AI’s role in Bangladesh’s economic growth

Bangladesh is at a traction point in its technology transformation journey, having started later than many global counterparts. As leading companies in the country begin implementing enterprise resource planning (ERP) systems, business applications, cloud, enterprise data platforms, and business intelligence, there is a growing recognition of the need to accelerate the adoption of artificial intelligence (AI). The telecommunications sector stands out as one of the early adopters of AI technology in Bangladesh, setting a precedent for other industries. Embracing AI can drive significant advancements in operational efficiency, customer experience, and business optimisation. By integrating AI into existing systems, Bangladeshi businesses can leapfrog into a new era of innovation, ensuring they remain competitive in an increasingly digital world.

AI technology offers transformative benefits across various business domains. It enables the creation of personalised user experiences, tailoring interactions to individual preferences and needs, thereby enhancing customer satisfaction and loyalty. As AI models mature, they deliver improved quality and consistency, with increased prediction accuracy and reduced errors, fostering trust and reliability in automated systems. Furthermore, AI optimises business operations by minimising time spent on repetitive tasks, allowing employees to focus on impactful activities, thus boosting overall efficiency and reducing operational costs. Additionally, AI facilitates agile development in new and high-impact business areas, driving innovation and generating substantial business value.

The “Firm to Factory” model in Bangladesh underscores the application of AI technologies to enhance agricultural and manufacturing processes, ensuring a smooth transition from crop cultivation to product creation. AI plays a pivotal role in precision farming by leveraging data analytics to boost crop yields and optimise resource management. This results in more efficient production cycles, driving productivity and economic growth. By integrating AI, Bangladesh can streamline operations, improve product quality, and bolster competitiveness in both local and global markets. This approach not only increases efficiency and sustainability but also supports adherence to environmental regulations, offering significant competitive advantages and aligning with international sustainability standards.

AI is revolutionising the textile industry globally, and Bangladesh, as a major player in textile manufacturing, stands to benefit significantly from these advancements. AI algorithms for demand prediction can be particularly beneficial for Bangladeshi manufacturers in optimising inventory management and reducing waste. Customised production through 3D image processing and AR (augmented reality)/VR (virtual reality) offers Bangladeshi firms the opportunity to create personalised garment designs tailored to individual preferences, enhancing competitiveness in the global market. AI also enhances manufacturing precision and adaptability, optimising production efficiency. The trend towards small-batch, fast-to-market production can help Bangladeshi manufacturers respond swiftly to consumer trends, streamlining operations and elevating customer satisfaction through on-demand customisation and increased product availability. Integrating AI into the textile sector can position Bangladesh as a leader in innovative and efficient textile production.

In Bangladesh, AI adoption in pharma can address inefficiencies in manual quality control and reconciliation processes, reducing human errors and enhancing compliance with regulatory standards. It can assist in predictive maintenance and regulatory compliance, maintaining high standards in drug production. Personalised patient engagement is another area where AI can provide value, offering tailored treatment plans based on individual health data. By integrating AI technologies, the Bangladeshi pharma market can enhance medication safety, optimise drug formulations, and accelerate drug discovery, positioning itself as a competitive player in the global pharmaceutical landscape.

Bangladesh should prioritise integrating AI technologies across key industries. Both the private and public sectors need to collaborate to drive innovation, align with international standards, and secure a leading position in the global market. The private sector can lead in technology adoption and innovation, while the public sector can support through policy frameworks and infrastructure development to facilitate AI integration.

The writer is the chairman at Financial Excellence Ltd. This piece is an excerpt of his opening remarks made at a conference on artificial intelligence (AI) held at Brac University and organised by Brand Forum.