8,957.46 TRY BIST 100 BIST 100
4.83 CNY CNY CNY
34.25 USD USD USD
37.07 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.46 TRY Interest Interest
71.67 USD Fossil Oil Fossil Oil
34.11 USD Silver Silver
34.11 USD Copper Copper
102.74 USD Iron Ore Iron Ore
383.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,066.14 TRY Gold (gr) Gold (gr)

The world recycling organisation hears how the new technology will transform the industry

On 28 October, BIR Chair Susie Burrage OBE chaired the event's Opening Session, which featured a keynote address by Dr Ayesha Khanna, Co-Founder and CEO of Addo, a global artificial intelligence solutions firm based in Singapore.

The world recycling organisation hears how the new technology will transform the industry

A forward-looking, dynamic and thriving vision of a global recycling industry supported by generative artificial intelligence (AI) was set out at the Bureau of International Recycling’s World Recycling Convention in Singapore. On 28 October, at the event’s Opening Session chaired by BIR President Susie Burrage OBE, the huge potential to recyclers of ground-breaking uses of AI was the theme of the keynote address from Dr Ayesha Khanna, Co-Founder and CEO of Addo, a global AI solutions firm based in Singapore, on 28 October.

Her overwhelming message was that generative AI is being adopted faster than any previous new technology and recyclers “had no choice but to embrace the AI revolution or be left behind”. She quoted a recent Bank of America report that investment in AI over five years by large companies could boost operating profit margins by 2%. “That may not seem like much but it adds up to billions of dollars annually. I really want to emphasise that, in the long run, it's a game changer.”

Quoting several examples of AI use by globally known companies, Dr Khanna said their CEOs were now talking about the technology in terms of results – noting that generative AI is 80% cheaper than it was 16 months ago. Tesla was leading the way with robots costing US$ 20,000. “That's the world we're entering into and even these costs are going to go down further.”

For BIR members, she explained, this could mean computer vision systems identifying and sorting electronic components, robotic arms dismantling devices and automated robots extracting lithium batteries. AI was also changing “ambient” technology such as intelligent glasses with microphones and cameras. "You can do on-the-job training so that new employees receive instant guidance. You can do automated reporting, where somebody's walking around with the glasses and recording [inventory], or giving you live feedback according to the standards of your industry. It's exciting to be in this era now.”

Collaborate to win

Leaders of recycling companies were urged to think about the implications and share their learning and experiences. “I would encourage you [to get together] as a group and just brainstorm. Every industry is looking for its own use cases.

"It's an incredible opportunity but you must do it with proper risk management, or you could lose trust or have liability and you won't have the success you're capable of seeing otherwise.”

Dr Khanna spoke openly of the risks of AI, and mentioned phishing, deep fakes and the danger of vital company data being “poisoned” by hackers. But she insisted the tools were available to overcome such challenges. “I have an AI consulting firm so if anyone should be afraid, it should be me. But I'm very confident. I'm excited about it, because this means my business is going to grow.”

She also talked about the need for regulation. “In every country, they are realising that AI is the only way to give their company a head start so they can be more competitive. But in order to do that, they must be regulated, because you have to stop companies from manipulating through AI.”

Those who thought Governments always lagged behind were wrong, the speaker asserted. “Governments have smart people. In the United States, President Biden has said every federal agency needs to have a chief AI officer because of this precise reason.

“I would encourage all of you to upskill yourselves to work with AI. You don't need to learn coding. You just need to learn how to work with AI.”

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

GIFA Mexico 2024 celebrates successful debut: record international attendance and enthusiasm in the exhibition halls make for global appeal

Wednesday, October 30, 2024

North American Green Steel Summit will discuss the development trend and transformation of green steel

Wednesday, May 8, 2024

Green steel production symposium held at Kish International Steel Exhibition

Friday, October 25, 2024

The 403 Steel Symposium highlighted green steel innovations and honored industry leaders

Friday, October 25, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now