Adopting Artificial Intelligence (AI) might help industrialists control high costs of doing business as investing in AI has great potential to scale down business costs, while introducing automation, enhancing decision-making, and surging workforce productivity, and reducing human errors, AI mentors said.
Sharing views with the Express Tribune, they said the key reason for slow adoption is the lack of availability of data. Pakistan doesn’t have a large and comprehensive digital footprint, and most private and government organisations have fragmented and decentralised data. At its core, AI leverages existing data to learn and uses advanced algorithms to facilitate decision-making. In contrast to the mobile revolution, which didn’t rely heavily on existing infrastructure, AI is mostly implemented on top of existing systems. Hence, countrymen don’t see mass adoption of AI in Pakistan.
“Investing in AI holds the potential to significantly decrease business costs by introducing automation, enhancing decision-making processes, and boosting workforce productivity while minimising human errors. AI also contributes to predictive analytics, improved personalisation, and subsequently, better customer service. However, successful AI implementation necessitates investments in technology, systems, and process automation. This strategic investment enables organisations to realign their business strategies in response to market dynamics. Rather than perceiving AI merely as a cost-cutting tool, it should be viewed as a catalyst for gaining a competitive edge and fostering growth. Failure to embrace AI may result in businesses being unable to adapt to evolving customer needs, ultimately leading to a loss of market share,” said Zeeshan Aftab, Co-Founder and Managing Director of 10Pearls for Europe, the Middle East, and Africa (EMEA) region.
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Industries grappling with high energy tariffs must identify key areas for reducing energy costs, he said, adding that this entails a strategic emphasis on renewable energy sources, deliberate load balancing, and the application of AI to recommend optimal geographic locations for capital expenditures (CapEx) investments, ensuring the highest return on investment. He said additionally, AI can uncover opportunities for cost reduction in CapEx planning by analysing market trends, customer preferences, and competitor offerings, enabling informed decision-making and proactive planning.
“The future with AI holds its integration in all aspects of our lives and modern industries. The AI revolution will be more impactful and fast compared to any other technological revolution. AI can revolutionise various sectors in Pakistan. In healthcare, it can assist in medical diagnoses. In education, AI-powered tutoring systems can provide personalised learning experiences for students. Utilising AI in government departments can benefit citizens,” said AI maven Ahsan Mashkoor.
He said AI adoption is prominent in finance, where algorithms are used for fraud detection and risk management. He said the government should invest in AI education, research, and infrastructure. He stressed that collaboration between government organisations, academia, and industry can create a conducive environment for AI development.
“Developing countries like Pakistan can harness AI while fostering innovation hubs and collaborating with global tech leaders to integrate AI into various sectors. He said the government has taken steps to prepare for the Fourth Industrial Revolution by promoting digitalisation through initiatives like “Vision 2025 if proper implementation takes place it will help Pakistan,” said SI Global Solutions’ Noman Said.
Published in The Express Tribune, January 16th, 2024.
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