Remarkable market size and growth of AI in the supply chain
Sharjah, UAE, 26th May 2023, ZEX PR WIRE, CE-Ventures, the corporate venture capital platform of Crescent Enterprises, hosted the region’s first-ever Supply Chain Tech Summit – ‘Forging the Tech-Driven Future’, held in Dubai. Robotics, artificial intelligence, and the opportunities modern technology and venture capital hold for the future of global supply chains were discussed in detail during the Summit.
The Summit’s welcoming remarks were given by Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, where he set the stage for the day’s discussions by emphasising the importance of technology in driving transformation and growth in the supply chain industry, and the role the UAE has played in fostering an ecosystem of innovation. “The market size and growth of AI in the supply chain have been remarkable. According to recent reports, the potential economic value created by AI in the global supply chain is expected to reach US$1.3 trillion over the next 20 years. The exponential growth of supply chain technology clearly demonstrates the paramount importance of the industry and the transformative role of technology in revolutionising it.
The keynote session, by Damion Shelton, CEO of Agility Robotics, a US based company developing robots that work alongside people in warehouses, explored the transformative power of robotics and automation, with solutions needing to be human-centric and multi-purpose. His insights into the potential impact of robotics on the supply chain industry captivated the audience and set the tone for the subsequent panel discussions.
The first panel of the day focused on the challenges and opportunities facing legacy supply chain companies as they adapt to the changing operational and technological landscape. Moderated by Charupriya Chahal, Director of CE-Operates, Crescent Enterprises, the session hosted Abdulla Al Hashimi, Chief Operating Officer – Parks & Zones, DP World, Andrew Hoad, Chief Commercial Officer, Gulftainer, Paul J. Gallie, Portfolio Director, AP Moller Capital, and Gustavo Lacetera, Senior Engagement Manager, ALG Transport & Infrastructure, where each discussed their unique perspective that comes with a long-established presence in the supply chain industry, and insights on the key strategies and best practices for modernising and optimising legacy supply chains to meet the demands of the future.
Discussions during the second panel of the day revolved around exploring the transformative technological future of the supply chain, and how emerging technologies, such as artificial intelligence (AI) and robotics, will impact and revolutionise the industry.
Discussing examples of what a supply chain tech-enabled business offers, Fadi Amoudi, Founder and CEO of IQ Fulfilment said: “We aim to empower businesses in the region by transforming their operations and enabling them to thrive in the e-commerce landscape. Our robotic automation solutions cater to a wide range of industries. With our advisory services, we guide businesses through their transformation journey”.
The third panel spoke of the critical role of technology in optimising last-mile delivery, the final and often considered the most important leg of the supply chain. Moderated by Kushal Shah, Managing Director, Corporate Venture Capital, e& Capital, the panellists, Ashish Jain, CFO, Careem, Nader Museitif, Chief Investment Officer, Lyve Global, Naveen Joseph, Co-Founder, iMile, and Rodrigue Nacouzi, CEO & Founder, Transcorp, delved into the latest innovations and best practices for streamlining last-mile delivery, and the key challenges and opportunities facing businesses as they seek to meet the growing demands of consumers for fast and reliable delivery.
The final panel focused on the increasing role of venture capital in the growth and evolution of supply chain technology. Moderated by Tushar Singhvi, panellists Abdulaziz Shikh Al Sagha, General Partner, BECO Capital, Anand Prasanna, Managing Partner, Iron Pillar, Nader Bekhouche, Senior Principal – Investment (Growth Equity), Investment Corporation of Dubai, and Walid Mansour, Co-CEO, Middle East Venture Partners (MEVP), shared their perspectives on the current state of the venture capital landscape in supply chain technology, and the challenges and opportunities facing startups and investors as they seek to navigate the rapidly-changing industry.
“The supply chain industry is experiencing a digital revolution with the influx of software applications, enabling its transformation,” said Walid Mansour, Co-CEO of Middle East Venture Partners (MEVP). “We invest in companies that drive this shift, including software-as-a-service, AI, and Fintech applications. As the industry evolves, we anticipate a smarter, data-driven future, particularly in this region.”
The Supply Chain Tech Summit, co-hosted with Arabian Business, will feature insightful panel discussions from industry leaders representing organisations such as DP World, Agility Robotics, Gulftainer, Transcorp, Careem, AP Moller Capital, Crescent Enterprises, and many more. The summit will also host regional and global investment experts, including SWFs, institutional investors, VCs, and family offices, who will discuss their investment strategies and opportunities in the sector.
Panel discussions include ‘Legacy Meets the Future: Navigating the Opportunities of supply chain evolution’, focusing on the challenges and opportunities facing legacy supply chain companies as they adapt to the changing operational and technological landscape; ‘Revolutionising the supply chain: The transformative future’, exploring the transformative technological future of the supply chain, and the ways in which emerging technologies will impact and revolutionise the supply chain; ‘Beyond the Doorstep: The Future of last-mile Delivery’, looking at the critical role of technology in optimising last-mile delivery, and ‘Fuelling the Future: Venture Capital and the Growth of supply chain technology’, discussing the increasing role of venture capital in the growth and evolution of supply chain technology.
Driven by the need for improved efficiency amid increasing labour costs and growing demand for sustainability, the global supply chain robotics market is expected to reach US$10.9 billion by 2027, while AI in supply chain analytics is projected to reach US$6.05 billion. Delegates and participants will discuss the market’s investment opportunities and engage in insightful discussions surrounding how robotics and artificial intelligence are changing the outlook for supply chains regionally and globally.
The Summit is part of Crescent Enterprises’ mission to help foster a collaborative environment for startups, investors, and industry leaders to exchange ideas and explore breakthrough technology solutions and investment opportunities. The Summit is expected to catalyse further the growth and success of the supply chain technology space.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.