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Transforming Retail Logistics with Artificial Intelligence and Big Data

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Transforming Retail Logistics with Artificial Intelligence and Big Data


Artificial intelligence and big data in retail involves the use of automation, data, and innovative technologies to deliver highly personalized shopping experiences to consumers.

The combination of artificial intelligence (AI) and big data technology is transforming retail logistics to add a competitive edge to companies in this sector.

Retail logistics is the process of managing the flow of goods to be bought and sold to customers. Logistics accelerates the smooth movement of products and provides a boost to retail markets. Large volumes of data pour into retail logistics daily. Just collecting and analyzing data is not enough, there is a need for an advanced technology that can assist to overcome all challenges faced in retail logistics. Retailers must find patterns in the collected data and use them to accelerate their business growth. AI and big data will play a crucial role in transforming retail logistics. This article highlights how AI can be leveraged alongwith big data that is collected in this industry. But before that, let’s first take a look at the challenges faced in retail logistics.

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Retail logistics may face specific problems, which need to be solved at the earliest. Sometimes there arise situations, where shipments can get misdirected; the ships might get out of the network and get misdirected. Secondly, there can also be a situation where delivery of products is stuck somewhere and cannot be traced. Moreover, there exist several transportation solutions, and it is difficult to choose the most effective and efficient mode of transportation to ensure that the customer is happy. Furthermore, lack of operational efficiency is one of the significant challenges faced by retailers. Managing complexity and rapid change is difficult for retailers. Big data and AI technology help to reinvent retail logistics by overcoming these logical challenges faced by enterprises.

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How Artificial Intelligence and Big Data Are Transforming Retail Logistics

The compound of AI and big data technology have led to numerous inventions, resulting in eye-opening benefits. AI helps mimic human thinking and adapt to the environment around. Big data-driven technologies have helped AI technology with sufficient amounts of data and its management. Remote sensing, the Internet of Things (IoT), telematics, and geospatial mapping embed information into products and the vehicles transporting them. The physical flow of material usually leaves a trail of unstructured data scattered across the ecosystem. Hence, AI depends on large volumes of data to extract knowledge and learn through their self-analysis. In the retail sector, efficient and speedy delivery of goods and services is the key. By leveraging big data and AI and making informed decisions along with studying data-patterns, retail logistics can predict the demand, eradicate the shipment delay, plan and align the operations well in advance. Moreover, AI systems can predict their customer’s behavior and their demands and accordingly, meet their needs. Additionally, AI technology has its amazing invention – chatbots – that can drive intelligent and meaningful engagement with customers. Chatbots answer all questions that customers ask, thereby not making customers feel ignored. This can help retailers retain their customers and attract new ones that result in their business’ growth. Furthermore, predictive maintenance can help retailers to predict any breakdown of the machine that is likely to happen in the future. This leads to early detection and early repairing of the machine, thereby reducing the cost. AI-driven analytics helps in transforming retail logistics, assisting retail logistics leaders aggregate customer demand and simplify distribution networks.

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TECHNOLOGY

Artificial Intelligence in the 4th Industrial Revolution

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Artificial Intelligence in the 4th Industrial Revolution


Artificial intelligence is providing disruptive changes in the 4th industrial revolution (Industry 4.0) by increasing interconnectivity and smart automation.

Industry 4.0 is revolutionizing the way companies manufacture, improve and distribute their products. 

What Makes Artificial Intelligence Unique?

Artificial intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.

It allows computers to think and behave like humans, but at much faster speeds and with much more processing power than the human brain can produce.

AI offers advantages of new and innovative services, and the potential to improve scale, speed and accuracy. 

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There are 3 types of artificial intelligence:

  • Artificial narrow intelligence (ANI), which has a narrow range of abilities.

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  • Artificial general intelligence (AGI), which is on par with human capabilities.

  • Artificial superintelligence (ASI), which is more capable than a human.

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Artificial intelligence can also be classified as weak or strong. 

Weak AI refers to systems that are programmed to accomplish a wide range of problems but operate within a predetermined or pre-defined range of functions. Strong AI, on the other hand, refers to machines that exhibit human intelligence.

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Artificial intelligence has several subsets:

Most AI examples that you hear about today – from chess-playing computers to self-driving cars – rely heavily on deep learning and natural language processing.

What is the Fourth Industrial Revolution?

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The Fourth Industrial Revolution is the current and developing environment in which disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR) and artificial intelligence (AI) are changing the way modern people live and work. The integration of these technologies into manufacturing practices is known as Industry 4.0. 

The first industrial revolution used water and steam power to mechanize production.

The second used electric power to create mass production.

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The third used electronics and information technology to automate production.

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The fourth Industrial revolution is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres, with rising emerging technologies, as real AI, Narrow AI/ML/DL, robotics, automation, materials science, energy storage, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, neurotechnology, cognitive technology, and quantum computing. It implies radical disruptions to everything, industries, jobs, works, technologies, and old human conditions. In its scale, scope, complexity, and impact, the AI transformation will be unlike anything humankind has experienced before.

The Role of Artificial Intelligence in the 4th Industrial Revolution

Artificial intelligence is making companies make the best use of practical experience, even displacing traditional labor and becoming the productive factor itself. 

It offers entirely new paths towards growth for manufacturing, service, and other industries, reshaping the world economy and bringing new opportunities for our societal development.

As AI begins to impact the workforce and automation replaces some existing skills, we’re seeing an increased need for emotional intelligence, creativity, and critical thinking.

Zvika Krieger, co-leader of the World Economic Forum’s Center for the Fourth Industrial Revolution.

Deploying AI requires a kind of reboot in the way companies think about privacy and security, As data becomes the currency of our digital lives, companies must ensure the privacy and security of customer information.

Businesses will need to ensure they have the right mix of skills in their workforce to keep pace with changing technology. 

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