033. Business Applications of AI for Distribution Businesses (morning)
Instructor: J. Michael Marks
Level of Complexity: Intermediate
9:00 AM - 12:00 PM
This discussion is not about the hype and the ‘future,’ rather is provides a foundation on how this technology actually works and practical applications for industrial distributors. ChatGPT and the other large language models are only a popular, albeit small part of the field. Algorithm design and machine learning often can generate improved financial returns very quickly. In fact, many distributors already have some AI capabilities and don’t even know they have it. The discussion will include many specific distribution examples along with techniques around how to identify a valuable AI project, along with how to design and manage it. Participants will receive an extensive list of clickable research links to gain the knowledge and facts for making their own decisions.
This technology is going to have a significant impact on how distributors can create value going forward. This content was added so participants can understand the costs and the benefits can help them create competitive advantage in new ways. The topic is both challenging and exciting to your instructor, he has been involved in the field since 1989 with LISP and Prolog.
Brent Grover’s latest book on the wholesale distribution industry, The Little Black Book of Strategic Planning for Distributors, is published by Modern Distribution Management. This is a concise book covering the critical pieces of creating a strategic plan for a wholesale distribution company including case studies, exhibits and end-of-chapter questions for your management team.