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Artificial Intelligence for Risk Management Process by MovingNow

twitter-logoPTI | October 14, 2019 | Updated 18:21 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) HYDERABAD, India, Oct. 14, 2019 /PRNewswire/ -- Artificial Intelligence (AI) revolution has arrived in the Logistics space and how. Even in its infancy, AI is already enabling self-driving trucks. Mandate Logistics Systems has developed proprietary Risk Management System software for supply chain and logistics that offers, amongst other benefits, enhanced resource management with the ability to monitor various pivotal factors in transportation. The Risk Management process, today, is akin to Business Process Management - given the complexities involved in business operations in today's day and age. While process management looks to outline rules and guidelines for managing and executing processes in supply chain to optimize workflows and determine risks, Compliance has a duty to keep the organization within the rules and the law, thus steering organizations clear of institutional risks. The new age supply chain is global and complex. And at this spatial magnitude, supply chains become more unpredictable where the risk of disruption intensifies. Can Artificial Intelligence and Machine Learning make Supply Chain and Logistics smart? Artificial Intelligence (AI) is already changing the world across. The Machine Learning algorithms that enable AI, are taking control of a large part of the daily lives, without most of them even realizing it. Mandate Systems' work is precisely on this cutting-edge of technology enablement for Supply Chain and Logistics to offer smart solutions on their new offering, which comes loaded with Risk Management Solutions for businesses and insurance companies, which has been added to their currently functional AI engine. This AI Engine was developed initially to predict pricing for household goods on volume and distance to aid relocating Consumers and Packers and Movers on their mobile and web application. By algorithmically deriving real-time information from raw data, the AI software by Mandate Systemsthat powers Trukor and the MovingNow mobile applications, is capable of teaching computers to predict risks involved in any given transportation activity, on which key decisions are then based. To provide accurate predictions prior to transport scheduling, machine learning techniques are used to streamline and automate processes such as load forecasting, tire tread wear out, time, weather, vehicle health and driving pattern. Location intelligence is used to enable optimum performance and faster deliveries. Additionally, geo-tagging of toll plazas in the software enables anticipatory preparation for toll tax payments. Logistics companies spend hundreds of hours each week doing manual, paper-based activities to check discrepancies and errors and chasing customers. Most of these activities have now been automated on this smart platform that is highly scalable and self-learning - incessantly producing huge volumes of processed data to enable incredibly fast and intelligent decision-making. Insurance companies that provide transit/marine insurance will be significantly impacted since one of the tangible promises of the Risk Management System is to minimize road accidents. The software is equipped with advanced image recognition that identifies the condition of commodities and shipments in real-time. In the case of an impending accident, the truck connected to the AI application will be able to signal the insurance company immediately with the image of the damaged goods, and also autonomously report its condition, the circumstances under which the accident happened, and all other authentic parameters needed to process the claim. This will enable the insurance companies to minimize the effort required to analyze the incident, coordinate the activities and conclude on claims settlement. Due to increasing customer demand and competitive pressures, many small and large enterprises face complex situations in managing their supply chain and seem too vulnerable to exploit the opportunities presented to them in terms meeting of larger orders. In addition to predicting risks, the Mandate Logistics Systems' AI software also includes risk monitors that are built across indicators which can be analyzed in real time. With this automation of processes, user-friendly control panels are provided for managers to manage risk with greater efficiency and confidence. About MovingNow We at MovingNow, inspired by the optimism of the Internet era, proudly take credit to be the pioneers in developing end-to-end online logistics solution, be it the services from the Packers and Movers or commercial cargo. Our proprietary software is built to automate the process right from the survey of your goods for transportation to the quote generation and payment facilitation to delivery. Our passion for providing the users with the best handlers and making the Supply-Chain more organized through our web and mobile application services. Photo: PWR PWR

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