Artificial Intelligence and Manufacturing Limitations
Artificial Intelligence and Manufacturing Limitationsby
Manoj Kumar Trivedi
Founder | Director | Business Mentor | Implementer
iGlobal Research and Analytics
In a recent survey by New Vantage Partners as reported by #IBM, 81% of Business houses across globe have no idea of requirement of Data in the age of Artificial Intelligence. Out of total Fortune 1000 Executives surveyed, 73% have said they got measurable results,while, 24% acknowledged transformative & innovative results.
AI draws upon knowledge and techniques from mathematics, statistics, computer science and domain-specific expertise to create models, software programs and tools. These software programs and tools can undertake complex tasks with outcomes that are comparable, if not better, to traditional manual approaches.
Growth is directly proportionate to shrinking leadership ability.Disruptions and growing business complexities are the biggest organisational dilemma. No leader can wear all the hat to claim he has full knowledge of business process across entire organisational domain to define about the data requirement and integrate in the system for necessary analysis and best results.
A basic level of human capital, such as literacy and numeracy, is needed for economic survival while addressing following fundamental challenges for being competitive enduring growth and stay relevant under new normal. The growing role of technology in life and business means that all types of jobs (including low-skill ones) require more advanced cognitive skills (The Changing Future of Work by World Bank Group).
- Arranging real-time matrix to monitor, control & ensure dignified return in cost of capital employed
- Leveraging Operation, they have to arrange econometrics for real-time monitoring of operational cost weighing decisions against real-time cost while neutralizing macro economic implications at micro level of operation.Productivity analysis and analysing each activity of the business using tools of AI is mandatory and obligatory on the part of Business Leaders for being competitive and stay relevant under new normal and VUCA world.
- Digitization with real-time data accessibility, both structured and unstructured data.
- Ensure high quality reliable data.
- Clear vision of various reports required to analyse the operation on real-time basis, for cost and financial analysis, customer analytics etc
- Requirement of relevant talent. This may add up to cost several times.
Technology is blurring the boundaries of the firm, as evident in the rise of platform marketplaces. Using digital technologies, entrepreneurs are creating global platform–based businesses that differ from the traditional production process in which inputs are provided at one end and output delivered at the other. Technology is also reshaping the skills needed for work. The demand for less advanced skills that can be replaced by technology is declining. At the same time, the demand for advanced cognitive skills, sociobehavioral skills, and skill combinations associated with greater adaptability is rising. Already evident in developed countries, this pattern is starting to emerge in some developing countries as well.
Hiring Data Scientists for this purpose will in no way help industries. They will have in no way relevant Business Knowledge of respective domains. There cannot be One-Size-Fit-All solutions for every industries. It varies depending upon product and process.Data Scientists are broadly covered under broad two categories- Modelling Scientists with relevant IT Skill and Decision Scientists with relevant domain expertise to help Modelling Scientists.
Upskilling existing IT professional with required IT skills to build necessary AI infrastructure in-house is the best option. This is in view of maintaining #DataPrivacy. Additionally, upskilling white collars & non-IT professionals of respective domain in line with requirements as enumerated above is the best available option to contain cost.
The reason behind, such skills, though not available, are being valued in the market between US$1,23,000 - 2,28,000. Such employment cost is sure to create bankrupt situation.
With our four decades of industrial experience across diverse industries, we help creating leadership/potentials in defining NEW ROLE across functions/domains with required business knowledge/skill of #FourthIndustrialRevolution to stay relevant under new normal. We also help in-house digitization as may be required.In practical application of Economic Science with business main stream of operation using Econometrics, we are SECOND-TO-NONE.
We offer our services through:
- Two days educative discourse on ECONOMIC ENGINEERING & ECONOMETRICS suitable for Policy Makers, Decision Makers & Executors
- We are also available to implement and help digitization at respective industries/organizations, as may be desired, while upskilling white collars across heirarchy.