Written by Tasnimul Hasan Ruhi

The concept of Artificial Intelligence (AI) has been around since the turn of the 20th century. It all started with the famous science fiction character ‘Tin Man’ from the Wizard of Oz and the humanoid robot that played Maria in Metropolis. Then came Alan Turing with the revolutionary argument that if human beings solve issues and make choices using available knowledge and reason, robots should also be able to do the same. Thus, after continuous strides from visionary minds, artificial intelligence has seen tantamount progress.

The term artificial intelligence refers to a machine’s ability to do things that humans do, like reason, see, learn, think, and lead. With the amazing progress that has been made in collecting, managing, and calculating information, smart frameworks can now be used to take care of a wide range of tasks, improve networks, and increase profitability. Now, in the big data era, we have the ability to gather enormous amounts of data that would otherwise be difficult for a human to comprehend. In this aspect, the use of artificial intelligence has already been highly successful across a number of sectors, including technology, finance, marketing, and entertainment.

According to Grand View Research, the worldwide market for artificial intelligence was estimated to be worth USD 136.55 billion in 2022, and the CAGR is predicted to be 37.3% during 2023–2030. Even the smartphones that we carry with us use AI to answer different questions and complete tasks. Moreover, the recent development of AI-powered applications such as ChatGPT and Bard has made us realise the huge potential that machines hold to solve a lot of problems that people face every day. Just over a quarter of firms have artificial intelligence systems in place, while more than 91% of the world’s most successful companies are investing in AI research and development, according to a report published on Zippia. These advances will capture considerable advantages throughout the value chain, with cost reductions arising from more accurate demand forecasting and personalised and targeted user experiences.

Our Industry and Artificial Intelligence

The technological development of Bangladesh has taken giant leaps in the last decade. In 2008, the whole ICT export market in Bangladesh was only about USD 26 million. As of March 2020, it was worth roughly USD 1 billion, according to the ICT Division of the Government of the People’s Republic of Bangladesh. Bangladesh made significant investments in infrastructure throughout the country, including 12 IT training and incubation centers, 16 hi-tech parks, and 7 technology parks. The growth in mobile phone usage, internet accessibility, ICT export revenues, ICT training, and openness of the government have made Bangladesh an emerging nation for outsourcing. All these have turned the country into a good prospect for the Fourth Industrial Revolution (4IR). Digital technologies and their management are a major focus of the 4IR, and they will change how we experience technology, recognise the economy, use services, and carry out our responsibilities. Fortunately, the use of AI is a huge aspect of 4IR, as it uses the available data to make relevant decisions. Bangladesh will become the most advanced nation in South Asia if it can successfully implement artificial intelligence in research, industry, agriculture, and the health sector.

Bangladesh has seen a rise in the use of AI in various industries within the country. Already, companies are integrating AI into their decision-making, and many startups have been founded on the concept of AI and machine learning. By leveraging the power of AI, businesses can increase their efficiency and productivity while also reducing costs. This has allowed for the emergence of a range of AI-powered solutions for different segments, including agriculture, healthcare, smart transportation, and urban development. With the increasing deployment of AI across multiple sectors, Bangladesh is gradually becoming a hub of innovation and progress in this rapidly growing field.

Transforming Manufacturing Processes using AI

Artificial intelligence is rapidly transforming the manufacturing industry worldwide, ushering in new opportunities and challenges. With the third industrial revolution, automated machines entered manufacturing plants. These enabled factories to produce hundreds and thousands of units, which would have taken months for human workers. With the implementation 23 of 39 of AI in these plants, efficiency would increase along with consistency and quality. According to PwC, local economies will gain up to 26% from AI by the year 2030. In Bangladesh, AI technology is playing a pivotal role in improving production processes and reducing labour costs. Companies across multiple sectors, such as metals, chemicals, and textiles, are leveraging AI-driven solutions to further enhance their efficiency, quality, and consistency. AI technology has enabled businesses to reduce costs, automate processes, and develop smarter solutions. Especially with technologies like predictive maintenance, smart quality control, human-robot collaboration, generative product design, optimised supply chains, and digitalised customer service, they can massively change the manufacturing sector for the better. The number of human touchpoints would be reduced to a minimum, creating a fully automated ecosystem with maximum efficiency. The widespread adoption of AI-powered automation solutions will surely lead to an increased demand for skilled professionals in the manufacturing sector. With its continued advancements, AI promises a brighter and more efficient future for the manufacturing industry in Bangladesh.

Revolutionising Education and Skill Development through AI

AI has the potential to revolutionise education and skill development in a variety of ways. It can help improve access to educational materials, provide students with personalised learning experiences, evaluate student progress in real-time, and enable instructors to better understand student learning patterns. For example, IBM Watson was used to creating an educational game called Watson Adventures, which students can play to learn more about the world around them. Watson was also used to develop an AI-powered virtual tutor for language learning. AI can also be used to automate certain components of the educational process, such as grading exams or providing feedback on assignments. Furthermore, AI can be used to develop new skills, such as language learning, coding, and software development. AI can also be used to provide advanced skills training and assessment to workers, allowing them to keep up with the changing demands of the job market.

OpenAI’s ChatGPT is a revolutionary model that is being used by learners from all fields to sharpen their skills. It uses conversational artificial intelligence to understand text-based conversations, allowing it to be used in the development of interactive chatbots that can provide personalised guidance and advice. ChatGPT reportedly attracted a million users in only five days following its introduction in November 2022, according to Statista. As AI technology continues to advance, ChatGPT provides an invaluable tool to help people develop their knowledge and skills.

AI for Smart Mobility and Transportation

The availability of data on people is limitless nowadays. With the launch of satellites and us carrying smartphones all the time, locational data are not hard to gather. With a geographic information system, organisations can map, analyse, and communicate data in the context of geography. The use of AI in these processes is substantial. Uses of AI in China’s transportation sector go beyond individual cars to involve interconnection across cities and potentially the entire country. In contrast to human judgment, AI is based on massive data, and by improving the algorithm, AI technology in transportation might be much more accurate with a lower mistake rate.

Bangladesh has unlimited potential in utilising intelligent software to maintain the traffic, as urban congestion is one of the most hampering phenomena, consuming both the time and energy of the residents. There are several challenges in this field, but they may be overcome by applying AI data analysis to the roads, cars, weather, infrastructure, drivers, speed limits, turns, and speed breakers.

Leveraging AI for Insights in the Financial Markets

AI has the potential to revolutionise finance and trade by providing more accurate, faster, and cheaper services for businesses and investors. For example, AI can be used to automate certain manual processes, such as bookkeeping and accounting, which can improve accuracy and reduce costs. AI can also be used to make better-informed trading decisions by analysing large amounts of data in real-time and providing automated signals based on market conditions. AI can detect outliers and analyse huge datasets to make informed 24 of 39 decisions, which will reduce the cost of performing financial services significantly. In fact, finance is one of the fields where AI was deployed for the first time.

With rapid digitalisation, banks and non-bank financial institutions in Bangladesh have shifted to working on computers and maintaining massive databases. They have switched to online portals for performing their regular transactions and business activities. These can be further improved by bringing AI into the equation in specific situations, such as cash counting, vault administration, data centre management, and KYC assessment. AIbased solutions are being used to improve the accuracy of credit management systems and fraud detection and prevention, as well as to enable faster and more accurate credit decisions to reduce risk in the loan sanction process. AI-based risk management solutions are also being developed to better predict risks and manage them effectively. Additionally, AI is being used to enhance banking services by providing personalised solutions and virtual customer support assistance. Shell banking monitoring is another area where AI can be used to detect suspicious activities and identify financial irregularities. Finally, predictive and personalised insurance solutions can be created using AI to provide customers with tailored products and services.

Application of AI in Medical Science

Bangladesh’s healthcare business has traditionally struggled to provide high-quality services because of issues such as inadequate funding and staffing levels. In order to promote efficiency and consistency, there is a need for medical science to step up in the digital frontier and shift from antiquated methods. The most prevalent non-communicable illnesses, such as diabetes, heart attacks, hypertension, and liver ailments, affect the people of Bangladesh. The World Health Organization estimates that there are only 6.7 doctors for every 10,000 people in Bangladesh. AI can be useful in this regard.

Even though the prospects of AI seem limitless, there are burning concerns among the masses about losing jobs to machines and the impact this will have on the human race. But it is a matter of hope that robots and AI will generate more employment than they will eliminate. AI and associated technologies will enhance economic development more than ever before and provide a large number of new employment possibilities. While the idea of AI has been around for a decade, full-fledged impacts have not been realised, and results have not yet materialised. If we want to maintain sustainability and persistent advancement in business ecosystems and social environments, AI technologies will inevitably bring about numerous opportunities. It will increase the gross domestic product, and Bangladesh will serve as a role model and trendsetter for emerging countries by setting standards through ongoing innovation.