Al chips in to save $2 billion for Tata Steel
03 Oct 2023
1 Min Read
CW Team
In a surprising convergence of technology and traditional industry, Tata Steel, a prominent player in the steel manufacturing sector, has harnessed the power of data and artificial intelligence (AI) to optimize its operations and drive substantial profits. The company has recognized that, alongside essential raw materials like iron ore and coke, data plays an equally pivotal role in ensuring its profitability and sustainability.
Tata Steel embarked on this data-driven journey in 2018, setting an ambitious goal to achieve EBIDTA (Earnings Before Interest, Depreciation, Taxes, and Amortization) savings of $2 billion, primarily through leveraging its data resources. As of today, the company proudly boasts having extracted $1.4 billion in savings, a testament to the effectiveness of their data-driven strategies.
Jayanta Banerjee, Chief Innovation Officer at Tata Steel, sheds light on this unlikely alliance between AI and steel production. He explains how data and AI have become integral components, comparable in importance to traditional raw materials like iron ore and coke.
This transformative approach exemplifies how industries are evolving in the digital age, where data-driven insights and AI technologies are being harnessed to optimize processes, reduce costs, and enhance profitability in sectors previously perceived as 'physical' in nature, such as steel manufacturing.
In a surprising convergence of technology and traditional industry, Tata Steel, a prominent player in the steel manufacturing sector, has harnessed the power of data and artificial intelligence (AI) to optimize its operations and drive substantial profits. The company has recognized that, alongside essential raw materials like iron ore and coke, data plays an equally pivotal role in ensuring its profitability and sustainability.
Tata Steel embarked on this data-driven journey in 2018, setting an ambitious goal to achieve EBIDTA (Earnings Before Interest, Depreciation, Taxes, and Amortization) savings of $2 billion, primarily through leveraging its data resources. As of today, the company proudly boasts having extracted $1.4 billion in savings, a testament to the effectiveness of their data-driven strategies.
Jayanta Banerjee, Chief Innovation Officer at Tata Steel, sheds light on this unlikely alliance between AI and steel production. He explains how data and AI have become integral components, comparable in importance to traditional raw materials like iron ore and coke.
This transformative approach exemplifies how industries are evolving in the digital age, where data-driven insights and AI technologies are being harnessed to optimize processes, reduce costs, and enhance profitability in sectors previously perceived as 'physical' in nature, such as steel manufacturing.
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