$6.6 Trillion from increased Productivity Globally due to AI. What is the target for India?
Industrial Engineering 4.0 - Productivity 4.0 - IE in the Era of Industry 4.0
https://nraoiekc.blogspot.com/2017/12/industrial-engineering-40-ie-in-era-of.html
Free Download EBook (122 pages). 7750+ Downloads so far.
MODERN INDUSTRIAL ENGINEERING. IE OF PRODUCTS, FACILITIES & PROCESSES - Maximum Customer Value. Minimum Cost Value. Minimum Facilities and Minimum Use of Facilities.
https://academia.edu/103626052/INTRODUCTION_TO_MODERN_INDUSTRIAL_ENGINEERING_Version_3_0
INDIA PRODUCTIVITY WEEK THEME FOR 2024
Artificial Intelligence (AI) - Productivity Engine for Economic Growth
Can Artificial Intelligence (AI) be the catalyst for propelling our enterprises towards a new era of efficiency and competitiveness?
The answer is a resounding yes, but with a crucial caveat – responsible and collaborative implementation. India's productivity landscape paints a stark reality. The labour productivity in India is relatively low compared to the developed world which translates to significant output disparity, hindering our global competitiveness. Hitherto, fragmented supply chains, outdated infrastructure, and skill gaps exacerbate this inefficiency.
AI offers a powerful arsenal to unlock new avenues for growth. Imagine repetitive tasks handled by intelligent robots, machines churning out data to predict and prevent equipment failures, and supply chains optimized by AI algorithms. AI has wide application and varied impact in different sectors of the Indian economy, some of which are highlighted below.
Manufacturing: AI-powered robots can automate repetitive tasks, optimize production processes, and predict equipment failures, leading to increased output and reduced downtime. Machine learning algorithms can improve quality control, identify defects early, and minimize waste.
Agriculture: Precision agriculture, fuelled by AI and big data, optimizes resource utilization, enhances yield prediction and personalizes crop management based on real-time weather and soil conditions. This paves the way for sustainable and productive farming practices.
Healthcare: AI-powered diagnostics tools can analyze medical images, detect diseases at early stages, and recommend personalized treatment plans. Virtual assistants can offer 24/7 medical support, decongesting hospitals and improving access to healthcare, especially in remote areas.
Finance: AI algorithms can analyze vast financial data sets, assess creditworthiness, identify fraudulent transactions and automate insurance claims processing. This leads to faster, more efficient financial services, boosting financial inclusion and economic growth.
Logistics and Supply Chain Management: AI-powered optimization tools can streamline logistics operations, predict demand fluctuations and optimize routes and delivery schedules. This reduces transportation costs, shortens delivery times and enhances customer satisfaction. Companies like Flipkart leverage AI for dynamic pricing and targeted advertising, resulting in significant efficiency gains
Personalization and Customization: AI tailors products and services to individual preferences, as seen in Netflix's personalized recommendations. This not only drives customer loyalty but also opens doors for increased demand and production, ultimately impacting productivity.
Challenges and Opportunities: Despite its immense potential, AI adoption in Indian context faces several challenges. Bridging the digital divide, building a skilled workforce and addressing ethical concerns regarding data privacy and job displacement are crucial areas to address. However, these challenges also present significant opportunities for India. Investing in AI education and infrastructure, fostering collaboration between academia and industry, and developing robust data governance frameworks can propel India as a global leader in responsible and equitable AI adoption.
A Collaborative Leap into the Future
As we celebrate Annual Productivity Week, let us acknowledge that AI is not a magic bullet but a powerful tool we must wield responsibly. By fostering transparent AI systems, up-skilling our workforce, and embracing a collaborative human-AI approach, we can unlock a future where Indian industries not only compete but thrive in the global arena. This future demands proactive policy intervention, robust infrastructure development, and a shared vision for responsible and collaborative AI integration. Let us rise to the challenge, embrace the power of AI, and collectively propel India towards a vibrant and productive future.
https://www.npcindia.gov.in/NPC/User/ProductivityPromotion
https://npcindia.gov.in/NPC/Uploads/webinar/Brochure307437.pdf
Using Artificial Intelligence for Productivity Improvement and Cost Reduction - Industrial Engineering - Case Studies, Use Cases, Research Papers
https://nraoiekc.blogspot.com/2024/02/using-artificial-intelligence-for.html
https://www.hkpc.org/en/our-services/a-i-robotics
https://www.kspconline.com/notice/index/60
Main Drivers of Productivity - 2022
https://www.google.co.in/books/edition/Identifying_the_Main_Drivers_of_Producti/kKGaEAAAQBAJ
$15.7 trillion game changer
Total economic impact of AI in the period to 2030
What comes through strongly from all the analysis we’ve carried out for this report is just how big a game changer AI is likely to be, and how much value potential is up for grabs. AI could contribute up to $15.7 trillion1 to the global economy in 2030, more than the current output of China and India combined. Of this, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from consumption-side effects.
https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html
Artificial Intelligence - A Note for Industrial Engineers for Industrial Engineering 4.0 (IE 4.0)
https://nraoiekc.blogspot.com/2018/02/artificial-intelligence-note-for.html
Generative AI - Artificial Intelligence - An Exploration
https://nraoiekc.blogspot.com/2023/04/generative-ai-artificial-intelligence.html
IoT & AI Based Machine Monitoring System for Productivity, Quality and Delivery Improvement
https://nraoiekc.blogspot.com/2022/09/iot-ai-based-machine-monitoring-system.html
How AI is changing different activities?
https://www.google.co.in/books/edition/How_Will_Artificial_Intelligence_Change/tOmxEAAAQBAJ
Navigating the Ethical Crossroads While AI promises remarkable advancements, ethical considerations and responsible data governance are paramount. Biased algorithms can perpetuate inequalities and lead to unfair decision-making. A 2019 study by The Algorithm Justice League revealed that facial recognition algorithms misidentified women of color with alarming accuracy, demonstrating the need for stringent bias detection and mitigation measures. To address such issues, India's Personal Data Protection Bill proposes a framework for responsible data collection and usage, a crucial step towards ensuring transparency and fairness in AI implementation. Ethical considerations and responsible AI development practices are crucial aspects of creating AI systems that benefit society. It involves ensuring that AI technologies are developed and deployed in a manner that respects human values, rights, and well-being. Some key ethical considerations include:
Fairness and Bias: AI systems should be designed to avoid bias and discrimination, treating all individuals fairly and equally.
Transparency: It is important to make AI systems transparent, enabling users to understand how decisions are made and ensuring accountability.
Privacy and Security: Protecting user data and ensuring the security of AI systems is essential to maintain trust and safeguard sensitive information.
Accountability: Developers should take responsibility for the actions and consequences of AI systems, ensuring that they are used ethically and in compliance with legal and regulatory frameworks.
Human Oversight: AI systems should be designed to work in collaboration with humans, allowing for human judgment and intervention when necessary. Responsible AI development practices involve conducting thorough testing, validation, and risk assessments to identify and mitigate potential harms. It also involves ongoing monitoring and evaluation of AI systems to address any unintended consequences or biases that may arise. By adhering to these ethical considerations and responsible practices, we can foster the development of AI technologies that are beneficial, trustworthy, and aligned with societal values. AI for Sustainable and Environmentally Conscious Organisations: The pursuit of productivity shouldn't come at the cost of environmental well-being. AI can play a pivotal role in driving sustainable practices within an organisation. AIpowered smart grids can optimize energy consumption and distribution, while AIdriven resource management systems can minimize waste and promote circular economy models. highlighting its potential for environmental stewardship. Preparing for the AI-Driven Future Concerns about job displacement due to automation are legitimate. However, the narrative needs to shift from replacement to augmentation. AI is not here to replace human workers; it's here to empower them. Re-skilling and up-skilling initiatives become crucial as workers transition to roles that require creativity, critical thinking, and emotional intelligence, areas where AI currently falls short. Humans and AI: A Synergistic Duo The future lies not in pitting humans against AI but in fostering a collaborative environment where both work together to achieve optimal results. Imagine doctors aided by AI algorithms for faster diagnosis, farmers armed with AI-powered weather data for optimized farming practices, and engineers collaborating with AI robots for complex design tasks. This collaborative approach unlocks the true potential of AI, propelling both individual and collective productivity.
https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
https://www.forbes.com/sites/forbestechcouncil/2020/03/20/ais-effect-on-productivity-now-and-in-the-future/?sh=3b23341a7591
https://www.niti.gov.in/sites/default/files/2023-03/National-Strategy-for-Artificial-Intelligence.pdf
https://www.frost.com/frost-perspectives/up-the-ante-with-ai-boost-agent-productivity-ignite-customer-joy/
https://www.whitehouse.gov/wp-content/uploads/2022/12/TTC-EC-CEA-AI-Report-12052022-1.pdf
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