Westpac has launched a proof of concept in which four of the most talked-about technologies of the day are combined: data analysis, artificial intelligence, Internet of Things and blockchain.
In what is the trade finance team of Westpac Institutional Bank a & # 39; global first & # 39; said, the pilot tries to accurately predict the demand for products, optimize stock levels, identify the best time and place to buy and the purchasing and settlement process in & # 39; a fully digital market & # 39; to complete. way".
The proof of concept application solves a number of business issues, the bank said, including demand and price prediction, inventory management, forecasts and tracking.
The Internet of Things element of the POC follows inventory levels and offers real-time information, data analysis and artificial intelligence to predict demand and price levels, while blockchain creates smart contracts and executes orders.
Westpac worked with supplier of reinforcing steel Ausreo and Infosys, a consultancy company for digital transformations in the project. The purchase system part of the POC is made on R3 Corda blockchain technology. The bank is a member of the R3 consortium of global financial institutions, which conducts research into block-house use in the financial system.
Bank customers IVE and Iluka also provided insights during the development phase on how the application could apply to other industries.
"Enabling our clients to maximize their working capital cycles and to ensure that the optimal levels of finance unleash enormous potential, and the benefits extend to banking by providing insight into the entire value chain," said Didier Van Not, managing director and head of Westpac Corporate and Institutional Bank.
Van Niet stressed that the proof of concept was exactly that, and not yet ready for the market.
Leon Valenti, Ausreo CFO, said the application showed that "the blue sky is closer than we thought".
"Forecasting and stock control are key processes for us and we are always looking for the next innovation to improve our way of working." The project highlighted how the four technologies were applied to us, improving decision making and improving business practices were developed, "he said.
Westpac, last year worked with ANZ, IBM and shopping center operator Scentre Group digitize the bank guarantee process used for leasing commercial real estate. The distributed ledger technology eliminated the need for physical document management and tracking and reporting the status of a warranty through multiple changes, the bank said at the time.
"This is a peek into a world where everyday manual tasks are automated and machines support better decision-making," Van Not added.
"A world where companies can automate key decision-making processes using smart technology is no longer the domain of science fiction – it's here today."
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