Until very recently, only the biggest companies with the deepest pockets had access to AI. Today, companies of all shapes and sizes are making the most of AI. Are you using AI to benefit your distribution business? You definitely should!
What AI does is analyse and learn from data, apply a solution and assess the results.
Over a period of time, the system itself grows smarter. Distributors can create smarter, more intuitive and more efficient processes with AI implementation. Additionally, AI can also streamline the supply chain, freeing up resources and talented employees for more strategic activities.
Thanks to AI-driven technology, by analysing the data on purchasing patterns – like whether a prospective customer downloaded the newsletter – your sales team can know which customers and potential customers they should be spending time on. Also, when existing customers visit your website because it’s time to re-order, AI can suggest similar or related products to them.
The technology used by AI to make all this possible also minimises the chances of errors and offers a seamless experience for your customers doing business with you — making them happy. Conversely, if you don’t offer the convenience and speed this technology extends, you risk losing your customers to your competitors.
AI and Machine Learning
When we talk about Artificial Intelligence, Machine Learning is often mentioned in the same breath.
In fact, ML is one of the various subfields of AI and one of the most beneficial for wholesalers and distributors. ML enables machines — or rather, computers — to use existing data to predict future behaviour, trends and outcomes. It works by teaching the software to find patterns in the existing data so as to seek out trends in future data.
Just like many other industries, the digital and tech revolution has transformed the distribution industry, and AI and ML are set to take the industry to the next level. There are tangible business benefits to using AI, like growing average order size, boosting margins and improving customer relationships.
So when are you going to get on the AI-ML bandwagon?