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AI Technology Poised to Loom Larger in Post- Covid Scenario AI Technology Poised to Loom Larger in Post- Covid Scenario
News    09/01/2020

AI Technology Poised to Loom Larger in Post- Covid Scenario

Artificial intelligence and Machine Learning will prove to be extremely helpful as they will help to cut the costs, mitigate the inefficiencies, and enhance the overall customer experience.

The ongoing COVID Pandemic has proved to be havoc for the entire world and the global economy. The entire system is tottering. There are lesser jobs, lesser spending, no movement in the market, and an overall environment of fear and confusion that is prevalent all over the world.

The saviour? It is high time organizations need to act swiftly and go for digital transformation through Artificial intelligence and machine learning.

There is a famous saying- Those who do not change get wiped out soon! Even Charles Darwin said that only the fittest will survive in this world. Companies will have to tweak their business operations to adapt to the post-COVID 19 scenario.

Those who will be agile and join the innovation revolution will be able to thrive and sail through these tough times.

The world after the COVID 19 Debacle

There have been disasters before! Isn’t it? We have stood up again and life came back to normal. Believe us, this too shall pass!

Every challenge and disaster opens new doors of opportunity. There was a SARS issue in 2003 that led to people working from remote locations, factories were shut down, retail sales touched a new low, and consumers were reluctant to buy. E-commerce giant Alibaba sensed this opportunity and made a big fortune out of this situation!

Then there was a subprime crisis in 2008-09 when there was a global meltdown but a company like Starbucks survived and flourished because it was willing to change.

Nokia failed because it could not change and sense the competition and soon they were out of the business. Hence, companies that will go for digital transformation with the help of artificial intelligence and machine learning will be able to thrive and succeed in the post COVID 19 Pandemic.

The upsurge in technology-based solutions

Similar to past disasters, COVID 19 Pandemic will be no different and it is predicted that technological solutions will become more popular, and AI technology will play a pivotal role in finding seamless solutions to complex problems.

Now machines are all set to gain prominence and will take over the jobs from humans. Covid-19 is all set to leave a long term impact. While life is expected to be back to normal, the organizations that have shut down their operations will have to find some ways to bounce back and develop a sustainable business model.

Artificial intelligence and Machine Learning will hence prove to be extremely helpful as they will help to cut the costs, mitigate the inefficiencies, and enhance the overall customer experience. Innovation will be the new buzz word and there will be more usage of real-time analysis.

Consumption pattern will change

As the global economy is tottering because of the COVID 19 Pandemic, the income of the people has gone down and so is the spending. More and more people are looking for economic and online alternatives.

The expectations of the employees, consumers, and businesses have changed swiftly and it is going to continue in the future. With now more and more shifts to Artificial intelligence and machine learning, companies will be able to take quick decisions.

The organizations will be in a much better position to analyze the ongoing trends and human behavior with the help of deep learning, automation, machine learning, and artificial intelligence.

Work from home will be the new normal.

Most of the organizations have already started to use AI technology to execute daily operations. The real challenge lies in making it sustainable and completely functional.

But, that is where the fun lies! The organizations will have to make extensive use of technological innovation and AI to motivate the workers, keep track of their productivity, and make them more competitive and skilled.

There will be more and more automation and companies will look for ways to trim the number of workers. Numerous companies have already started to use Bots instead of the customer service agents and it is predicted that soon the Bots will become a replacement for nearly 70% of the managerial jobs.

This is here to stay and eventually, the automation will help in trimming the top-level management roles as well. The AI-based platform can be used in recruiting the personnel as well without any bias. Now AI will help to take more and more informed decisions and reduce the effort and time taken to execute the jobs.

More and more work from home will lead to a significant reduction in the operational cost to run an office setup and the same can prove to be a boon to the financial health of the organization.

AI is the new future!

There is a cut-throat competition in this world and it is increasing day by day. Hence, companies must invest in AI-based technology for automation, digital transformation, and look for ways to reduce the redundancies in the processes.

The AI software market is all set to loom larger to the level of $125 Billion in 3 to 4 years from the current level of $23 Billion.

Conclusion- AI all set to become a prominent technology in the future.

With the businesses succumbing to the global meltdown and the ongoing COVID 19 Pandemic, Organizations need to shift their priorities now and implement AI-based technological solutions and incorporate digital transformation to achieve the business goals and enhance the customer experience.

The priority of the organizations should be to move towards more and more automation and digital transformation and technologies like Artificial intelligence, Machine learning, natural language processing will play an important role. More and more people are expected to work from remote locations and the entire world is poised for a change.

Please feel free to give your suggestions, feedback (If any) in the below mentioned comment box.


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