Industry News: The Use of AI in the Location Decision

According to the Area Development Site & Facility Planning Insider, the use of artificial intelligence (AI) for research and problem-solving is advancing at a rapid pace. According to Grand View Research, the global AI market size was valued at US$136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3 percent from 2023 to 2030.

Many manufacturers are already using AI for a variety of tasks including in the employ of collaborative robots that work alongside humans, as well as for predictive maintenance, inventory and supply chain management, and product development. AI —along with other technology — is also enabling better informed company site selection decisions. The process of making a location decision has evolved from a subjective and labor-intensive task into one driven by data analytics enabled by AI. The use of AI allows site selectors to quickly evaluate a wide range of data, including population trends, customer proximity, as well as the geographic aspects of a prospective site. This analysis can be made more rapidly through the use of AI, thereby shortening a company’s time to market.

AI can also be a game-changer for managing corporate space. By incorporating new and broader sets of data a company can reassess its physical footprint to reduce occupancy costs and improve worker productivity and employee satisfaction. By leveraging the power of AI, space planning tools can create a variety of scenarios, each optimized for an organization’s critical requirements.

To read the article online, click here – The Use of AI in the Location Decision – SFP Insider (mailchi.mp)

Paige Webster of Webster Global Site Selectors is the Keynote at SOREDI’s State of the Rogue Valley Breakfast on Thursday, February 29, 8am – 11am. The article above aligns with one of the topics he will be addressing at the event. For more information about other guest speakers, panelists, and registration, click here