Pando witnessed the market evolve and a surge in logistics AI technology adoption by manufacturers and retailers in 2023 - AITechTrend

Pando witnessed the market evolve and a surge in logistics AI technology adoption by manufacturers and retailers in 2023

Driven by volatility across global supply chains and a rising labor crunch, global enterprises are onboarding Pando (powered by a patented machine-learning algorithm) with an ambition to build autonomous logistics operations for agile and resilient supply chain.

CHICAGO, Dec. 27, 2023 /PRNewswire/ — The volatile nature of the global supply chain continues to be a priority in boardroom discussions amongst global manufacturers and retailers. This includes the ongoing conflict in Ukraine that is causing delays and unforeseen cancellations in air and sea cargo in airspace and shipping lanes, further squeezing the capacity, and driving up freight costs. To make things worse, rising tensions between the US and China continue to create uncertainty and disrupt trade flows, and the exacerbated bottlenecks due to unforeseeable labor shortages at major ports are causing congestion and delays in container loading/unloading or shipment delivery. Experts and practitioners agree that these changes are here to stay and are reacting to them by fundamentally rethinking both their physical supply chains (bringing suppliers and plants closer to customers) and the digital infrastructure, with AI. 

Global manufacturers and retailers are prioritizing digital investments in logistics operations as the guiding force as they strategize supply chain resilience. Earlier this year, Kearney and Pando published the State of Logistics Tech: 2023 report [1] which highlighted how leading supply chain leaders are leveraging new-age logistics technologies to bring in agility driving revenue & margin growth, launch new GTM (Go to Market) channels and drive sustainability initiatives. 

“Talking about macroeconomic trends, I think most of the sourcing managers these days are having sleepless nights because we are all facing one supply chain challenge after another. First, it was driven by the pandemic. Then, it was the geopolitical disruption due to Ukraine, followed by inflation. And we must figure out ways to drive supply chain cost efficiencies so that we don’t pass on price hikes to our customers.” 

–  Neha Parekh, Director of Supply Chain – Nivea [2] 

“Supply chain as a practice exists as a function because of demand uncertainty, and the main objective for supply chain leaders is to drive down variability and to reduce risk. At Inspire Brands, as a constellation of 6 brands, we are running a shared service model whose goal is to reduce variability & leverage scale in an attempt to centralize & consolidate demand.” 

–  Chris Held, Chief Supply Chain Officer – Inspire Brands [3] 

“In June 2023, during Canada’s 13-day port strike which impacted more than 30 west coast ports, we ended up spending millions in accessorial fees because we weren’t arranging for our containers to be picked up on time from different ports. I wanted to be able to pull up a map that pinpoints the exact position of our containers in real-time globally. And that’s what we’re able to achieve today with Pando.” 

–  Skotti Fietsam, VP of Supply Chain – Accuride Corporation [4] 

Pando addresses these challenges head-on, providing a single, unified platform for logistics spend management (entire freight procure-to-pay cycle) with AI and autonomous capabilities. Some of these capabilities that enterprises, characterized by high volume, variability, and velocity of products/SKUs, are increasingly adopting include: 

  1. Autonomous freight sourcing using pre-bid intelligence, automated RFQ-creation, anomaly detection & bid optimization to improve resilience,
  2. Autonomous dispatch decisions & multi-modal load-planning using patented machine-learning algorithm [5] and 3D load-building tools to optimize cost, improve service levels, and reduce CO2 emissions,
  3. Real-time transportation visibility with predictive ETAs & journey-risk analysis to mitigate any risks and delays,
  4. Automation in freight invoice audit & payment using configurable rate manager and 4-way matching of invoices to accurately estimate freight accruals and prevent overpayment to carriers. 

“Digital has been a key enabler of our consumer-led transformation journey. Across the value chain, the need for agility, transparency, and reliability has never been greater. By partnering with Pando to develop the Transport Management System (TMS) module, we are leveraging leading digital tools and processes to extend these elements to our customers. As we bring cutting-edge technology into the fold, we are delivering products and at a faster pace and creating a differentiated experience for our customers. Together, we are building new capabilities within the ecosystem to create efficiencies at scale and make a positive bottom-line impact.”  

–  Mayank Pandey, Supply Chain Director – Castrol [6] 

“More than 50% of our customers have an annual freight spend upwards of $25 million, making freight spend management a strategic imperative. This year we have onboarded customers across industries, notable being Unilever, Inspire Brands, Albert Heijn, Avnet, P&G, Hero MotoCorp, Cipla, Berger Paints, Bisleri, Accuride, and Emcure Pharmaceuticals. Our laser-sharp focus on continuous innovation & proven implementation methodology makes autonomous logistics achievable to global brands across industries.” 

–  Nitin Jayakrishnan, Co-founder & CEO – Pando 

As autonomous supply chains gain momentum, enterprises are scaling up digital investments to build supply chain resilience, incorporate sustainability, and improve product margins. Pando is committed to empowering this growing consortium of pioneers who are looking to automate operations, augment intelligence, and enable co-pilot on strategic decisions. 

About Pando: 

Pando (https://pando.ai) is an AI-powered, no-code, and unified fulfillment platform that enables manufacturers & retailers to orchestrate both purchase orders & customer orders to improve service levels, reduce carbon footprint, and reduce freight costs. Pando fulfillment cloud digitalizes end-to-end freight procure-to-pay operations with freight procurement, transportation management (TMS), freight audit & payment capabilities in a single platform.   
  
As a partner of choice for Fortune 500 enterprises & presence across the US, Europe & Asia Pacific, Pando is recognized by the World Economic Forum (WEF) [7] as a Technology Pioneer, by Gartner [8] for its Multi-Enterprise Collaboration capabilities, and by Deloitte [9] as one of the fastest-growing technology companies.  

Citations/sources: 
[1] State of Logistics Tech: 2023: https://pando.ai/resources/industry-reports/state-of-logistics-tech-2023 
[2] State of Logistics Tech: 2023: https://pando.ai/resources/industry-reports/state-of-logistics-tech-2023 
[3] Fast Food, Faster Supply Chains – Chris Held from Inspire Brands: https://www.youtube.com/watch?v=hSMBcjlVVAA 
[4] Lions, Pizza, & Cars – Skotti Fietsam & Matthew Crowley from Accuride: https://www.youtube.com/watch?v=b7R8iilPtqs 
[5] Patented machine-learning algorithm: https://patents.justia.com/patent/11537977 
[6] State of Logistics Tech: 2023: https://pando.ai/resources/industry-reports/state-of-logistics-tech-2023 
[7] World Economic Forum’s Technology Pioneer in 2022: https://pando.ai/company/press-release/pando-recognized-globally-as-a-technology-pioneer-by-world-economic-forum 
[8] Gartner Market Guide for Multienterprise Collaboration Networks: https://www.gartner.com/en/documents/4280999 
[9] Deloitte’s fastest-growing technology companies: https://pando.ai/company/press-release/pando-recognized-deloitte-technology-fast-50-2022 

SOURCE Pando

https://www.prnewswire.com/news-releases/pando-witnessed-the-market-evolve-and-a-surge-in-logistics-ai-technology-adoption-by-manufacturers-and-retailers-in-2023-302022836.html