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Artcles economics time

3rd july

1. ITC plans to top FMCGs with new launches:


ITC launches around 30-40 new products each year in its efforts to compete for the
position of number 1 FMCG company in India. ITC has targeted to get around Rs 1
lakh crore revenue by 2030 from the new FMCG business and also by strengthing the
already existing ones.
Till now ITC businesses included cigrattes, personal care, stationery etc. and it has
planned to launch more in packaging food space. Last year it has launched around
30 prodcts next only to rapidy expanding Patanjali Ayurved. ITC will indeed have 60-
65% of the ew launches in the packaged food segment which will contribute 22 % to
its net revenue.

2nd July

2. India’s Metro man Sreedharan slams Modi’s pet bullet train project:

After the modi government choose E sreedharan to head a committee to lay down
standards for metro rail systems in country, sreedharan slammed prime minister’s bullet
train project. He said that “ bullet trains will only serves the purpose or providing its services
to elite communities and rich people. It will be out of reach from ordinary people. Now a
days India needs a modern, clean, safe and fast rail systems. “ and he also said that metro
project should be converted into our make In India project .

3.

Collaborative Intelligence: Humans ad AI are joining Forces

This article is written by H. Janes Wilson and Paul R. Daugherty. Artificial Intelligence is
becoming our future as with its help many things has become automated like diagnosing
disease, translating languages, providing customer service and its growing and improving
day by day.

With the AI rising, there’s one doubt in all of our minds which is also raising and that is fear
that AI will replace the human workers though according to experts this is not even
inevitable. AI is to complement human capabilities and it not there t replace them.

Many companies has started using AI to automate their process but it is found in a research
that the best results are produced by hose in which humans and machine has worked
together ad this is what the article has focused on. This collaborative intelligence has
strengths like leadership, teamwork, creativity etc. or in short we can say social skills of the
first and speed, quantitative capabilities of the latter.
There are 5 basic principles which help in collaborating Humans and AI. And those are as
follows

1. Reimagine business process


2. Embrace experimentation
3. Actively direct AI strategy ‘Collect data responsibly
4. Redesign work to incorporate AI and cultivate related employee skills.

An survey of about 1,075 companies in 12 different industries has shown that more he
companies adopt these principle better their AI fuctions in terms of speed, cost, revenue or
any other operational measures.

Author has also extended the article to give the suggestion to the companie about how to
redesign business process to incorporate the collaboration of AI and human in their business
which are as follows:

Human Assisting Machines:

Humans need to be actively involved in this task because this will ensure that robots don’t
harm human being as in this process human train the machine to perform certain task.

Training:

Machine learning is trending now a days. Huge training data sets are use to train the AI.

Explaining:

Human experts are required to explain AI behaviours to non-expert users. These people are
called explainers. Now a days explainer have become integral part of regulated industries.

For instance, the European Union’s new General data protection Regulation (GDPR) gives
consumers the right to receive an explanation about any algorithm-based decision.

Sustaining:

Companies also need sustains who work to ensure that AI systems are functioning properly,
safely and responsibly.

Machine Assisting humans:

Smarts machines are helping human to expand their abilities in three ways and those are as
follows:

1. Amplifying our cognitive strength


2. Interact with customers
3. Employees to free us from higher-level tasks.
Amplifying:

AI can help in boosting our analytic and decision-making abilities by givng us the right
information at the correct time i.e. when we require it.

Interacting:

Human-machine collaboration enables companies to interact with employees and


customers in a more effective way.

Embodying:

In much application AI is embodied in a robot that works like a human worker. With the help
of sensors motors and actuator.