By Bashir Ahmed

Digitalisation is key for today’s businesses. Existing companies should adopt more technologies, while any start-ups should encourage young people to pursue careers in digitalisation and information technologies.

In the contemporary business landscape, the pivotal role of digitalisation in e-commerce and fintech cannot be emphasized enough. It serves as the key to unlocking a vast audience, leveraging the power of Information Technology. 

This transformation not only streamlines operational costs for businesses but also opens the door for consumers to enjoy the unparalleled convenience of shopping from home, enabling effortless brand comparisons. E-commerce platforms host an extensive array of products, expanding customer choices beyond what physical stores can offer. This unique inventory diversity considerably enriches the customer experience.

There is no company more dominant than Amazon. Founded in 1994 by Jeff Bezos, Amazon was one of the first companies to sell goods online and has since become the world’s largest retailer, with over $480 billion in annual sales.

Globally, e-commerce revenue is projected to reach $4.48 trillion in 2023, with over 3 billion digital buyers. The UK is the fourth largest e-commerce market, with 80% of the population making online purchases. After China, the UK has the highest percentage of retail sales online at 36%.

Digital platforms represent the future. BBCCI must now help British Bangladeshi businesses adopt digitalisation to avoid lagging behind. Entrepreneurs should spearhead more e-commerce and digital start-ups. With 50% of the 700,000 British Bangladeshis in the UK aged below 25, these energetic young people need direct support and encouragement from business institutions and government to realise their digital potential.

Here are five key points highlighting how AI can contribute to achieving the Smart Bangladesh 2041 vision: Enhanced Public Services through Automation:

AI can be employed to automate routine and time-consuming tasks in public services, such as administrative processes, documentation, and data management. This efficiency boost allows government agencies to reallocate resources and focus on strategic decision-making, ultimately leading to improved service delivery.

Data-Driven Decision-Making for Governance:

Implementing AI-driven analytics and machine learning algorithms can help government bodies analyze vast amounts of data to make informed decisions. This data-driven approach enables more effective governance by identifying trends, predicting outcomes, and optimizing resource allocation for sustainable growth and development.

Revolutionizing Healthcare with AI Applications:

AI technologies like machine learning and image recognition can be instrumental in transforming the healthcare sector. Automated diagnosis, predictive analytics for disease outbreaks, and personalized treatment plans can significantly improve the efficiency and effectiveness of healthcare services, contributing to a healthier and more productive population.

Smart Infrastructure and Urban Planning:

AI can be utilized in designing and managing smart cities, enhancing urban living conditions. Smart infrastructure, including intelligent traffic management, waste disposal systems, and energy optimization, can lead to improved resource utilization, reduced environmental impact, and an overall enhancement of the quality of life for citizens.

Fostering Innovation and Economic Growth:

Encouraging innovation in AI-related industries can create new economic opportunities. By investing in research and development, fostering a supportive ecosystem for startups, and upskilling the workforce in AI-related technologies, Bangladesh can position itself as a hub for technological innovation, attracting both domestic and international investment and driving sustainable economic growth.

In summary, the strategic integration of AI into various sectors can pave the way for a smarter and more prosperous Bangladesh, aligning with the goals of Smart Bangladesh 2041

Bashir Ahmed, Former President of the British Bangladeshi Chamber of Commerce & Industry, (BBCCI) Entrepreneur  and Businessman, UK