Artificial Intelligence and Drones in Investment Recovery

Lose the AI Hype and Hysteria

Whether we realize it or not, we use artificial intelligence and machine learning almost every day. From asking Siri to set your alarm to using predictive text when searching online and making a purchase–– artificial intelligence and machine learning have made our lives easier and more efficient.

But in a world where Amazon’s machine learning algorithm decreased the ‘click-to-ship’ time by 225 percent, why are we still ignoring its benefits for asset recovery?

Particularly when, according to a study by Advisian Digital, one-third of experts believe that artificial intelligence will have the biggest impact on the energy, chemicals, and resources industry.

There’s a lot of hype and hysteria around artificial intelligence and machine learning. And often, they can sound like meaningless buzzwords.

But if we flip the focus of these technologies to the value they can create for asset recovery, we can see how they help investment recovery professionals with their disposition efforts through data extraction and collection and field collaboration.

Data Extraction and Collection

Data extraction from photos and images has been proven across many industries, with data acquisition speeds ten times faster than traditional methods. What’s more, error from data entry can be reduced by a factor of three to eight.

Even smartphone users are reaping the benefits, with many using this data extraction technology to speed up purchases by filling in their credit card details online by taking a simple photo of their credit card.

How This Can Help Investment Recovery Professionals

Using image data extraction, investment recovery professionals can reduce manual data entry by 75 percent and complete missing fields in existing inventory management systems.

This can increase return on investment by five to 20 percent for external sales 50 percent for internal redeployment. The information can be shared across public datasets and product manufacturers’ databases to create a complete and accurate dataset for all assets.

By taking clear pictures of the front, back, and nameplate of an asset, investment recovery professionals can convert the following information for their online database:

• Entire nameplate text
• Logos on boxes and/or vehicles to determine the manufacturer
• Vehicle VINs for resale applications
• Warehouse bin numbers to determine the geo-location
• Paper documents (i.e., certification, maintenance records)

Field Collaboration and Inspections: It’s a Bird, It’s a Plane, it’s… Drones!

What if you could view a live video stream of a shelf number in your warehouse by simply entering that number into your inventory dashboard? What if you could fly drones over yards and check against your inventory? Or what if your inspections could be done completely virtually?

Mass-market micro drone technology, coupled with image recognition technology, are providing exciting low-cost solutions to investment recovery professionals.

Remote monitoring from tablets and web browsers empowers them to monitor, track, and update warehouse or yard inventory more efficiently.

Using these “inventory-as-a-service” solutions, a new warehouse or yard inventory can be completed successfully at three to ten times the current speed, while at the same time developing a full mapping and geo-location tracking system of the site.

This information about the site and inventory is invaluable to investment recovery professionals, as it can be used for standard inventory activities such as:

• Matching items to bin or shelf number
• Determining an item’s location in the warehouse
• Keeping track of an item’s historical location
• Inventory auditing

How this can help investment recovery professionals

• Complete a two-hour inventory in 10 minutes
• Inventory can be done autonomously on a predefined schedule even when on one is in the warehouse (e.g., every night)
• Zero cost to own the drone and low operations cost
• Remote access to different warehouses can increase collaboration between sites
• Rapid access to shelves that are out of reach, limiting safety risk to employees
• Remote inspections using the drone’s live feed camera without having to move the items to the ground
• Rapid identification of misplaced items

Cloud Based Solutions

Modern cloud-based solutions driven by data and analytics are well suited to integrate with any technology development, such as:

• Blockchain for traceability
• Artificial intelligence and machine learning for processing
• Drone for data capture
• Augmented reality for virtual inspections

My company, Requis, is part of a fast-growing industry sector that operates from a cloud-based supply chain platform that can boost productivity and ROI.

This innovative methodology can connect buyers and sellers, enabling enterprises to procure, manage, and dispose of industrial material and equipment with greater visibilty, simplicity and capital efficiency.

Using some of the latest technologies that are readily available today, investment recovery professionals can be freed from manual and mundane tasks and focus on:

• Building strong relationships with supply chain stakeholders
• Improving forecast with analytics and data analysis
• Increasing return on investment

Learn More About Requis Asset Management Solutions

Ultimately, the adoption of these technologies will provide improved workflows adapted to the work style of your newest team members and excite them about the future of investment recovery.

Visit our platform overview page to learn more about our investment recovery solutions.

Loïc Coyot, Digital Transformation Manager, Requis
I am honoured to be presenting at the 2020 Conference and Tradeshow in Scottsdale to share the exciting technologies that are now available to the IR community. See you there!

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