ISLAMABAD: Coordinator to Federal Tax Ombudsman (FTO) Meher Kashif Younis on Thursday emphasized the significance of artificial intelligence (AI) in boosting efficiency, innovation, and growth in various industries.
Talking to a delegation of industrialists led by Faran Shahid, he said by harnessing AI technologies effectively, businesses can gain a competitive edge, create new revenue streams, and contribute to economic development, said a news release here.
“It plays a significant role in shaping the economy by providing various opportunities and driving innovation across industries”, he added.
Meher Kashif said by using AI-powered systems and robots, companies can streamline their operations, reduce costs, and deliver products and services faster.
He said AI technologies can process and analyze vast amounts of data quickly and accurately.
This ability empowers businesses to gain valuable insights, make data-driven decisions, and identify patterns and trends that were previously difficult or impossible to detect, Meher Kashif said.
He said this, in turn, enhances strategic planning and operational efficiency adding that AI-powered technologies can 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.
Meher Kashif said AI’s predictive analytics can help businesses anticipate market trends, customer demands, and potential risks.
By utilizing AI algorithms to analyze historical data, companies can make informed predictions about consumer behaviour, 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.