Cognizant announced enhancements to its Cognizant Neuro AI platform, designed to help enterprises identify, prototype, and scale artificial intelligence (AI) use cases. 

The upgrades aim to improve decision-making processes and open new revenue opportunities for businesses across various industries, the company said in a media release.

A study conducted by Cognizant in partnership with Oxford Economics found that 76 per cent of enterprises are seeking to generate new revenue streams through AI but face difficulties implementing cross-enterprise solutions.

The report also revealed that 70 per cent of businesses feel they are not progressing fast enough in deploying AI effectively.

The enhanced platform addresses these challenges by offering tools that allow business leaders to identify relevant problems, generate synthetic data or import anonymized data, and develop AI models within minutes.

It also provides predictive insights to guide decisions and assess the impact of various use cases.

The upgraded platform, now available to Cognizant clients, supports a range of industries, including healthcare, agriculture, and finance.

It has already been used in multiple pilot projects and is designed to help organisations apply AI across operations such as inventory management, fraud detection, and staff allocation.

Murali Vridhachalam, head of Cloud, Data, and Analytics at Gilead Sciences, noted the platform’s potential to streamline AI adoption.

“Many enterprises struggle to apply AI beyond predicting outcomes because solving real business problems involves navigating numerous scenarios with conflicting priorities. The Neuro AI platform provides a comprehensive framework to deploy AI use cases across various applications and unlock new business opportunities.”

Bayer Crop Science also tested the platform’s capabilities for agricultural decision-making.

“Agriculture is one of the most challenging professions, requiring intricate decision-making amid environmental uncertainties and the need to balance social, economic, and environmental objectives,” said Patricio Salvatore La Rosa, head of Decision Science at Bayer Crop Science.

He explained,  “We have directly tested several foundational components of Cognizant Neuro® AI, especially LEAF, which has empowered us to navigate complex scenarios effectively. By harnessing the collaborative capabilities of specialized Gen AI agents, we look forward to addressing intricate decision-making challenges in a reliable, transparent, and trustworthy manner.”

The enhancements include new features such as Opportunity Finder, a tool that uses large language models (LLMs) to identify potential AI applications for businesses.

A Model Orchestrator allows users to prepare data and apply machine learning models through a drag-and-drop interface.

The platform uses multi-agent AI technology to predict outcomes and prescribe decisions, offering businesses transparency and scalability in their AI efforts.

Babak Hodjat, chief technology officer of AI at Cognizant, emphasised the platform’s focus on decision-making.

“Businesses are struggling with how and where to apply AI to solve business problems, and that’s why we’ve seen most AI use cases limited to prediction-based outcomes or single LLM chat-based solutions.”

Analysts are increasingly focusing on multi-agent AI as a way to solve complex business challenges.

Gartner has reported that collaborative AI agents can achieve more adaptable and scalable results by working toward shared objectives.

Neil Ward-Dutton, vice president of Automation, AI, and Analytics at IDC, said multi-agent tools can accelerate the adoption of AI:

He noted, “As enterprises start to try to approach AI strategically, and move beyond experimentation, they are crying out to understand how to identify and prioritize use cases. Providers that can use technology to help accelerate the identification of use cases, and then use that technology to test and scale implementations, will be in a strong position.”

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Additive Manufacturing Research (AM Research) has released its latest report, Titanium Powder for Additive Manufacturing in 2024, projecting the market for titanium powders in additive manufacturing (AM) to grow from $214 million in 2023 to $1.4 billion by 2032.

According to the research organisation, the report offers data on market trends, tracking revenues across industries, regions, and printing technologies. 

It also identifies aerospace and medical sectors as key drivers of titanium powder demand, with additional contributions from jewellery and automotive applications.

According to the report, Powder Bed Fusion (PBF) accounts for the largest share of titanium AM applications, with revenues four times higher than those from Directed Energy Deposition (DED) and twelve times larger than Metal Binder Jetting (MBJ). 

The Bound Metal Deposition (BMD) market remains the smallest segment, estimated at half the size of MBJ.

However, the report forecasts MBJ will see notable growth by 2032, potentially closing the gap with DED.

The study highlights several companies active in the titanium AM market, including AP&C, Tekna, Carpenter, Praxair, Sandvik, 6K Additive, and IperionX. 

It also references manufacturing and technology providers such as GE Additive, EOS, Renishaw, Boeing, Safran, and Zimmer Biomet, among others.

The report, structured in two parts, combines market data with written analysis. It covers metrics such as material shipments, revenues by geographic region, and print technology trends. 

Additionally, it explores the role of Titanium Metal Injection Molding (MIM) within the broader titanium AM market.

The full report, including forecasts and industry insights, is available for purchase on the AM Research website. 

A free sample can also be requested.

For more details, visit: Titanium Powder for Additive Manufacturing in 2024.

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Reeracoen, Asia’s leading human resource services provider, in collaboration with Rakuten Insight Global, has released a new report titled “Perception of AI in the Workplace,” offering fresh insights into how AI is shaping the professional landscape across multiple generations. 

Surveying over 400 professionals across 50 industries, the report highlights key trends, challenges, and attitudes toward AI, providing critical insights as Singapore ramps up efforts under its Smart Nation 2.0 initiative.

The release follows the government’s recent announcement of a SG$1 billion investment to enhance AI capabilities, promote responsible adoption, and drive economic transformation.

Generational divide and key findings

The report sheds light on generational perspectives, workforce preparedness, and gaps in corporate support for AI integration.

• AI-Driven Job Anxiety:
  More than half of the survey respondents (53.5 per cent) expressed concern about AI replacing jobs, with Gen Z professionals showing the highest levels of anxiety regarding job security. The findings underscore the need for companies to develop effective strategies to address these fears and ensure workforce stability.
• Upskilling Efforts on the Rise:
  A notable 62.4 per cent of respondents indicated they are actively preparing for an AI-driven future, primarily through courses focused on data analysis and AI technologies. These efforts align with government initiatives to foster a digitally skilled workforce capable of leveraging AI for economic growth.
• Gaps in Corporate Support:
  Only 23.1 per cent of participants felt their employers were sufficiently supportive in helping employees adapt to AI changes. This finding signals an opportunity for businesses to enhance their internal strategies and invest more in employee readiness.

Industry leaders call for proactive strategies

Kenji Naito, Group CEO of Reeracoen Group, underscored the importance of bridging the gap between AI adoption and workforce preparedness.

“As AI reshapes the workforce, our role is to guide companies and job seekers to navigate these changes successfully,” Naito said. 

“This report provides invaluable insights, enabling us to align our strategies with Singapore’s Smart Nation 2.0 vision and connect businesses with AI-ready talent. While adoption is accelerating, companies must take proactive steps to support employees’ upskilling. By doing so, we contribute to Singapore’s ambition of becoming a global AI hub,” he noted. 

For more information on Reeracoen Singapore’s recruitment solutions, visit their website or follow them on LinkedIn.

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Data released by the National Centre for Vocational Education Research (NCVER) has indicated a decline in the total number of apprentices and trainees in-training by the end of March 2024, with noticeable differences emerging between trade and non-trade occupations.

According to the Apprentices and Trainees 2024: March Quarter report, there were 351,695 apprentices and trainees actively in-training, reflecting a decrease of 34,570 (8.9 per cent) compared to the same period in 2023. 

This decline was mostly driven by non-trade occupations, which saw a drop of 30,585 (21.3 per cent), reducing the number to 112,895.

More than half of this reduction occurred in the Clerical and Administrative Workers category, which decreased by 16,610, with notable losses in roles such as Office and Practice Managers (down 6,365) and General Clerks (down 6,055) across various industry sectors.

The report highlighted that the trade sector was relatively more stable, experiencing a smaller decrease of 3,945 (1.6 per cent), bringing the total to 238,765 apprentices and trainees in trades.

Among the hardest-hit trade sectors were Engineering, ICT, and Science Technicians, which saw a reduction of 2,980 positions, while Food Trades workers decreased by 2,100. 

However, the Automotive and Engineering Trades Workers category saw a positive trend, with an increase of 3,115, along with Electrotechnology and Telecommunications Trades Workers, up by 2,115.

“Trade in-training numbers have fallen by 4.3% since their peak in June 2022,” NCVER Managing Director John King said.

He added, “In contrast, non-trades have decreased 36.9% since the June 2022 peak, falling back to around 20% above pre-pandemic levels.”

For more information, the full report is available for download here.

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The Economic Contribution of the Vertically Integrated Australian Aluminium Industry report, commissioned by the Australian Aluminium Council, has outlined how the sector—one of the few globally with a complete mine-to-market supply chain—generates more than AUD 18 billion annually and provides over 20,700 direct and 55,000 indirect jobs. 

However, the report also warned that without swift action to address energy supply issues, excessive regulation, and access to critical minerals, the industry’s sustainability is at risk.

According to Aluminium Council CEO Marghanita Johnson, Australia’s aluminium industry is vulnerable to supply chain disruptions that could severely impact both local communities and the national economy. 

“Australia is one of the very few countries anywhere in the world with a complete mine-to-market aluminium supply chain. It’s a remarkable achievement by generations of Australians, but their legacy is now at risk from disruptions caused by challenges in the energy transition, uncertain environmental approvals, and uneven global competition,” Johnson stated.

The report emphasised aluminium’s crucial role in Australia’s economy, particularly as the world moves toward greener technologies, such as solar panels, electric vehicles, and batteries, which depend on aluminium components. 

The industry’s workforce, predominantly located in regional areas, enjoys pay rates 60% higher than the national manufacturing average.

To secure the future of the aluminium sector, the report recommends four key policy actions:

1. Streamlining environmental regulations: Implementing timely, clear, and consistent regulatory processes across jurisdictions to ensure bauxite resources remain accessible and that critical infrastructure for energy transition is delivered on time.
2. Supporting decarbonisation: Coordinating energy planning across jurisdictions to foster the development of green metals and ensure that the industry can continue to transition to sustainable practices.
3. Designating aluminium as a critical mineral: Adding bauxite, alumina, and aluminium to Australia’s critical minerals list would help streamline regulations, attract international investment, and address growing geopolitical and sovereign risks.
4. Maintaining fair trade protections: Ensuring Australian manufacturers are shielded from unfair international trade practices, such as dumping and subsidisation, while addressing anti-circumvention practices to protect local markets.

 With the right settings, the industry can continue to play a pivotal role  in the national economy and the country’s industrial landscape, just as it has done since 1955,” Johnson said.

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Tyre Stewardship Australia (TSA) has released its Annual Report for 2023/2024, celebrating ten years since the launch of the Tyre Product Stewardship Scheme.

This initiative aims to transform used tyres into valuable resources through innovative market development.

Key Achievements

Significant funding: TSA invested over $10 million in 70+ projects, leveraging an additional $4.5 million from industry partners. This funding has advanced the integration of tyre-derived materials across various sectors.

Research and innovation: Collaborations with institutions like the University of New South Wales have led to breakthroughs in products such as “green steel” and permeable pavements, demonstrating the potential of recycled tyres.

Stakeholder engagement: TSA has actively engaged with tyre manufacturers, government bodies, and communities to address challenges, including pandemic impacts and illegal dumping.

Sustainability certification: TSA achieved carbon-neutral certification and introduced sustainable procurement guidelines, reinforcing its commitment to environmental responsibility.

Challenges ahead

TSA faces ongoing issues, including low recovery rates for off-the-road (OTR) tyres, diminishing support from auto brands, and the persistent challenge of illegal dumping.

The organisation emphasises the need for stronger regulatory frameworks and increased collaboration to tackle these issues effectively.

Looking forward

In the coming year, TSA aims to enhance OTR tyre recovery rates, strengthen stakeholder collaborations, pursue comprehensive stewardship regulations, and expand market development initiatives.

Conclusion

The TSA Annual Report underscores a decade of accomplishments in tyre stewardship while outlining a clear path forward.

By focusing on innovation and accountability, TSA is committed to advancing Australia’s circular economy, maximising resource value, and minimising waste.

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Australia’s clean energy transition is facing a significant challenge due to critical skills shortages, according to a new report by the Institute for Sustainable Futures (ISF) at the University of Technology Sydney. 

The study, conducted in collaboration with the Australian Energy Market Operator (AEMO) and facilitated by the RACE for 2030 Cooperative Research Centre (RACE for 2030), highlights that while the nation’s electricity sector is set for substantial job growth, a shortage of skilled workers could hamper progress.

The report forecasts a sharp increase in electricity sector jobs, with employment expected to double by 2029, adding 33,000 jobs in just five years under the most likely scenario of the 2024 Integrated System Plan (ISP).

The bulk of these positions will be in renewable energy, specifically wind, solar, and battery storage projects, as reported by the research centre. 

“Operations and maintenance roles are becoming increasingly crucial, accounting for 65% of the electricity sector workforce by 2033,” the report states, emphasising the sector’s future reliance on long-term operational expertise.

The rapid expansion of the renewable energy sector is expected to place immense pressure on Australia’s labour market. 

Key challenges identified in the report include skills shortages, regional competition for labour, and the cyclical nature of construction projects, which could disrupt workforce stability.

“The demand for a range of skilled workers, including electricians, mechanical trades, and engineers will increase significantly, potentially causing project delays,” the report highlights, warning that without urgent investment in skills development, the renewable energy sector could experience significant delays in project delivery.

Jay Rutovitz, chief investigator for the project, stressed the importance of timely action. 

“The transition to a clean energy future presents a huge opportunity for Australia, both in terms of job creation and economic growth,” Rutovitz said. 

“We need to act now to address the potential skills shortages to make sure we can deliver this transition and realise the benefits.”

According to the report, another major issue is the boom-bust cycles created by the construction-heavy nature of renewable energy projects. 

This leads to a highly variable workforce and makes it challenging to retain skilled workers over the long term.

Regional areas, where many renewable projects are located, face additional challenges as they compete with infrastructure developments in larger cities. 

This adds to the difficulty of attracting and retaining skilled workers in remote locations.

The report puts forward several recommendations to address these challenges. One key solution is smoothing the development pipeline to ensure a more predictable flow of renewable energy projects over time. 

The report also suggests extending the Australian Skills Guarantee to ensure that 1-in-10 workers on energy infrastructure projects are apprentices or trainees, particularly in publicly funded projects.

Genevieve Simpson, Program Leader at RACE for 2030, emphasised the need for a collaborative approach to addressing the skills gap. 

“The findings highlight the critical need for a proactive approach to workforce development in the renewable energy sector,” Simpson said. 

“The report underscores the urgent need for collaboration between industry, government, and training providers to ensure we have the skilled workforce required to deliver the ISP and achieve a clean energy future for Australia.”

Additionally, the report calls for more diversity in the energy workforce, including the inclusion of more women and First Nations people. 

The report also highlights an often overlooked part of the energy transition workforce: the so-called ‘behind the meter’ roles that focus on energy efficiency and electrification.

The report concludes with a call to the federal government, AEMO, and other stakeholders to take immediate steps to bridge the skills gap. 

The full report and individual state reports are available at: https://racefor2030.com.au/project/australian-electricity-workforce-for-the-2024-integrated-system-plan.

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Skyrocketing cocoa prices are expected to push chocolate prices higher globally, as producers grapple with rising costs, according to a new report by food and agribusiness bank Rabobank.

The report, Soaring Cocoa Prices: The Worst is Yet to Come, highlights that the impact of the ongoing cocoa crisis will be felt in the months ahead, with companies expected to pass on increased costs to consumers.

“Significantly higher chocolate prices will likely hit shelves over the coming months and into 2025, providing a major challenge for the chocolate sector, which is already battling a longer-term, structural decline in demand,” the report states.

The surge in cocoa prices has been described as a “cocoa crisis” by Rabobank’s RaboResearch team. Cocoa commodity prices have reached their highest levels in nearly 50 years, with futures peaking at nearly USD 12,000 per metric ton in early 2024.

RaboResearch analyst Paul Joules attributed the dramatic increase to a global cocoa shortage caused by disappointing harvests in West Africa, which supplies 70 per cent of the world’s cocoa.

“The International Cocoa Organisation (ICCO) reports a 14.2% drop in global cocoa production for the 2023/24 season, leading to a shortage of approximately 462,000 metric tons and the lowest cocoa stocks in 22 years,” Joules said.

Retail chocolate prices are already on the rise, but the report suggests that the real impact of the cocoa crisis is yet to be felt. According to Joules, chocolate manufacturers are struggling with soaring cocoa costs, which have led to higher retail prices.

“This is illustrated in the most recent quarterly (June) Consumer Price Index data, from the Australian Bureau of Statistics, which showed year-on-year inflation in the Snacks and Confectionery category – of which chocolate is part – was running at 4.6 per cent. This followed a similar-sized year-on-year jump seen in the June 2023 quarter, so the cumulative increase in this category between June 2022 and June 2024 is 21.8 per cent,” Joules explained. 

Despite these increases, the full impact is expected in the latter half of 2024 and into 2025 due to existing supply contracts.

In response to rising costs, chocolate manufacturers are employing cost-saving strategies such as ‘shrinkflation’—reducing package sizes without lowering prices—and ‘skimpflation’, which involves adjusting recipes to use less cocoa.

“These tactics, while effective, are often unpopular with consumers,” Joules noted.

The report predicts that the rising cost of chocolate will lead consumers to modify their purchasing behaviour, possibly switching to different types or brands of chocolate, or even opting for private labels or alternative treats.

“The increased cost of chocolate is expected to lead to a significant drop in consumer demand, which should eventually balance the cocoa supply shortage and stabilise prices,” Joules explained.

Western Europe, in particular, could see a mid- to high-single digit drop in chocolate volumes, with this decline becoming more apparent in 2025. 

The report also highlights that the global chocolate sector is facing a structural shift away from sweets, making a return to significant growth unlikely in the near future.

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HP Inc has released its second annual HP Work Relationship Index (WRI), highlighting two potential solutions for improving work satisfaction: personalised work experiences and the integration of artificial intelligence (AI).

The study, surveying 15,600 respondents across 12 countries, reveals that work is increasingly misaligned with employee expectations, with only 27 per cent of Australian knowledge workers reporting a healthy relationship with work—slightly below the global average. 

The findings showed Australia saw the third-largest year-over-year improvement in its WRI score, rising five points, behind the US and Indonesia. 

Despite this improvement, there is a growing emphasis on the need for tailored work environments and the benefits of AI to improve work outcomes.

In particular, more than two-thirds expressed a desire for customisable workspaces, preferred technology, and flexible working environments.

Notably, 92 per cent of Australian respondents indicated a willingness to sacrifice a portion of their salary for a more personalised work experience, with an average of 13 per cent of salary foregone for better work-life balance and flexibility.

Furthermore, 72 per cent of Australian knowledge workers believe that personalisation would improve their relationship with work, while 68 per cent think it would enhance their overall well-being and loyalty to their current employer.

The use of AI in the workplace has surged in Australia, with 69 per cent of knowledge workers reporting its use, a significant increase from 32 per cent in 2023. Australian AI adoption also exceeds the global average of 66 per cent, with workers increasingly recognising its potential to improve their work experience.

According to the report, 59 per cent of Australian knowledge workers believe AI helps them achieve a better work-life balance, while 67 per cent say it opens up new opportunities to enjoy their jobs. 

Additionally, 68 per cent agree that understanding AI better would help advance their careers, and 66 per cent report that AI makes their jobs easier.

However, challenges remain. A quarter of workers using AI say their companies do not provide adequate AI training, and concerns over job displacement due to AI have risen, with 38 per cent of non-users expressing fear of being replaced—up 7 per cent from the previous year. 

The findings suggest an urgent need for businesses to equip their workforce with the skills and tools necessary to integrate AI effectively.

The report highlights a lack of confidence among Australian business leaders in their ability to demonstrate critical human skills such as empathy, communication, and emotional intelligence. 

While 91 per cent of leaders recognise the importance of empathy, only 38 per cent feel confident in their ability to deliver it effectively. 

Furthermore, just 26 per cent of Australian workers consistently experience empathetic leadership, despite 73 per cent valuing emotional intelligence.

On a positive note, female leaders emerged as a bright spot in this year’s index, with higher confidence in both hard and human skills compared to their male counterparts.

 Female business leaders are, on average, nine points more confident in their technical abilities and two points more confident in their human skills.

For further details on the HP Work Relationship Index, including access to the full report, visit the HP Newsroom.

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Fonterra Co-operative Group Ltd has revealed a NZ 50 cent increase in its 2024/25 forecast Farmgate Milk Price midpoint, now sitting at NZ$9.00 per kgMS for New Zealand farmers.

The company also announced its FY25 earnings guidance of 40-60 cents per share, as revealed in an ASX announcement. 

CEO Miles Hurrell attributed the increase to rising global dairy prices and tight milk supply in key producing regions. 

“I’m pleased to be announcing an increase in this season’s forecast Farmgate Milk Price, which I’m sure will be welcome news for farmers, particularly when combined with the 55 cent total dividend for FY24 also announced by the Co-op today,” said Hurrell.

Fonterra’s updated Farmgate Milk Price range for the 2024/25 season is between $8.25 and $9.75 per kgMS. 

Hurrell emphasised the cautious approach, noting the early stage of the season. “We’ve also announced today our forecast earnings for FY25 of 40-60 cents per share.” 

“The forecast earnings range reflects an expectation we will maintain strong margins in all three of our sales channels, while also investing in the Co-op’s IT & digital transformation and incurring higher tax expenses,” he added.

In light of these developments, Fonterra is set to face new tax implications. Chief Financial Officer Andrew Murray confirmed that, following several years of strong performance, the company had exhausted its tax losses in FY24. 

As a result, Fonterra will now begin paying taxes, which will affect its future earnings reports.

“When we declare a dividend from FY25 and beyond, imputation credits will now be available to be attached to our dividend,” Murray stated. 

He also explained that the changes in tax treatment for supply-backed shares would lead to higher taxes paid by Fonterra. 

“While this does not impact the operating performance of Fonterra, it will reduce our reported earnings per share in future years, as Fonterra will have paid the tax on the cash to be distributed.”

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