THE IMPACT OF THE INTERNET OF THINGS AND ARTIFICIAL INTELLIGENCE ON THE SUPPLY CHAIN

Kresimir Buntak (), Predrag Brlek () and Bruno Cesarec ()
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Kresimir Buntak: University North, Croatia
Predrag Brlek: University North, Croatia
Bruno Cesarec: University North, Croatia

Business Logistics in Modern Management, 2021, vol. 21, 369-383

Abstract: With the development of new technologies, increasing internet speeds and the more complex demands of customers in the market, many logistics companies are finding ways to increase the level of their services. Other goals include reducing business costs, shortening delivery time and very good so-called “customer experience”. The Internet of Things finds application across the entire supply chain, from the manufacturing process and warehousing to transportation and trade. By using such networked devices, greater control over limited resources is achieved, and the most important thing - time. One of the great advantages can be noticed when maintaining machines because the machine can easily communicate when it expects an error or risk of failure. Devices and machines also exchange information with each other, thus raising the productivity of the processes of which they are a part to a higher level. Other features that networked devices can improve include inventory recording and management, product lifecycle management, customer demographics, and consequently new marketing opportunities. On the other hand, artificial intelligence becomes an obligation to use. By using it, the optimization of the resources offered by the Internet of Things is achieved. As today’s life unfolds in dynamic times when the time interval between the arrival of new and the departure of old technology has been reduced to a minimum, people find it difficult to adapt if they do not follow the idea of lifelong learning. Artificial intelligence brings with its machine learning and autonomous machines, which will be used in shipments to the customer's final address. Some of the concepts of artificial intelligence applications are fully automated warehouses, autonomous fleet, forecasting market needs and creating successful new products. In the same processes, there will be a need for better-educated staff to cope with today's complex and demanding tasks - which is both a challenge and an opportunity for new motivated professionals.

Keywords: market; technology; Internet of things; artificial intelligence; supply chain (search for similar items in EconPapers)
Date: 2021
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