Artificial intelligence (AI) has now been in talks for a while. According to Accenture reports, 85 per cent of organizations have already planned to adopt AI in their supply chains. Recently, United States market recently predicted that the value of artificial intelligence will grow to $36.8 billion globally by 2025.
Various other markets other than food industry have already opted for the technology. Stock markets are now dominated by technology, everyday search engines like Google use AI for improving their results the moment certain keywords are typed. Therefore making its presence felt in almost every sector. Artificial intelligence might be a new technology for food industry but there are many early adopters of the technology including mainly pharmaceutical, healthcare, cosmetics and retail industries. But things are changing for the food industry as there has been a lot of noise for it currently.
Restaurateurs are getting aware of the benefits of having AI which can eventually help them in growing business. Machines over humans have always been in the talk for a long time where everything was predicted to transform into machinery format. Artificial intelligence increases the efficiency and speed eliminating the time factor. But there are vendors who believe that this technology will bring additional revenues with better margins and lower costs in the industry.
AI relies on a continual process of technological learning from experience and improving at answering complex questions. The F&B industry is expected to modernise by adopting AI in their supply chain planning. The technology is proving everybody wrong who thought that they have done their best by utilizing yesterday’s technology solutions and optimizing the supply chain process.
Similar to the human brain, artificial intelligence adapts to the environment and improves with its regular usage. But unlike humans, the capacity for improvement is unlimited as repetitive, more and boring tasks are never a problem.
Having to deal with thousands of customers on a daily basis, machine learning can provide much more efficiency at calculating complex data quickly and meaningfully for the food manufacturers and retailers. Machine learning is highly effective at clustering promotions based on looking at similarities and many other variables other than using traditional techniques. For instance, a leading health food brand used the technique to analyze demand variations and shopping trends resulting in a 30 per cent reduction in lost sales. Not only will this technology know when shelves are empty, but more importantly, will predict what is going to happen next. Thus, making the shelves fully stocked along with minimizing the waste.
In food industries, many people are looking at new ways of increasing their sales which clearly states that it is still a problem in the food industry. According to the figures from WRAP, UK waste advisory body claims the industrial waste to be around ten million tons of food a year valuing over 17 billion pounds. Some food processing companies have already turned their way towards artificial intelligence as a means to better calibrate their machines in order to manage several products sizes reducing wastes and money cost by it.
Some beverage companies even tried to use AI to allow customers to change the flavors of their chosen drink. Armed with an application on their mobile phone in front of self-service machinery, it’s helping in developing new product ranges.
Artificial intelligence might just be the order of the day which will be useful to the people belonging to the food industry. The adaptation of this technique is expected to rise as the time passes by.