Coordinator to Federal Tax Ombudsman Saif Ur Rehman on Sunday said the importance of Artificial Intelligence (AI) in the economy lies in its potential to drive efficiency, innovation, and growth across industries.
Talking to a delegation of South Punjab industrialists led by Zia Ur Rehman here, he said by harnessing AI technologies effectively, businesses could gain a competitive edge, create new revenue streams, and contribute to economic development.
He said it played a significant role in shaping the economy by providing various opportunities and driving innovation across industries. He said by using AI-powered systems and robots, companies could streamline their operations, reduce costs, and deliver products and services faster.
He said that AI technologies could process and analyze vast amounts of data quickly and accurately. The ability empowers businesses to gain valuable insights, make data-driven decisions, and identify patterns and trends that were previously difficult or impossible to detect. This, in turn, enhances strategic planning and operational efficiency.
Coordinator to Federal Tax Ombudsman informed that AI-powered technologies could lead to the development of entirely new industries and transform existing ones.
By unlocking new possibilities and addressing complex challenges, AI encourages entrepreneurship and attracts investment, thereby stimulating economic progress, he added.
Saif Ur Rehman said AI’s predictive analytic could help businesses anticipate market trends, customer demands, and potential risks.
By utilizing AI algorithms to analyze historical data, companies could make informed predictions about consumer behavior, market conditions, and supply chain disruptions, enabling them to proactively respond and adapt to changing circumstances. It also plays a key role in significant improvement in health care and biotechnology.—APP
