A series of unpredictable situations has disarranged the global supply chains over the period of past two years. The pandemic of COVID-19, the Ukraine war, a container ship sinking in the Sues canal and other unexpected events have delayed the goods deliveries of everything from the smallest like pet food to bicycles.
With all this mismanagement going around the supply chain industry, established logistics companies and a growing group of start-ups have created a multi-billion-dollar industry to apply the latest technology to help businesses reduce disruptions. Companies like Fero Labs, Interos, KlearNow and many others are currently using artificial intelligence and other tools for the swift movement of the customers and manufacturers to supplier overpopulation, monitoring the availability of the raw material and ways to get through the administrative tasks for the cross-border trade.
Interos is working on the development of a new product to roll out the other hypothetical disruptions in the supply chain industry.
The market for the new technology services is focused on the industry of supply chains and is valued at more than $20 billion per year in the upcoming five years. According to the analysts, more than 80% of new supply chain companies will be using data sciences and artificial intelligence in some way or the other by the year 2025. One of the most successful companies in the developing market, Interos was valued at more than $1 billion in its latest funding round. The company based out of Arlington-Virginia said it has found out that there are 400 million businesses in the world that use machine learning to monitor many such as alerting them in case of any emergency like flood, fire or hacking.
Before the invasion of Russian tanks into Ukraine in the month of February, the company had already evaluated the impact of the matter. Interos also added that the company identified almost 500 U.S. firms with direct supplier contacts in Ukraine. The chief executive of the company, Jennifer Bisceglie said that after the beginning of the war, almost 700 companies reached out to Interos for help with the estimate of their exposure to Ukrainian suppliers. She also added that the company is working on the development of a new product to roll out the other hypothetical disruptions in the supply chain industry like the Chinese invasion of Taiwan and for a better understanding of customers of their exposure risk when trying to find alternative suppliers.
Many companies are currently using artificial intelligence and other tools for the swift operations.
The CEO of Fero Labs, based out of New York, Berk Birand has said that the covid-19 pandemic highlighted the desperate need for the adoption of changing suppliers by the manufacturers of the industry so the making of identical products can be continued. The start-up company shared how the use of machine learning helps their platform to monitor and adapt the usage of raw material and how material from different suppliers affects the quality of the end product from other impurities in the steel.
Autotech Ventures which is a company based out of Silicon Valley has invested in Newtrul as well as KlearNow, which collects the data from transport management systems in the highly fragmented trucking industry of America to analyse the change in prices.