In Dalian, on the Chinese mainland, the 2024 Annual Meeting of the New Champions, also known as Summer Davos, has become a hub for insightful discussions on artificial intelligence (AI) and its transformative impact on industry. On the second day of the forum, leaders from various sectors convened at the sub-forum titled “AI Breaking New Ground – What’s Next for Industry” to explore how AI is reshaping the global economic landscape.
Jay Lee, Director of the Industrial AI Center at the University of Maryland, emphasized the profound potential of AI in fundamental industries. “Manufacturing and energy are the two most basic and beneficial industries for AI’s application,” he stated. Lee highlighted how AI technologies are not only enhancing efficiency but also driving innovation across these critical sectors.
Supporting this perspective, participants referenced a recent McKinsey report on AI’s impact on manufacturing. Published in April, the report predicts that generative AI could contribute between $2.6 trillion and $4.4 trillion annually to the global economy. This significant addition underscores AI’s role as a catalyst for economic growth.
“The data shows that AI is already significantly impacting processes across the entire value chain in the manufacturing sector,” noted one panelist. From design and production to supply chain management, AI-driven solutions are optimizing operations and enabling companies to respond more swiftly to market demands.
The discussions at Summer Davos 2024 reflect a growing consensus among industry experts: AI is not just a technological trend but a foundational element for future industrial advancement. As AI continues to break new ground, its integration into essential industries like manufacturing and energy will be pivotal in shaping a sustainable and prosperous global economy.
Reference(s):
cgtn.com
