business evolves.

4. Seamless Integration: A custom solution ensures seamless integration with your existing suite of tools, from ERP to CRM systems. This creates a unified ecosystem, optimizing workflow, enhancing data accuracy, and improving overall operational efficiency.

Read more: Understanding The Types Of Warehouse Management Systems

5. Enhanced Security: Generic systems employ a one-size-fits-all security approach, leaving businesses vulnerable. A custom inventory tracking system enables personalized security measures, safeguarding sensitive data and mitigating risks specific to your industry and operations.

6. Maximized User Adoption: The effectiveness of a system hinges on its user adoption rate. Custom solutions prioritize user experience, aligning interfaces with your team’s familiarity. This minimizes training requirements, facilitating a smooth transition and maximizing the efficiency of your inventory management system.

7. Tailored Reporting for Decision-Making: Unlike pre-packaged systems, a custom inventory tracking system allows you to tailor reporting functionalities. It ensures the data you receive is not just comprehensive but directly aligns with your business goals, providing precise insights for strategic decision-making.

Elevate Your Supply Chain with Fingent’s Custom Inventory Tracking Solutions

At Fingent, we’re your dedicated partner for supply chain excellence, specializing in crafting tailored inventory tracking systems. Our solutions seamlessly adapt in real-time, ensuring agility in dynamic market landscapes. With a focus on scalability without unnecessary costs, we seamlessly integrate with your systems for enhanced efficiency. Leverage our expertise in custom reporting for actionable insights, backed by a proven track record in diverse industries. Partner with Fingent for precise, adaptable, and scalable supply chain solutions.

Get in touch with us, and let’s talk. 

Artificial Intelligence (AI) evolved from a concept of science fiction to a transformative force that permeates our daily lives. From autonomous vehicles to voice assistants, AI has already made significant inroads in various sectors.

However, one area that stands to gain immensely from AI’s potential is the supply chain. As the backbone of global trade, the supply chain encompasses complex networks and intricate logistics. It is an ecosystem where efficiency, accuracy, and agility can make or break success.

With its vast array of applications, AI has the potential to streamline operations, enhance decision-making, and unlock untapped opportunities. In this journey through AI’s rising capabilities, we will delve into real-world use cases that demonstrate how AI is revolutionizing the supply chain. Furthermore, we will also explore the specific benefits that AI brings to the supply chain domain.

Role Of AI Optimizing the Supply Chain

Every business owner dreams of a supply chain that is finely tuned, seamlessly efficient, and adaptive to every twist and turn of the market. A business where warehouses run like clockwork, shipments arrive precisely on time, and customer demands are anticipated with uncanny accuracy is not a far-fetched dream; it’s a reality being shaped by the game-changing role of Artificial Intelligence (AI) in optimizing supply chain operations.

At the heart of AI’s transformative influence are three key components that work in harmony to revolutionize the supply chain landscape. Let’s uncover their captivating role in reshaping the future of supply chains.

• Machine Learning and Predictive Analytics: Machine learning and predictive analytics in the supply chain are like having a trusted, experienced mentor by your side, whispering valuable insights and guidance into your ear. Machine learning algorithms analyze vast amounts of historical data to uncover patterns, trends, and potential pitfalls. 
• Natural Language Processing and Chatbots: Natural Language Processing (NLP) allows you to simply ask a question about your supply chain and receive instant, accurate answers. With a chatbot available 24/7, customers can get instant responses, while supply chain teams can focus on strategic decision-making.
• Robotics and Automation: Robots, equipped with advanced sensors and AI algorithms, can perform repetitive tasks with unmatched precision and speed. From inventory management to order fulfillment, these tireless machines streamline operations, reduce errors, and enhance efficiency.

How AI Solves Supply Chain Challenges

The world of supply chain management is like a complex maze with numerous challenges at every turn. Thankfully, AI emerges as the trusty guide, equipped with the tools to solve some of the most daunting hurdles. Here are some for your reference: 

1. Demand Forecasting and Inventory Optimization: This AI-powered assistant acts as your supply chain ‘savant,’ it understands your historical consumption patterns, market trends, and even factors like seasonality or promotional events. 

2. Supplier Selection and Relationship Management: Choosing the right suppliers and maintaining strong relationships is like finding the perfect dance partner. AI steps in as a knowledgeable matchmaker. By analyzing vast amounts of supplier data, performance metrics, AI algorithms can assess and rank potential suppliers based on criteria such as reliability, quality, and cost. 

3. Warehouse and Inventory Management: AI acts as a vigilant warehouse manager, optimizing layout, guiding picking and packing processes, and even predicting optimal storage locations. With AI-powered systems, warehouses can maximize space utilization, minimize errors, and accelerate order fulfillment, resulting in streamlined operations and satisfied customers.

4. Transportation and Logistics Optimization: AI takes on the role of coordinator who has a bird’s-eye view of the entire transportation network, utilizing algorithms to analyze real-time data on factors like traffic, weather conditions, and delivery constraints. By optimizing routes, load planning, and vehicle assignments, AI enables efficient transportation management.

5. Quality Control and Defect Detection: Think of a diligent quality inspector who never misses a flaw in a product. AI becomes this meticulous inspector, utilizing computer vision and machine learning algorithms to analyze visual data and detect defects with remarkable accuracy. 

6. Risk Management and Supply Chain Resilience: AI plays this vital role just like a risk management expert. It analyzes a wide range of data sources to identify potential risks and vulnerabilities, ensuring supply chain resilience in the face of uncertainties.

7. Customer Service and Satisfaction Enhancement: AI takes on the role of a customer service representative who can swiftly address customer inquiries, provide accurate information, and resolve issues with ease. AI-powered customer service tools offer instant responses, personalized recommendations, and seamless assistance, enhancing customer satisfaction and loyalty.

Watch: Artificial Intelligence – how to navigate AI if you are not a tech company.

Remarkable Real-world examples of AI in the Supply Chain

AI transforms supply chain management like never before. Don’t take our word for it. See it in action as implemented by big players in the industry:

Use Case 1: Precision Prediction by Amazon

Problem: Traditional demand forecasting and inventory management methods often struggle to predict customer demands and optimize inventory levels in real-time accurately.

Solution: To address this challenge, Amazon has harnessed the power of AI algorithms to revolutionize demand forecasting and inventory management. By analyzing vast amounts of customer data, historical sales patterns, and even external factors like weather forecasts, AI algorithms can accurately predict demand with remarkable precision.

This AI-driven approach allows Amazon to optimize inventory levels, ensuring that popular products are readily available while minimizing excess inventory and reducing the risk of stockouts. By aligning supply with demand, Amazon is able to enhance customer satisfaction and maintain a competitive edge in the dynamic e-commerce landscape.

Use Case 2: Substitution Solution by Walmart

Problem: In online grocery shopping, customers often encounter situations where certain items they ordered are out of stock. This can lead to dissatisfaction and inconvenience, as customers may have to manually search for suitable substitutes or go without the desired product.

Solution: To address this issue, Walmart has implemented an AI-driven product substitution system. Using advanced algorithms, the system analyzes product attributes, customer preferences, and available inventory data to suggest suitable substitutions for out-of-stock items.

When an ordered item is unavailable, the AI system automatically identifies the best possible substitute based on factors such as brand, size, price, and customer feedback. It takes into account the customer’s past purchase history and preferences to make personalized recommendations. The system provides clear and transparent information to customers, ensuring they are aware of the substitution and have the option to accept or reject it.

Use Case 3: Real-Time Routing by UPS

Problem: Traditional route planning methods often struggle to optimize delivery routes efficiently, resulting in inefficient use of time, resources, and fuel.

Solution: UPS leverages AI algorithms for route optimization, enabling them to analyze real-time data on factors such as traffic patterns, delivery constraints, and even weather conditions. By considering these variables, UPS can generate optimal delivery routes that minimize distances, reduce fuel consumption, and optimize delivery time.

Through the implementation of AI in its logistics operations, UPS achieves significant cost savings, improves delivery efficiency, and reduces its carbon footprint. This AI-driven approach allows UPS to stay ahead of the competition and provide exceptional service to its customers.

Use Case 4: Valuable Vending by  Coco-Cola

Problem: Traditional vending machines often lack the ability to gather real-time data on customer behavior and gauge the effectiveness of different brands and product offerings. 

Solution: To overcome these limitations, Coca-Cola has implemented AI-enabled next-gen vending machines. These machines are equipped with advanced sensors, cameras, and AI algorithms that gather real-time data on customer behavior, purchasing patterns, and brand preferences.

With this newfound understanding, Coca-Cola can optimize product placements, tailor offerings to specific locations, and develop targeted marketing campaigns. Furthermore, the AI-enabled vending machines also allow Coca-Cola to remotely monitor inventory levels, predict demand patterns, and optimize restocking schedules. This ensures that the vending machines are always well-stocked with popular products, reducing the likelihood of stockouts and maximizing sales opportunities.

Use Case 5: Wonder Warehouses by Alibaba

Problem: Traditional warehouse management practices often face challenges related to inefficient storage utilization, suboptimal picking processes, and delays in order fulfillment.

Solution: Alibaba has embraced AI technology to develop smart warehouses that leverage automation, robotics, and AI algorithms. These AI-enabled warehouses optimize storage utilization, streamline picking and packing processes, and enable efficient order fulfillment.

Through the integration of AI, Alibaba achieves faster and more accurate inventory management, enhances warehouse operations, and improves overall efficiency in its supply chain. This innovative use of AI allows Alibaba to meet the demands of the e-commerce market and deliver exceptional service to its customers.

Checkout out our Infographic: Successful Logistics and Warehouse Management Practices.

Solid Supply Chain Solution with AI by Fingent

Advancements in AI technologies continue to shape the supply chain landscape, with machine learning algorithms becoming more sophisticated, natural language processing capabilities evolving, and robotics and automation becoming increasingly intelligent and adaptable. These advancements enable businesses to make data-driven decisions, automate repetitive tasks, and optimize operations like never before.

At Fingent, we understand the immense potential of AI in supply chain management and are committed to helping businesses harness its power. Our expertise lies in developing innovative AI solutions tailored to specific industry needs, integrating AI with emerging technologies, and driving digital transformation in the supply chain.

Whether it’s building intelligent forecasting models, implementing AI-powered automation, or leveraging AI-driven analytics, Fingent is dedicated to empowering organizations to thrive in the AI-driven supply chain landscape.

Businesses that embrace its potential will gain a significant competitive advantage. By leveraging AI technologies, integrating with emerging technologies, and partnering with experienced custom software solution providers like Fingent, organizations can unlock new frontiers of efficiency, innovation, and success in the dynamic world of supply chain management.

Reach out to us to get the best supply solution for your business. 

The COVID-19 pandemic has created an imbalance between the supply and demand of the goods thereby disrupting the supply chain globally. That said, it has also amplified the need for technology tools to manage the supply chain challenges as the possibility of lockdowns in the future can’t be overlooked.
With the increasing demand for autonomous solutions, it is not surprising to see companies investing in supply chain technologies. According to Gartner, by 2023, 50% of the global eCommerce companies will invest in the real-time supply chain, AI, and advanced analytics solutions.

Challenges in the Supply Chain

1. Labor and material shortages

2020-21 witnessed several layoffs and quarantine putting the market in flux globally. Leaders not only face delegation woes but also find staffing key positions within procurement and supply chain ops problematic. Leaders will have to rely on technologies and automation to create cohesion and shift focus to smaller more concentrated procurement teams.
According to the Institute of Supply Chain Management report, every key commodity is either scarce or up in price leading to shortages and complexities to supply chain management. In other words, the material shortage will continue and companies can expect persistent problems in future also.

2. Rising freight costs

In coming days, trucking and intermodal transport shot to new highs while spot prices doubled across the board: van (+18%), reefer (+25%), flatbed (+27%). Additionally, sea freight price and air freight price skyrocketed as well making it difficult to move freight in any capacity.
Thus, fluctuation in freight price will remain one of the biggest challenges the supply chain industry will have to face in coming days.

3. Port congestion

In the last two years, there have been wait times for ships headed into ports across the world. In October 2021, over 50 container ships were amassed outside Los Angeles and Long Beach to unload cargo from China. That said, gridlock especially at overseas ports creates delays as ships look to obtain cargo. So, bottlenecks at both ends cause additional lead time for import-export operations ultimately disrupting the domestic supply chains.
While port congestion isn’t a new problem, according to The National Customers Brokers & Forwarders Association of America (NCBFAA), 2022 could see historic wait times and supply chain bottlenecks.

4. Problems related to demand forecasting

While the global shutdown in 2020 skewed supplier data to a great extent, 2021 saw some recovery making the data relatively unreliable as a standard for future forecasting. This has resulted in no proper benchmark for supply chain leaders to follow.
As the unprecedented demand grows, meeting it remains a challenge. So, supply chain leaders will have to rely on trending data to predict the year considering the previous benchmarks for everything from inventory to budget and pricing.
Read more: Logistics Management Software – Everything You Need To Know!

While this adjustment is completely different for those who rely on the last two to three years trailing data to estimate demand forecasting, it is a challenge that requires forethought.
Here are five technologies that will help advance your business in 2024.

1. Robotic Process Automation (RPA)

According to Deloitte, RPA will see strong growth in the next five years specifically in the supply chain operations that include lower-value, potentially dangerous, or high-risk tasks. Robotic technology applications include trains and trucks, automated vehicles like drones, last-mile deliveries, and storage and retrieval systems (ASRS).
The use of RPA can achieve the following objectives:

• Improve productivity and efficiency
• Reduce re-work and risk rates
• Increase employee safety
• Perform repetitive and mundane tasks so humans can work more useful tasks
• Increase revenue by improving order fulfillment and delivery speed

New pricing structures are helping companies consider investing in automation. That said, the RaaS (Robotic and a Service)-type model allows providers to lease units through a monthly service contract instead of customers paying a huge capital up-front.

2. Cloud computing and AI

As supply chains generate big data, cloud-based AI can be used to turn that data into insights. Cloud computing along with AI has transformed the way the supply chain operates and in near future its abilities will only grow in complexity.
Cloud and AI systems can use past trends and market indicators to achieve the following processes;

• Powering automation process
• Informing supplier selection
• Providing real-time information on shipments
• Analyzing carrier performance
• Streamlining supplier onboarding and automating supplier management
• Anticipating trends in operational issues
• Augmenting customer support

Read more: How to accelerate your business growth with Robotic Process Automation

3. IoT

Asset tracking through IoT will help save time and money and assist data-driven decision-making.
Through GPS tracking of shipments and monitoring parcel conditions, IoT devices have improved quality management in the supply chain. RFID chips, mobile sensors, and smart devices can track and authenticate products, humidity, light levels, measure temperature, handling, movement, speed, and other environmental factors of shipments.
Additionally, IoT facilitates new fleet management solutions development which helps improve workflows and customer satisfaction. Also, IoT in the future will reduce the total cost of ownership and make the entire supply chain industry more connected, driven by legislation and customer demand.
Adoption of IoT will also improve security and decrease the probability of piracy, disruption of refrigeration, and container damage.

4. Blockchain

Emerging technology in the supply chain industry, blockchain’s decentralized digital ledger can help improve transparency for customers. This will enable them to track the whole journey of a product before arrival. Additionally, blockchain can increase transparency in audits and improve security by revealing any attempted fraud. Blockchain can help increase the level of trust and make digital payments more secure.
Blockchain systems can also save time and money due to better coordination of documents and eliminate the need for physical paperwork.

5. Transportation Management System (TMS)

All of the above-mentioned technologies need to be organized and managed from a single point. That is where TMS applications complications come into the picture.
TMS is used to manage carriers, and help convert paper-based documentation into a digital format. It will reduce freight costs, track deliveries in real-time, and increase transparency which will eventually improve customer service. Simply put, TMS will help make all the separate elements work as a single system.
TL Nika Logistics is a prime example of successful TMS adoption.

Final thoughts!

There’s no denying that technological innovation is propelling supply chain management solutions. If you want to embark on this technical journey, Fingent custom software development experts are your right partner. We understand the latest advancements in supply chain technology and help organizations adopt these emerging solutions while gradually replacing legacy systems to help navigate better in this competitive business landscape.
Connect with us today!

SAP helps increase warehouse management productivity with voice picking!

Voice technology has been there for a while and is here to stay. Its increasing adoption among warehouse distribution centers has led to increased accuracy, improved productivity, and training time reduction. Supply chain executives report attaining a 50% decrease in picking errors and a typical ROI in less than one year with voice integration. 

In retail warehouses, complex facilities such as inventory control are vital, with several picks to be performed every hour. The warehouse employees should be an efficient and accurate while ‘picking’ as wrong picking can lead to incorrect deliveries and affect customer satisfaction.

To improve staff accuracy and speed of pick, warehouses can consider “Voice Picking” technology. Voice picking is an extension of the Warehouse Management System (enhanced by additional software and hardware) that allows transferring instructions to the warehouse operators using earphones and microphones. Voice Picking uses a wearable computer that includes a headset and microphone so that the order pickers can be instructed on what items to pick from where and later confirm their actions verbally into the Warehouse Management System (WMS).

Read more: How Robotics in Logistics Helps Improve Supply Chain Efficiency 

Benefits of Voice-picking

A voice-picking system creates a hands-free, heads-up workflow. Unlike the traditional warehouse order picking, where you need to stop to read, scan, or punch keys, the voice-picking system allows users to listen and speak efficiently. Some of its benefits include:

• Productivity improvement
• Reduction in errors by 25% or more
• Decrease in accidents as operators rely on eyes and hands-free technology and hence are more aware of the surroundings
• Cuts training time

How is voice-enabled warehouse operation helping during the COVID-19 pandemic?

In the last few months, warehousing and logistics have been hit hard. While there was enormous pressure on the warehouse to execute deliveries quickly due to increasing customer expectations, COVID-19 has caused further disruption. 

Logistic companies have had to evaluate options and make changes across transportation modes, considering delays, interruptions, and price changes.

According to a survey from August to September 2020, about 32,200 jobs were added to the warehouse and storage sector. Thanks to voice and device technology! Voice integration helped address the labor shortage and equipped new workers. Here are a few benefits of voice-enabled warehouse management. 

1. Efficient onboarding

New workers can pick up their barcode scanner or mobile device and begin their work with minimal onboarding time. Latest device upgrades offer improved designs and user-friendly interfaces. Whether a Windows 10, iOS, or Android device, workers can choose the device they like. This flexibility helps simplify the training and onboarding process of new workers, optimizing workforce management, and making it a more efficient experience.

New workers can get started quickly without the need for lengthy training processes. With voice-enabled applications, you can reduce the training time from several hours to just a few minutes.

2. Increased productivity

Voice capabilities are helping workers to keep pace with the high volume of orders. It helps them cope with the increased pressure to meet soaring demands, reduce training time, and use the hand-held devices of their comfort.  

3. Higher accuracy

With hands-free wearables and voice picking, workers don’t need to stop frequently to check their devices. It will reduce errors and allow pickers to complete more orders within the same timeframe with improved speed and accuracy.

4. Improved safety

The coronavirus has made “contactless” mandatory. Voice picking can eliminate many physical touchpoints that can lead to virus exposure. Minimizing surface contact is one of the best ways to protect warehouse workers.

Read more: Contactless services: The new retail norm

How does SAP help voice-picking?

SAP’s open architecture supports several voice integration methods that help users achieve immense productivity and accuracy. If your business is running on SAP’s Extended Warehouse Management (EWM) solution or Warehouse Management (WM), voice can be easily integrated. It results in the seamless integration of ERP with your warehouse management solutions and voice. Ultimately, the accuracy, productivity, comfort, and safety of all your warehouse processes will improve. It helps distribution centers deliver on time, achieve deadlines, and scale.

Read more: SAP Preconfigured Solutions Boost Efficiency Among Industries 

Today, voice integrated into SAP has become an essential tool for many businesses. SAP’s voice picking provides superior ergonomics, eliminates distractions, and allows users to focus on the task. The voice technology is specifically designed to provide voice recognition in noisy environments. The noise cancellation ability helps lower warehouse background noise, such as truck horns, pallet drops, and conveyor system mechanism.

Additionally, the technology helps overcome language barriers as most systems come in more than 40 languages allowing users to interact with SAP most naturally and effectively.

Voice with SAP can quickly scale with your business both when your business grows and when you need to accomplish seasonal peaks. With SAP’s explicit instructions, you can add new employees’ onboarding time and capacity without any complex changes to the given infrastructure.

Download Our Case Study: How Fingent automated integration between SAP SuccessFactors and SAP S/4HANA

To conclude

As the economy battles to overcome uncertainty, using safe, cost-effective solutions, embracing advanced technologies like voice-enabled applications are imperative to sustain. Additionally, with COVID-19 showing no signs of ending soon and the world shifting to contactless shopping, embracing voice-enabled applications makes sense from an economic and physical safety standpoint.

No other technology has impacted the logistics and shipping industry like voice in the recent past. Extend your logistics and fulfillment processes by making voice technology a vital ingredient of your company’s IT strategy. Contact us now to get started. 

Robotics in Logistics: Dawn of a New Era

Since the advent of e-commerce, getting goods to the customer’s door or stores from the factories or warehouses has become a mammoth task for logistics companies. Forecasts say that “worldwide warehousing and logistics robot unit shipments will increase to an estimated 620,000 units annually by 2021.” The solution for this herculean task of transporting goods far and wide thus becomes apparent: the dawn of robotics in logistics. The use of robotics in logistics offers far greater levels of uptime over manual labor, bolstering productivity in a vast array of professional environments. 

Retail giants like Amazon and Walmart that have already deployed robots in their warehouses and fulfillment centers will only expand their deployments, especially in the wake of current situations. Leveraging robotics in logistics cuts around 70% of warehouse labor costs and helps businesses function day and night with minimal costs. Want to find out how? This post will help you understand the importance of utilizing warehouse robotics in the supply chain.

A Surge in Warehouse Robotics in Supply Chain

The first robot in the supply chain was capable of moving material about a dozen feet. For several years, robots were used only in industrial manufacturing because it was not safe for people to be around them. However, over the last few decades, innovative logistic robotic companies have worked hard to mesh AI and machine learning, better sensors and response capabilities, warehouse management software or logistics management software. 

Recently, warehouse robotics in the supply chain has picked up pace exponentially. There has been huge funding and investment in the industry. For example, Alibaba invested $15 billion into robotic logistics infrastructure and Google invested $500 million into automated logistics for JD. It is also estimated that the global market for warehouse robotics in the supply chain is projected to reach a market value of $22.4 billion by the end of 2021.

Evidently, the dawn of robotic logistics is right here now!

Read More: How Robotic Process Automation Is Revolutionizing Industries?

What is Robotic Logistics?

The logistics industry is what is holding our modern world together. It includes a huge amount of different processes. Ordering, transportation, warehousing, picking, packing, delivery, inventory, and routing are just a few of those processes. 

So, robotic logistics means the application of robotics to one or more of these processes. A few common robotic applications are robotic palletizing, robotic packaging, robotic picking commonly used in warehousing or any other logistics software solutions. 

So, what kind of robots could be useful for your warehouse?

Warehouse Robotics in Supply Chain

1. Autonomous Mobile Robots (AMR)

AMRs use sophisticated sensor technology to deliver inventory all over the warehouse. They do not require a set track between locations. They can understand and interpret their environment through the use of maps, computers, and onboard sensors.

These warehouse robots are small and nimble with the ability to identify the information on each package and sort it with impeccable accuracy. They cut down on the redundant manual process which is prone to human error. 

2. Aerial Drones

Aerial drones aid in optimizing warehouse inventory processes. They can quickly scan locations for automated inventory. They can scan inventory much faster than a human can and send an accurate count immediately to your warehouse inventory management software.  

These drones do not need markers or lasers to guide them. They don’t take up valuable space in your warehouse. They can travel quickly and assist in hard-to-reach areas. 

3. Automated Guided Vehicles 

Automated guided vehicles and carts (AGVs and AGCs) transport inventory around your warehouse following a track laid in your warehouse. These warehouse robots are perfect for larger warehouses because it reduces the time spent by workers just moving from one area to the next. 

4. Automated Storage and Retrieval System (AS and RS)

Automated Storage and Retrieval Systems are robot-aided systems that can place or retrieve loads from set storage locations. AS and RS differ depending on the system needed, the type of task, or the goods that they will be working with. They can be programmed to work as a craft that moves and works on a well-defined path or a crane that retrieves goods between aisles. There are also aisle climbing robots that retrieve customer orders. 

These free up the time of workers who can then concentrate on more complicated processes such as packing and posting the goods. 

Read more: What Are Cobots and How Can They Benefit Industries?

What is Driving the Need for Collaborative Robots in Logistics?

Although there has been a boom in logistic robotics, there are two specific factors that are driving the current need for collaborative robots in logistics. 

• The growth of e-commerce: When products are directly shipped to customers, there is a huge variety of different packing requirements. 
• The lack of available workforce: Shortage of skilled workers can affect logistics.

What are the Benefits of Adopting Robotic Logistics? 

The logistics industry can see many tangible and clear benefits of adopting robotic logistics. 

• By reducing human errors, robotic logistics can bring in significant profits and can also reduce warehouse costs. 
• Robotics can allow for workforce adaptability. 
• Robotic logistics improve safety for workers by taking over dangerous jobs such as getting items from high racks or storage spaces.
• Reduced human error and increased delivery speed brought about by robotic automation will increase customer satisfaction. 

Read more:  Open source robotics process automation

Enjoy the Freedom To Do More

Robots are being used rather extensively in logistics. Due to the complexity of supply chain processes robots will be increasingly used for dull, dirty, and dangerous tasks freeing your workers for more complex tasks. This means cost-effective, fast, and error-free operations. If you want this for your business, get in touch with us immediately and let us fix your business up with robot power.

Can Empowering AI and IoT Bring In Competitive Advantage To Industries?

It takes more than forward-thinking employees to gather customer purchasing trends and improve the customer experience. International companies depend on Artificial Intelligence (AI) and the Internet of Things (IoT) to drive data and forecast the next big wave of trends.

Studies predict Asia and North America to lead in the innovation of AI and IoT. Also, embedded AI in support of IoT smart objects will reach $4.6B globally by 2024.

Major vendors of IoT platforms such as IBM, Amazon, and Microsoft have started offering integrated AI capabilities like ML-based analytics. Scalable digital platforms are designed daily to understand the way customers think while using predictive maintenance in real estate, eCommerce, healthcare, and other industries.

It’s time for us to share the leading examples of how businesses use AI and IoT, and how these technologies benefit them.

AI and IoT: Leading Use Cases

Smart Cities: Making Life Easier

What happens when AI and IoT run a city? It turns into a smart city. Smart city technology can solve an energy crisis, help manage traffic, or improve the healthcare experience. 

One example of a smart city is the use of Advanced Transportation Controller technology linked to a 5G network in Los Angeles. There are road-surface sensors throughout the city, and cameras that monitor traffic, sending information to traffic management systems. Municipal employees can now analyze the data of traffic congestion and issues with traffic lights in high traffic areas. Overall, this improves the quality of living in Los Angeles and helps a business run smoothly without delays.

Convenience in Property Management

One of Fingent’s clients WRI Property Management, a US-based single-family rental provider with 10,000+ leased properties and 20,000+ managed houses experienced many challenges. Here are a few of the issues WRI Property Management faced:

• Tenant eviction
• Rent collection/accounting
• Scheduling property inspections
• Leasing properties
• Screening tenants

What happened next? Fingent introduced an advanced software platform, Honey Badger. The AI and IoT technology-supported WRI managers to conveniently communicate with multiple parties, renovating properties, view lives auction feed, track the construction of new properties, etc.

5G Network Vehicle Safety and Security

Machine Learning technology is improving the autonomous vehicle experience. How does it work? An automobile can stop when a driver is in dangerous tragic weather or unexpected situation. 

The 5G network can cause the brakes of a car to operate by tracking vehicle sensors of other drivers near prevent or relieve car crashes. 

The network can also send drivers a traffic update to use detours and avoid certain roads that are under construction or is unsafe.

AI and IoT Business Benefits 

1. Guaranteed Security and Safety

A company’s highest priority is protecting data in the workplace. As Artificial Intelligence scans security footage, IoT can close gates or doors if an intruder attempts to enter the premises of a head office. 

Organizations are now using machine-to-machine communication to determine potential security threats with an automated response to hackers or intruders. 

An example of AI and IoT in banking security is the detection of fraudulent activity in ATMs to communicate updates to law enforcement to protect customers.

The unexpected workplace accidents can be prevented by using sensors that monitor safety hazards as employees work. Employees at some organizations now wear wearable devices that alert the management of undetected dangers such as carbon monoxide released into the air on a work site. 

2. Convenient Shopping Automated Experience

Online shopping is more convenient than ever as websites personalize real-time suggestions to consumers based on a customer’s shopping history. As a result of this investment, Kinsta predicts that by 2021, Artificial Intelligence in e-commerce will increase sales to $4.5 billion from $2.3 billion in 2017.

3. Enhanced Healthcare Experience

NovitaCare, a Netherlands based healthcare company that treats patients with chronic and multiple disorders, wanted to improve the caregiver experience using an effective online platform. 

With Fingent’s help, NovitaCare now can communicate with non-profit organizations, patients, providers and researchers with an online platform that is HIPPA compliant.  

4. Simplified Management Of Supply Chain

The supply chain industry has experienced challenges in managing unexpected events that happen due to inaccurate forecasting. A solution to the problem is implementing AI and IoT. 

Supply Chain Digital recently stated the following about these technologies:

“Intel highlights that the world of IoT is growing rapidly, from 2 billion objects in 2006 to a projected 200 billion by 2020.” 

“AI is on most companies’ radars, with 78% of organizations implementing it to enhance operational efficiency by at least 10%.”

The use of real-time devices will feed data to executives to help create contingency plans for preventing unexpected challenges in the industry. As a result, the supply chain and a company’s reputation can experience fewer impacts.

A Guide for AI-Enhancing Your Existing Business Application

How Fingent Helps Businesses Achieve Success With AI and IoT?

Fingent has mastered the art of technology infrastructure to help companies resolve AI and IoT processes. As a result, it creates efficiencies in managing smart devices.

Implementing these technologies are small changes that can have a huge impact on your business. The ability to use raw data to understand customer behavior and forecast trends in the market can improve customer loyalty. Also, companies can track employees working in multiple departments and locations across the globe by partnering with Fingent.

Fingent is confident that AI and IoT work in your business context by delivering technologies to enable solutions in the cloud, networks and gateways, heterogeneous device support, systems capabilities, and data analytics. 

To Conclude 

Business Insider predicts that there “will be more than 64 billion IoT devices by 2025, up from about 10 billion in 2018.” 

Gartner observes that in three years (by 2020), more than 80 percent of enterprise IoT projects will incorporate at least one AI component. Artificial Intelligence and the Internet of Things is used to improve the safety of drivers on the road, enhance healthcare experiences, automate and streamline enterprise processes, stop intruders from hacking into IT systems or large organizations, and in numerous other ways. 

The combination of these technologies not only delivers a superior customer experience, but also forecasts what customers want in real-time, improves their experience of living in smart cities, maintains a high safety rating in challenging workplaces, and reinforces physical and cybersecurity. AI-IoT duo also avoids any unplanned downtime, increases operating efficiency, helps develop new products and services, and improves your risk management. 

Are you looking for an AI and IoT partner? Get in touch with Fingent experts today for a streamlined and error-free IoT implementation for your business.

Artificial Intelligence (AI) is considered to be one of the most significant disruptive technologies today. More and more businesses are already realizing its benefits. Gartner’s 2019 CIO survey revealed that the percentage of companies implementing AI increased by about 270 percent over the last four years, and 37 percent in 2018 alone.

Leveraging the power of AI to enhance your existing business applications isn’t nearly as complicated as you might think. You don’t need a billion-dollar budget to implement AI-powered applications. In fact, small and midsize businesses (SMBs) today are cutting costs and delivering great customer experiences with AI-powered applications—and they are competing with giant companies at scale.

Here’s a look at how you can enhance your existing business applications with AI:

Enhance CRM Apps with AI

Incorporating AI into your current Customer Relationship Management (CRM) system, for instance by using chatbot or automated live chat support, will allow your company’s helpdesk to provide better, faster and more dynamic responses. It will also help you reduce the man-hours needed to resolve queries and help you build better engagement and customer trust. And because the AI-powered CRM system provides predictive insights, you can automatically recommend similar products or services a customer may be interested in.

Related Reading: Unconventional Ways Artificial Intelligence Drives Business Value

Streamline Supply Chain with Machine Learning

Machine learning (ML) allows your system to discover patterns in the supply chain data using algorithms that automatically identify the factors that contribute to the success of your supply networks, while constantly learning in the process. ML algorithms and the applications running them can analyze large, varied data sets in no time, improving accuracy in forecasting supply and demand. If applied correctly within your SCM work tools, ML could revolutionize the agility and optimization of your supply chain planning.

AI-Powered Recruitment Apps

Artificial Intelligence is expected to replace 16 percent of Human Resource (HR) jobs within the next 10 years, according to Undercover Recruiter. Integrating AI into your existing recruitment processes or tools could help your company’s HR department find the right candidate or the best fit faster and easier, thereby saving you time and money. AI-powered video interview tools, for instance, can utilize biometric and psychometric analysis to evaluate your applicants’ tone of voice, micro-expressions, and body language.

Related Reading: AI To Solve Today’s Retail Profit Problems

Improving Cybersecurity System with AI

Given the data breaches and cyber-attacks that have hit headlines in recent years, integrating AI into your current security system is vital to protect consumer data, improve trust and deliver true business value. About 71 percent of companies in the US plan to spend more budget on AI and machine learning in their cybersecurity software this year.

AI not only improves your company’s existing detection and response capabilities but also allows new abilities in preventive defense. It enhances and streamlines your security operating model by reducing complex, laborious and time-consuming manual inspection and intervention processes. Because the AI-powered cybersecurity system can self-adjust and learn data over time, you can automatically detect and block cyber-attacks and fraud.

Enhancing Space Exploration with AI

Another area where the application of AI has great potential is exploring outer space. NASA has plans to look for life on other planets, such as Mars, in the very near future. In their Mars 2020 initiative, they will use AI to explore Mars in greater depth, which includes looking for alien lifeforms. Most of us are at least slightly familiar with or aware of NASA’s Opportunity rover, which wrapped up a 14-year Mars mission when it quietly went dark in February 2019. Opportunity, also known as “Oppy,” found evidence that Mars at some point was home to water — a huge discovery.

Going forward with Mars 2020, NASA’s Mars Exploration Program will continue its use of AI for space exploration. In ongoing efforts to evaluate whether Mars is (or was at some point) habitable for humans and other animals, the Mars 2020 rover is equipped with a drill it will use to collect samples of rock and soil. It will store these samples in special tubes that will be collected by a later NASA mission. Read more about the artificially-intelligent robotic arm that will make it all happen.

Related Reading: Industry experts weigh in on the adoption of AI and ML in software development

Taking Your Existing Business Applications to the Next Level with AI

New AI frameworks and tools make provisioning AI capabilities more feasible than ever before. Working with a development partner who has the data science and AI technology experience, creating or updating a business application with AI can be started rapidly, take less time to code, and the resulting application placed into service sooner. Nor would it be necessary to staff for these hard-to-find resources for the long term.

Related Video: Artificial Intelligence – How to navigate AI

The logistics industry has been undergoing a series of transformations for the past few years. Things that seemed like science fiction in the past, like augmented reality and 3D printing, are actually becoming part of the industry. Technology is being used widely today in order to provide faster and more reliable delivery services. In the future, we can see a lot more technology and innovation shaping the entire concept of logistics.

While we are on the subject of innovations and trends in the logistics industry, let us discuss 3 such smart technology trends in 2015, which are greatly influencing logistics and supply chain management:

1. Carrier technology – The latest advancement in the area of carrier technology is that smaller trucking companies are being given access to the technology support and operations that bigger companies use to manage. Earlier, small motor carrier companies, especially ones in the truckload segment, were always ignored when it came to the technology provision aspect. It was always the bigger companies, who could spend more on user fees and upgrades, that became the targets of technology providers. Hence, the smaller companies stuck to little or no technology at all and suffered from a lack of efficiency in their operations. It was not until recently, that this trend began to see a change. Companies like 10-4 systems have started developing technology solutions for carrier companies so that they can compete better in the industry. Carrier technology is set to be a turning point in the whole industry as it helps companies manage their demand planning and at the same time reduce wastage in their value chains. It also helps smaller companies grow by enabling them to generate better cash flow.
2. Web services – One of the biggest factors that was holding back the supply chain industry is its undue reliability on unreliable data, and the lack of efficiency and effectiveness in data transmission. Sharing of important information was always through technologies like EDI, fax and email. This year, we are going to see widespread use of web services and also a set standard for the language used for transmission of data. Several companies like Project44 have already taken the lead in this regard. This is going to have a significant impact on the whole supply chain industry, as it will change the way companies perform complex demand analysis, reduce wastage and shall transform the way that companies charge for their services. Clearly, a much-needed change.
3. Integrated supply chains – Integration between supply chains world over, not only enables instant online freight booking, but also enables the traders to serve their customers while simultaneously allowing traders to manage their connections with their transportation vendors. Such an integration will reduce the overall cost of logistics because it eliminates the need for intermediaries at various levels of the supply chain in the course of shipping products. This again, will make use of technologies like cloud services and pave the way for a more effective management of operations.

Technologies like these are soon becoming mainstream and are revolutionizing the logistics and supply chain industry. They clearly help overcome the challenges that the industry has been facing till recently. As a matter of fact, in the course of time these are most likely to bring the highest level of sophistication and much-needed efficiency in the industry. They will surely help in building stronger, more effective supply chains as well.