{"id":8424,"date":"2023-09-26T12:13:28","date_gmt":"2023-09-26T12:13:28","guid":{"rendered":"https:\/\/inspira-bd.com\/?p=8424"},"modified":"2023-09-26T13:11:37","modified_gmt":"2023-09-26T13:11:37","slug":"ai-reshaping-business-productivity-in-bangladesh","status":"publish","type":"post","link":"https:\/\/inspira-bd.com\/zh\/ai-reshaping-business-productivity-in-bangladesh\/","title":{"rendered":"The Role of AI in Reshaping Business Productivity in Bangladesh: Prospects and Pitfalls"},"content":{"rendered":"
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Artificial intelligence (AI) is transforming industries across the world, promising a future of unprecedented productivity and innovation. According to a study, generative AI has the potential to generate value equivalent to $2.6 trillion to $4.4 trillion in global corporate profits annually.<\/span><\/p>

Generative AI is expected to have its most significant influence on banking, high tech, and life sciences sectors, as a percentage of their total industry revenue. To illustrate, in the banking sector, the technology has the potential to generate added value ranging from $200 billion to $340 billion per year if all possible applications are adopted. However, this doesn’t imply that other industries won’t experience substantial benefits from deploying generative AI. In total, for instance, retail and consumer packaged goods companies could witness an annual increase in operating profits ranging from $400 billion to $660 billion through the utilization of generative AI, although these benefits may be distributed more broadly across the global workforce.<\/span><\/p>

In this article we\u2019ll be focusing on-<\/span><\/p>

\u2022 Current Global Trends in the Adoption of Artificial Intelligence<\/strong>
Exploring the Evolving Landscape of AI Implementation Worldwide<\/em><\/p>

\u2022 The Influence of AI on Developing Economies, Trade Efficiency, and Business Productivity<\/strong>
Analyzing the Pros & Cons of Artificial Intelligence on Emerging Markets and Commercial Performance<\/em><\/p>

\u2022 Bangladesh’s Priority Sectors for AI Adoption to Improve Trade and Productivity<\/strong>
Highlighting the Critical Industries in Bangladesh Primed to Harness AI for Optimized Trade Processes and Enhanced Productivity.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

AI Adoption Trends: A Global Perspective<\/b><\/p>

Artificial intelligence (AI) is already being utilized across various industries, and its potential is far from fully realized, as indicated by an analysis conducted by Accenture and Frontier Economics. According to their findings, developed countries could witness a substantial boost in labor productivity, with an estimated increase of up to 40 percent by the year 2035, thanks to the impact of AI. Sweden is expected to experience a notable productivity surge of approximately 37 percent, while the United States (35 percent) and Japan (34 percent) are also poised to benefit significantly from AI advancements. In the case of Germany and Austria, AI has the potential to enhance labor productivity by approximately 30 percent over the next 15 years.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Global\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

AI adoption in developing countries was already on the rise even before the pandemic. Lockdowns and travel restrictions have accelerated this trend. Examples include Clinicas de Azucar in Mexico using AI to improve health outcomes for diabetic patients, and India’s 1mg using AI to compare medical service prices. Embracing AI strategically can aid in post-pandemic recovery by boosting productivity and fostering innovative companies.<\/span><\/p>

Tech startups worldwide are leveraging AI for innovative solutions. For instance, Azuri Technologies uses AI to optimize solar-powered energy for rural homes across Africa, securing a $26 million investment for expansion. In Kenya, M-Shwari offers unsecured loans online using AI to assess applicants, serving millions.<\/span><\/p>

Startups globally are combining 3D printing and AI to build low-cost housing 10 times faster, a game-changer for rapidly urbanizing emerging markets.<\/span><\/p>

A recent study discovered that emerging countries such as India, Brazil, China, and South Africa exhibit greater trust in and acceptance of AI technologies compared to developed nations like Japan and Finland. India leads in AI trust, boasting a remarkable 75% overall acceptance rate. Furthermore, the study found that emerging countries, particularly those in the BRICS group, display the highest level of engagement with AI. China stands out as the nation where the highest percentage of people (75%) use AI in their workplaces, followed by India at 66% and Brazil at 50%.<\/span><\/p>

Conversely, citizens in developed countries appear to be more skeptical. Japan and Finland rank lowest on the trust scale, with only 23% expressing trust in AI systems. In the United States, while 40% reported having trust in artificial intelligence, only 24% were willing to use it.<\/span><\/p>

AI’s Impact on the Global Economy and Labor<\/b><\/p>

Positive Impacts: <\/b>Robots and AI have substantial impacts on the global economy, affecting productivity, trade, and labor. They enhance productivity by enabling precise and cost-effective processes, resulting in lower production costs. Industrial robots and AI systems perform tasks faster and with greater precision. For instance, firms in Indonesia using automation are 49% more productive.<\/span><\/p>

At the global level, adopting robots and AI leads to increased productivity, higher exports, and improved product quality. These technologies facilitate trade, particularly in sectors with high robotization. A 10% increase in robot density in developed countries correlates with a 12% rise in exports from developing nations.<\/span><\/p>

Concerning labor and wages, robots and AI have three key effects. They displace routine work, negatively impacting less-skilled labor. However, they also boost productivity and competitiveness, positively affecting labor and wages. Additionally, these technologies reintegrate workers into a broader range of tasks, favoring skilled workers.<\/span><\/p>

Negative Impacts:<\/b> According to a recent Goldman Sachs report, the widespread adoption of automation and AI could potentially replace up to 300 million full-time jobs. Job displacement due to these technologies entails adjustment costs, as workers need to seek new roles within their firms or explore opportunities in different industries. However, the outlook is not uniformly bleak, as many occupations involve both routine and non-routine tasks. In the medium term, workers are likely to pivot towards tasks that machines cannot perform. Industrial robots, automation, and AI will impact the labor market differently. High-skilled workers, those in tech-intensive sectors, and those engaged in non-routine work may benefit, while less-educated workers, especially those in manual roles, face higher risks of job displacement. Despite mixed research findings on the overall labor market effects, there is consensus that the adoption of robots and AI will exacerbate inequality by favoring capital owners and skilled workers.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

AI Initiatives in Bangladesh Across Key Sectors<\/b><\/p>

Bangladesh is actively incorporating Artificial Intelligence (AI) into its digitization efforts, which began a decade ago. AI is poised to accelerate this transformation. Prime Minister Sheikh Hasina has announced plans for the rollout of 5G by 2023, along with the widespread adoption of future technologies like AI, robotics, big data, blockchain, and IoT.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"National\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

In 2008, Bangladesh’s earnings from ICT exports were a modest $26 million. Today, this figure has surged to approximately $1 billion. Bangladesh has made substantial investments in nationwide infrastructure, establishing 16 Hi-Tech Parks, 7 Technology Parks, 12 IT Training & Incubation Centers, and a Tier-IV Data Center. Additionally, the launch of Bangabandhu-1, the country’s inaugural satellite, marked Bangladesh’s entry into the space sector in 2018.<\/span><\/p>

Bangladesh is dedicated to addressing the critical challenges posed by the Sustainable Development Goals (SDGs) through the utilization of emerging Artificial Intelligence (AI) technology. The country has identified seven key priority sectors for this endeavor, which encompass public service improvement, manufacturing, agriculture, smart transportation, skill development and education, financial services and trade, as well as healthcare. Leveraging Artificial Intelligence (AI) across economic, research, industrial, agricultural, and medical domains will position our nation as the frontrunner in South Asia. We have identified eight national priority sectors for our AI initiatives, which include:<\/span><\/p>