With the onset of the 21st century, man released his biggest dream – Artificial Intelligence, or AI as we know it. One of the most challenging and equally intriguing technologies, AI is here to stay. And who not? After all, it is designed to resolve the perennial issue of hunting for skilled employees and labourers and compensating them with huge sums of money – in cash and in kind, not to mention the emotional support and understanding that they need.
The manufacturing industry in India is predominated by manual labour. Right from the procurement of raw materials to the processing of finished goods and supply chain management, everything is managed by manpower. While it is known to generate jobs, this industry has always been marred by unwanted discrepancies, the high cost of labour and other inefficiencies. It is for this very reason that the integration of AI is a more than welcome change. With this new development, production facilities can now be managed without human intervention. Similarly, functions like organisation of information, data analysis, inventory management, digitization strategies, logistics as well as warehousing management will all be taken care of by AI-enabled applications. Not only will this change bring about enhanced efficiency in various processes, but will also ensure faster production cycle.
That being said, the introduction and integration of AI may impact the expected job creation by the ‘Make in India’ campaign. But again, bringing in robots to the manufacturing industry will bring down the cost of production, and will further help in creating better and less expensive goods, thus benefiting the end consumers in more than just a few ways. Moreover, it will help Indian manufacturers to match the competitive prices of products on a global level!
While the role of Artificial Intelligence in any economy will always remain open to debate, there is no denying the fact that it will enhance the organisational efficiency and the production capacity by leaps and bounds. And for what it’s worth, a developing country like India can sure use some help in these aspects.