Muhammad Saleem

Technological advancements have paved the way for entrepreneurs to keep tabs on the progress of their businesses, reports WealthPK. Ali Nasir, head of computer section of a textile company which uses artificial intelligence (AI) for pattern designs, said technological advancements had enabled them to create trend-setting and unique patterns quickly, which used to be a cumbersome task.

He told WealthPK that AI-powered optimization tools were also helping them iron out wrinkles in production, improve efficiency and reduce waste and time consumption. He said the company had invested a significant amount on AI-based pattern design software and predictive analytics tools. Such technologies have exceptionally revolutionized the company’s designing capabilities and helped it stay ahead of the curve. He said the majority of entrepreneurs in the textile sector were considering adopting the AI-driven tools to lessen the initial costs. It's not easy for them to shoulder the initial costs, as they are already struggling for survival due to the surging prices of electricity.

The industry would not run smoothly without the support of AI-powered solutions. The return on investment is worthwhile if one adopts AI-driven technologies. Ali Nasir suggested that the entrepreneurs conduct a study to identify the areas where they need to make improvements before investing in AI-powered solutions.  We need to leverage technology for export growth, as AI is rapidly transforming the business landscape worldwide by adding value to production and processes.

Bilal Ahmed, owner of a company exporting agricultural products and using technology for real-time monitoring and quality control, told WealthPK that they had ensured the quality and safety of their products with the help of advanced tools. “We are using multiple sensors, cloud-based data platforms, and blockchain technology to run the system smoothly. Regular monitoring is essential to maintain operations, and AI-tools are instrumental in playing a pivotal role in this regard. The tools will surely protect our brand reputation by helping us keep tabs on the entire process from production to product movement.”

Shedding light on the challenges they faced while embracing the new technologies, he said it was a complex process but they had to tackle it head-on. “We are making it a part of our existing supply chain infrastructure, and our research and development is underway,” he added. He urged the entrepreneurs not to shy away from experimenting with the advanced tools, as these would decide their future. We need to learn the ropes and leverage the technologies that will shape every business, he emphasized.

Hamid Mehmood, head of accounts at a confectionary unit, said technology had made it easy for his entire team to manage the accounts section without tension. “Now we are able to create a dashboard which gives us a clear picture of the daily sales and purchase of multiple items. We are also in a position to find the account details of any buyer with just a few clicks. A couple of months ago, we had to thumb through multiple manual registers to find such details.” Hamid said technology had streamlined financial processes, reduced errors and saved time. Reconciling bank statements and record keeping of our sale and purchase was a time-consuming task, but now it's an easy task, he added.

Credit: INP-WealthPk