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Supply Chain and Finance Industry Ready to Integrate Cloud Based Systems

The introduction of AI has boosted several industries which includes, Corporate finance and IT departments along with supply chain managers. These are some of the largest benefactors of the technologies. There has been a surge of the digital assistance which has boosted the use of the artificial intelligence in several departments. There has been an  increase in the data usage by the digital companies by approximately 80 percent.

According to a survey conducted, among the 700 participants – which included IT managers, the finance executives concluded that AI-driven technologies such as blockchain and the Internet of things have led to widescale and increased adoption of artificial intelligence and internet of things.  Approximately 83 percent of the users have used it and is expected for the full automation automation of the paperwork. This is likely to reduce the errors and in the financial transactions. The adoption of technology has also led to reduction in the errors which is likely to increase the services and satisfaction among the customers, which is likely to boost the growth of the finance industry.

Among its adoption of the cloud based technologies in the finance and IT operations, there has been an increased adoption of AI in the streamline supply chain. The studies have estimated that approximately the order fulfillment has increased by approximately 6-7 business days. Furthermore, the errors in the fulfillment were reduced by an average of 26 percent. In addition, there has been an increased integration and increased use of AI and internet of things has increased and bolstered the  effectiveness  to verify distribution monitoring. This is likely to reduce the frauds in the supply chain, by approximately 50 percent in the coming five years. It has been observed that, there is an increased demand for the purchase of pre-built AI platforms rather than building their own.