How the AI landscape is changing due to COVID-19
The recurring trends given rise by COVID-19 have begun leading the world towards a new era, prompting businesses across industries to quickly adopt AI. Playing a major role in this tech-transformation, AI is turning out to be a game changer to delivering new-age stakeholder experience.
The COVID-19 crisis has enhanced the digitization of customer interaction by several years. During the pandemic, consumers have moved drastically towards online channels and businesses across industries have responded well in return.
In the time of the pandemic, many countries like India, US, UK, and Japan have noted the increased use of AI. Businesses are firm to overcome the challenges of the pandemic, with sectors like manufacturing ready to reconfigure traditional approaches to automate value chain processes. Even governments are engaging with technology firms to solve problems for pandemic-created problems like contact tracing, contactless thermal screening.
As per MIT Technology Review Insights survey, 35% of businesses stated that they’re developing their AI capabilities under the support of a formal strategy. AI plans are common at big enterprises as well as small businesses. A quarter of enterprises currently not having AI say that they will deploy the AI technology in the next 2 years.
Moreover organizations are shifting their IT infrastructure to cloud-based resources for cost-efficiency and measuring performance. Across various business sectors, the results suggest that costs for developing AI products during the pandemic have been divergent. In the given time, the differences are more outward between sectors with and without physical products than between B2B and B2C organizations.
Funding in data security and artificial intelligence are the changes respondents most often identify as they help organizations rank better than they were before the crisis.
The business sectors that have experimented with and invested more capital expenditures in AI during the crisis, than their counterpart did, suggested that their revenue growth doubled.
AI is paying off in concrete ways, right from higher revenue growth to better decision-making and improved end-user experience. It is resulting in better products and increased business productivity. With more consumers comes more data, which leads to smarter AI algorithms, creating more efficient products that attract more end-users who share more data. This works as a loop. The quickest way to get return on investment (ROI) is to use AI’s advanced automation skills to improve efficiency and productivity.
Virtual meetings have become the global trend during the Pandemic. Artificial intelligence (AI) is making fast growth in the business world and society, even before the pandemic. The COVID-19 crisis has reinforced the trend of AI as business enterprises seek to reduce human contact. End-users are also looking forward to reducing human contact which leads them to prefer doing business online.
Online business generates profit for businesses only if AI is used to handle the customer interface which is more feasible today for standardized, routine interactions, but the pandemic provides even more encouragement for companies to build AI systems that can handle more complex human interactions. Here’s how you can make Artificial Intelligence (AI) as an agent to drive strategic transformation.
How to make AI your strategic assistant:
Make an AI strategy game for profit generation
Strategize continuously to improve your business with AI
Bulletproof your operations in organization by tactically interposing AI
Learn from risk awareness to result in risk action
Assess your risks and establish a plan to test and monitor results of AI implementation
Apply faster implementation of governing rules in business
Operationalize your ethics, so that you preserve human values
Re-centre on new opportunities and capitalize on the power of technology advancements
The COVID-19 crisis has prompted more progressive use of AI, and it has provided a major pay-out during the pandemic — a pay-out that should continue to a larger extent in future.
With the right data and models, AI can predict changes in the markets and risks to the value chain. It can think through options for your funds, workforce and in market strategies and help businesses decide and act, all while continuously monitoring and improving its own performance. This dynamic sense-think-act approach to strategy, which AI makes possible, is within our reach today.