Technology giant International Business Machines Corporation (IBM) has teamed up with business partner ACME SAICO to fully automate 22 wheat silos across Egypt using IBM’s AI-enabled automation software by the end of 2021.
Powered by IBM AI-powered automation, the project granted by the Ministry of Supply and Internal Trade aims to create a sturdy system to digitally manage the country’s wheat supply. (See IBM stock charts on TipRanks)
The platform created by both companies will enable complete automation and governance of all steps of the wheat supply chain, including the monitoring of wheat stock, shipping, transport, storage, and the supply of the wheat silos. This, in turn, will ensure efficiency, stock protection, and resolve logistical redundancies.
Markedly, a pilot model was launched for the first automated wheat silo in Banha, Qualyubia Governorate, earlier this year. Following the success of the pilot, the Ministry of Supply and Internal Trade decided to expand the automation to 22 silos and selected IBM to execute the same.
The Ministry is planning to automate 400 more silos and include them in the wheat supply chain monitoring system, in line with Egypt’s vision of sustainable development and its digital transformation strategy.
Wael Abdoush, GM of IBM Egypt, commented, “We are proud to be part of this strategic project that supports the country’s digital transformation journey. By offering IBM’s AI and hybrid cloud approach, we’re supporting Egypt to help them achieve its strategy for sustainable development as part of the country’s 2030 Vision.”
Recently, UBS analyst David Vogt increased the price target of IBM from $126 to $136 (1.1% downside potential) and reiterated a Hold rating.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 6 Holds. The average IBM price target of $154.33 implies that the stock has upside potential of 12.3% from current levels.
IBM scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 13% over the past year.
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