Business View Magazine March 2023

15 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 3 companies can optimize their inventory levels and reduce the risk of stockouts. Companies can have the right amount of inventory in the distribution centers to minimize transportation costs and times. 4. Sales recommendations: Having AI recommend items to your customers can do a couple of things for you. In self-service situations, AI can make recommendations for additional purchases based on the customer buying, thus increasing your company’s sales and wallet share. For counter sales, AI provides similar information that the counter rep can use to make suggestions to the customer. A 30-year employee at the counter knows what additional items their customers may need for their job, but a new employee does not have that experience, which is where AI can help. 5. Fraud detection: AI can identify data patterns indicating fraudulent activity, such as suspicious purchase patterns or fraudulent returns. This can help distribution companies to reduce the risk of financial losses. 6. Customer service: AI-powered chatbots can improve the customer experience by providing fast, accurate answers to customer questions and requests. In addition, the integration of the Internet of Things (IoT) is playing a vital role in the distribution industry. IoT technology enables distribution companies to monitor the condition and location of their goods in real time, providing them with valuable insights into the distribution process. This information can be used to optimize routes and improve the overall efficiency of the distribution process. Blockchain technology has the potential to transform the distribution industry in several ways. Here are a few examples of how it might be used: 1. Supply chain management: Blockchain can create an immutable record of the movement of goods through the supply chain. This can help with traceability, ensuring that goods are sourced ethically and sustainably, and reducing the risk of counterfeiting or fraud. 2. Smart contracts: Blockchain-based smart contracts can automate many of the processes involved in distribution, such as the release of payment upon delivery or the automatic reordering of goods when inventory runs low. This can reduce the need for manual intervention and improve efficiency. 3. Asset tracking: Blockchain can track the location and status of assets as they move through the distribution network. This can help with planning and coordination and reduce the risk of loss or damage. OPENING L INES