Nokia Corporation (NYSE:NOK) has unveiled the Autonomous Inventory Monitoring Service (AIMS), a cutting-edge solution designed to revolutionize warehouse inventory management. This innovative technology combines AI-integrated drone-based hardware, camera-based indoor localization, data analytics, and computer vision.
Developed through extensive research at Nokia Bell Labs Research, AIMS will be deployed in collaboration with Graybar, a leading distributor of electrical, communications, and data networking products known for its expertise in supply chain management and logistics services. The solution aims to enhance Graybar’s inventory management capabilities and is expected to deliver a significant return on investment, estimated at 30-40%.
Graybar also plans to install the Nokia Digital Automation Cloud (DAC) to improve connectivity in its warehouse operations. Nokia DAC technology plays a crucial role in streamlining the digital transformation journey, leading to higher operational efficiency, improved worker safety, and sustainability in day-to-day operations.
Warehouses often face challenges related to accurate inventory records, and traditional inventory cycle counting processes can be inefficient, time-consuming, and error-prone. Such inefficiencies can lead to stockouts and negatively impact revenue and customer experience, particularly in the rapidly growing e-commerce sector.
Nokia’s AIMS technology integrates multi-drone orchestration technology with cloud analytics software, offering real-time inventory analytics to optimize warehouse processes. These AI-driven drones, combined with Nokia’s scalable edge compute platform, provide a lightweight and agile solution for efficient navigation and precise inventory scanning within warehouses.
The solution utilizes drone-mounted sensors, cloud-based video, and data analytics to provide warehouse operators with enhanced visibility and control over inventory management. AIMS promotes operational excellence, reduces the risk of human errors, and enables 24/7 tracking and tracing of every item with pinpoint accuracy.
AIMS is expected to reduce unnecessary labor expenses and enhance workforce productivity while offering valuable insights that benefit various stages of the supply chain, including warehouse operators, distributors, manufacturers, and retailers. Nokia’s smart drone technology has versatile applications, including vertical farming, making it an attractive inventory management solution for enterprises seeking efficiency and accuracy in handling fluctuating demand.
Nokia is actively driving the transition of global enterprises to smart virtual networks, creating a unified network for all services. The company leverages state-of-the-art technology to transform the way people and devices communicate and connect. Nokia seeks to expand its presence in high-growth and high-margin vertical markets to address growth opportunities beyond its traditional markets.
Nokia’s stock has declined 19.5% in the past year, compared to a 13.9% fall in the industry.
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