AI Is Going To Play A Big Role In Future Of Supply Chains: Aksum's Co-founders

In an interview with BW Disrupt, Ankit Jain and Sumit Bhatia, Co-founders of Aksum, spoke about how AI (artificial intelligence) has become a game changer for supply chain management and more

Artificial Intelligence has been helping many sectors to develop and flourish. Are you using AI-based solutions to help your clients?

AI comes into play when the entire tech platform exists, and the customer and supplier's journey is happening through technology. However, the B2B (business-to-business) segment is not advanced enough yet for the entire end-to-end journey to happen on e-commerce.

We still believe it will happen sooner than later. AI has started playing an important role in supply chain logistics. We are increasingly deploying AI at many parts during the whole product journey. Request for quotations by customers, arranging suppliers and choosing the right equipment is some areas that frequently get AI-enabled.

What are the technology-based solutions that you are providing to help small businesses gain momentum?

We have developed a series of protocols that help small businesses to operate more efficiently. Our standard operating procedures are being digitised so that they can be followed more easily and accurately. The technology on the digital platform can pick the right supplier and match them to the particular requirements of the small business. This helps to save time and money for the business. Our tech-based platform helps customers journey through the technology we set up for our clients. This provides a smooth and easy experience for customers, making it simpler for them to use our products and services.

What are your plans for investment in technology to help serve your clients?

We have a watertight blueprint ready which entails the very aspect of the technology we have laid down for our clients. Plugging inefficiencies is the goal of technology. Currently, supply chain frameworks prevalent across sectors are replete with inefficiencies. On the technology platform, we will have hundreds of suppliers and a couple of thousand customers.

From the sourcing of raw materials to finally delivering the end-use product, everything is tech-enabled, which in turn reduces buying costs and plug in inefficiencies in the system. We are investing around 20-30 per cent in technology upgradation to keep our platform running smoothly and efficiently.

What are the specific requirements of MSMEs for technology-based solutions?

These enterprises just can’t afford wastage and revenue leakages. Sometimes they operate on wafer-thin margins. Hence, losing out on leakages is out of the question. They require the lowest possible price for on-time delivery through a transparent mechanism. Technology and AI are formidable solutions for all problems MSMEs face in supply chain management.

What are your thoughts on the future of AI in the sector?

AI is going to play a big role in the future of supply chains because there will be so many processes running at one time. Without AI, those processes would have to be rewritten every time. But if the systems that are put in place learn from past processes and implement them in the future course of action, the supply chain will get improved automatically.

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