The only thing immune to change is change itself. Artificial Intelligence (AI) is transfiguring every sector, expediting the disruption process and offering an edge in providing services, thus adding value to businesses and accelerating the economic growth across nations.
Artificial Intelligence will transform every sector and every industry in the days to come, influencing business outcomes. The shift can already be experienced in our smart devices, applications, healthcare systems to name a few, and its impact will permeate further within every sector in a colossal level. AI has acted as the main driver of emerging technologies such as big data, IoT, robotics and will offer innovation-led solutions in the future.
The Sultanate had advanced 11 positions in the government’s readiness index for implementing Artificial Intelligence in 2020, while it ranked 48th globally and 6th in the Middle East, according to the Oxford Insight Index. Though the pandemic has caused a global setback, the Sultanate of Oman has a lot to look forward to achieving its goal as part of Vision 2040. This quest to forge ahead is furthered with the implementation of Artificial Intelligence across sectors.
With the fluctuating oil prices, the government is seeking alternate revenue sources; and the development of non-oil sectors by implementing AI can offer an edge and strategic positioning to the Sultanate. To fulfill Oman’s vision of becoming a competitive economy, which is both productive and diversified, and driven by public and private sectors, it is imperative that AI and its applications are being leveraged to the fullest.
According to PWC Research, AI is estimated to contribute around 15.7 trillion USD globally by 2030, while the Middle East is estimated to amass 2% of the total global benefits of AI in 2030, which is equivalent to 320 billion USD. The forecast reports also show that annual growth is expected to range between 20-34% per year across the region. Forecasts from Gartner indicate that by 2025, 50% of enterprises will have devised AI orchestration platforms to operationalize AI, up from fewer than 10% in 2020. By 2025, AI will be the top category driving infrastructure decisions, due to the maturation of the AI market, resulting in a tenfold growth in compute requirements. And by 2025, 10% of governments will use a synthetic population with realistic behavior patterns to train AI while avoiding privacy and security concerns.
The utilization of AI services is considered an important factor for improving the productivity of many economic sectors, such as banking and finance, energy, healthcare, logistics, and retail. It saves time and money and enhances operational efficiencies, as well as leads to an increase in revenues. AI also enhances the performance of sophisticated intellectual tasks such as decision-making and problem-solving, as well as increases customer services effectiveness.
Oman Data Park recently launched the Nebula AI platform, by joining the NVIDIA Partner Network (NPN) Cloud Service Provider Partner Program. It is the first of its kind in Oman and comes in line with Oman’s vision for 2040; and within the Sultanate’s exerted efforts to keep pace with the latest technological developments in the field of computing, compatible with the requirements of the fourth industrial revolution and AI. The launch of Nebula AI will enable Oman to store its data internally.
The Nebula AI service platform is powered by the NVIDIA DGX A100 system, which is suitable for all AI workloads, offering unprecedented compute density, performance, and flexibility in the world’s first five petaFLOPS AI system. This will enable both government and private sector entities to explore the various benefits of AI with the guarantee of data sovereignty, security, and reliability.
As the Sultanate’s reliance on a sophisticated IT infrastructure to support its industries is increasing, it would only be prudent to foresee a future where AI holds the key to vital information, data gathering, and analysis that serves as inputs for decision making. An efficient execution that will otherwise be time-consuming and expensive in a competitive world. Needless to say, that data centers and cloud services have been identified as one of the key digitization areas of focus, where there is a huge opportunity to be explored and exploited.
Artificial Intelligence offers an opportunity for accelerated adoption of cloud services by the government and for Oman to be a frontrunner in offering a gateway for AI-enabled cloud services in the region. The good number of submarine cables available in the Sultanate qualifies it to host data centers, high-speed computers, and cloud services that are used to process artificial intelligence algorithms. Furthermore, the large number of IT graduates who can be qualified and trained in the field of artificial intelligence and advanced technologies work to Oman’s advantage.
The AI Nebula launched by Oman Data Park will enhance the productivity of the sectors. The locally hosted Nebula AI infrastructure will enable the transfer of AI technologies by supporting R&D in building algorithms, libraries, and software tools. It will play a vital role in automation and data processing, increase efficiency as well as improve human resource allocation for higher-value operations.
AI is everywhere and affects every small and bigger organization. Whether its streamlining operations or affecting the decision-making process, it is crystal clear that this technology will revolutionize the way we think, operate and prosper. Applicable to almost every sector, some industries are already reaping its benefits. Below are a few examples of how industries are implementing AI and taking the big leap –
Banking & Finance
AI solutions in banking have become mainstream, bringing the potential for higher-complexity solutions that generate positive ROI across business segments. Now financial services companies are implementing AI in business domains such as risk management and revenue generation through new products and processes. AI is used to solve increasingly complex challenges. As the future of banking, it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance. AI algorithm accomplishes anti-money laundering activities in a few seconds, which otherwise take hours and days. AI also enables banks to manage huge volumes of data at record speed to derive valuable insights from it. Features such as AI bots, digital payment advisers, and biometric fraud detection mechanisms lead to a higher quality of services to a wider customer base. All this translates to increased revenues, reduced costs, and better bottom lines.
Retail
Today’s consumer is more connected and informed and demands that retailers understand their ever-changing shopping habits to provide excellent customer service. It has never been more critical to optimize the range of stock and inventory in order to deliver the best services. It is essential to identify opportunities to decrease costs, increase operational efficiencies and ensure a frictionless customer experience. Artificial intelligence in retail has the power to help by leveraging your own data about your customers, understanding how their needs have evolved and how your organization can adapt to a changing marketplace.
Healthcare
AI is transforming the way the healthcare sector operates. Areas such as patient care, administrative processes within providers, payers, and pharmaceutical organizations are transforming. Various research studies suggest that AI can perform key healthcare tasks such as diagnosing diseases. Today, algorithms are already outperforming radiologists at spotting malignant tumors. AI-driven tech applications encourage healthier behavior in individuals and a proactive lifestyle. The use of AI and the Internet of Medical Things (IoMT) in consumer health applications is already helping people. Additionally, AI increases the ability for healthcare professionals to better understand the day-to-day patterns and needs of the people they care for, and with that understanding, they are able to provide better feedback, guidance, and support for staying healthy.
Logistics
Artificial intelligence is dynamically impacting the logistics industry, along with the supply chain. There is a demand for innovation and the emergence of smart roads and autonomous vehicles. Terms such as warehouse automation, predictive analytics are becoming popular in the logistics sector and companies can foresee the advantages of AI to improve production and delivery. The benefits of having AI-powered logistics systems include better demand prediction, enhanced customer experience, efficient planning and resource management, real-time route optimization, warehouse automation, sales and marketing optimization, and back-office automation.
Energy
The energy-intensive sectors are highly emphasizing the need for decarbonization. Power, oil, transport, heavy industries are driven by government mandates to reduce CO2 emissions. While hardware applications are both expensive and time-consuming, AI can create an intelligent layer for the generation, transmission, and usage of energy. The data analysis can help derive patterns and insights and thus improve system performance. AI is already being implemented in multiple domains in this sector and helping to improve renewable energy forecasting, grid operations, optimization, and coordination of distributed energy assets, demand-side management, materials innovation, and discovery.
Trends in AI
Countries across the world are competing in adopting AI technologies. This is either to achieve national security or to improve public services. The nations have devised national strategies for AI adoption based on various parameters that include –
- Vision
- Governance and Ethics
- Digital Capacity
- Adaptability
- Size
- Innovation Capacity
- Human Capacity
- Infrastructure
- Data Availability
- Data Representativeness
The Size of International Market for AI (PwC Report)
AI is and will transform every industry, whether it is by improving customer relationships in financial services, streamlining manufacturer supply chains, helping doctors deliver better outcomes for patients, providing timely treatment with early detection of illness, predicting consumer behavior in retail, efficiently optimizing customer data or channeling data for business transformation.
Optimising AI implementation in the Sultanate
Inline with the Vision 2040, the Sultanate of Oman has accelerated the AI implementation process and advanced technologies to create a vibrant economy. These future technologies and AI will help the country to automate complex processes and procedures. Enhance the performance, productivity and competitiveness of the economic and developmental sectors. Support strategic decision-making process with maximizing big data and predicting future needs, and create a new line of products and services that make each sector more competent by providing services of global standards. AI and these modern technologies will help the nation to achieve its goal, and this Vision has been furthered by His Majesty Sultan Haitham bin Tariq, who in his speech has stressed on the importance of AI, innovation and advanced technologies, and the contribution and difference the small and medium enterprises will offer.
Oman’s competitive advantage for AI implementation
- Diversity of economic sectors, political structure and attractive designation for foreign direct investments
- Conducive regulatory and legislative environment and government approach for adoption of modern technologies
- IT human resource who can be trained with AI expertise
- Multiple submarine cables to host data centers, high-speed computers and cloud services
Artificial Intelligence Projects in Oman
Ministry of Health
Breast cancer early detection project: The success rate of the trial period in applying this technology to detect breast cancer reached 96%, which encouraged the Ministry of Health to move forward in applying artificial intelligence in 5 hospitals in the Sultanate.
Petroleum Development Oman
Nibras Project: The Nibras digital platform is used to integrate all processes, proactively identify issues through exception-based monitoring and process automation.
One million Date palm trees Plantation project (formerly the Royal Court)
AI and drones were used in the Million Palm Tree Project to detect diseases and agricultural pests in palms and to carry out the palm pollination process.
Diam
Smart Water Meter Project (Diam): The project is implementing a new system for reading water meters remotely, as well as reducing water losses. The savings through this system are estimated about 42 million Omani riyals annually.
Nama Holding Company
Smart electricity meter project: The smart electricity meters were launched for customers with high consumption. These meters use artificial intelligence systems to increase billing accuracy, reduce electricity losses, reduce costs related to inquiries about consumption patterns, and reduce the average debt collection period.
In 2020, the Ministry of Transport, Communications, and Information Technology launched the National Program for AI & Advanced Technologies for supervising the preparation and implementation of an integrated national action plan for AI and advanced technologies that include capacity building, research, innovation, industrialization, and investment. This program will support the establishment of emerging companies in addition to the formulation of policies and legislation. It will help coordinate and cooperate with partners from the public, private and academic sectors, and facilitate the integration of AI and advanced technologies projects and initiatives, and communicate and coordinate with international organizations and bodies on related issues.
Being at the forefront of the utilization of AI in various economic fields through the implementation of various AI solutions and driving constant innovations in operations will augment and strengthen the technological transformation process in the Sultanate. AI will boost and create a difference in the socio-economic configuration of economies across the world, and certainly in Oman.
