AI can reduce mining accidents, not just recommend music, says Baidu chief
AI benefits not limited to consumer market, can also deliver productivity improvements in business operations
From increasing profits for supermarkets to reducing accident rates at mining sites, artificial intelligence (AI) is set to play a bigger role in upgrading business operations in China, according to the CEO of one of China’s biggest investors in the technology.
AI should not be limited to the consumer market but can also improve business operations, especially for manufacturers and suppliers, said Robin Li Yanhong, chief executive of Baidu.
In a keynote speech at China’s annual World Internet Conference in Wuzhen, Zhejiang province, Li gave the example of Baidu’s cooperation with a seafood supermarket, where AI has been used to reduce waste by 30 per cent and improve profitability by 20 per cent.
The mining industry, which already has accumulated large amounts of data, can significantly reduce accident rates by adopting AI, he added.
AI-related technology is expected to boost global economic output by 14 per cent by 2030, with China seeing an estimated 26 per cent boost to its economy by that time, PwC said in a report in June. Beijing has laid out goals to make the country an innovation centre for AI technology by 2030.
The adoption of AI across more business sectors is expected to accelerate Baidu’s own growth after the Beijing-based company bet big on the technology to turn around its operations after being hit by a regulatory scandal in 2016.