05/02/2024
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KazAgroFinance, in collaboration with QCloudy, an official partner of Amazon Web Services, has pioneered a system for real-time monitoring of leased machinery and collateral utilizing artificial intelligence.
Traditionally, the oversight of leased assets' quantitative and qualitative aspects involved on-site inspections conducted by KazAgroFinance personnel. Mechanical engineers would physically visit the leased items, capturing photos and videos, preparing inspection reports, and uploading data into the ERP accounting system. This process sometimes required additional support from drivers, legal advisors, and other staff based on the amount of items under review.
“This demands substantial human effort and time investment. We've recognized the inherent risks and costs associated with this approach. Hence, we started to search for a solution aimed at streamlining our workforce's tasks and cutting down expenses,” – said Mars Alish, Deputy Chairman of the Board of KazAgroFinance.
Initially, KazAgroFinance developed a mobile application allowing customers to conduct their inventory assessments. However, challenges arose in remote areas with limited internet connectivity, prompting a quest for alternative solutions.
The project's cornerstone became a photo-based identification system. AI algorithms now swiftly identify leased items, with an average recognition time of 20 seconds per item from a set of 5 photos. This transformation effectively minimized human error and slashed inventory duration from three months to a mere two weeks.
“We started exploring the possibilities of artificial intelligence, ultimately opting for a solution offered by Amazon. The algorithm operates as follows: clients capture a series of photos, which are then analyzed by AI. The system identifies and highlights issues such as flat tires, cracks in the glass, and other minor faults,” – stated Mars Alish.
The integration of artificial intelligence into inventory management not only boosts efficiency but also mitigates risks and optimizes resources.
“This experience underscores the crucial role of innovation in our operations, paving the way for future growth and development. Monitoring and inventory management remain integral aspects of KazAgroFinance's operations. We would like to thank Amazon for their contributions and intend to further collaborate to implement effective solutions across various processes,” – said Usen Galym, Deputy Chairman of the Board of Baiterek Holding.
KazAgroFinance JSC, a subsidiary of Baiterek National Management Holding, stands as the foremost financial institution offering leasing services to agricultural producers, helping them acquire essential agricultural equipment. For over 24 years, the company has been advancing the technical infrastructure within the nation's agricultural sector.
