The COVID-19 pandemic has rattled countries, economies, and people’s lives. The world watched in disbelief as the unprecedented pandemic took the world by storm, and staying home became the new normal. This not only massively altered the business landscape but also caused disruptions that the commercial world was unprepared to deal with. In this article, we will discuss how companies are leveraging AI during the pandemic.
Companies globally have been forced to adopt new operational strategies and problem-solving techniques as they deal with the impact of the pandemic. Not only have organizations witnessed changes in terms of economic implications, but changes in consumer behavior and consumer interaction are also evident.
Source: IDG Insider Pandemic
The pandemic has drastically changed consumption habits worldwide as consumers are now turning to online sources to purchase goods and services. Most individuals even prefer to consume food and beverages exclusively at home. Amazon dramatically ramped up its fulfillment capacity to accommodate a considerable increase in deliveries for essentials. OTT platforms are now digitally streaming movies instead of them being released in cinema halls. Moreover, with the pandemic confining everyone to their homes, an increasing number of people are working remotely. Though this shift to remote work due to the pandemic may be temporary, the flexible working arrangements and avoiding long commutes are still valid incentives post COVID-19.
The application of artificial intelligence plays a vital role in helping companies adjust and adapt to these pandemic-induced trends. Many individuals are taking online AI courses or AI specialist training to contribute to the growing need for AI specialists. With a combination of artificial intelligence and machine learning, organizations will be able to view and act on more in-depth analytics and more accurate information. With the help of machine learning and current data analytics, artificial intelligence will enable companies to study, understand and predict new consumption patterns and deliver personalized products to customers. All the information that these organizations obtain will enable them to implement a faster business transformation during this period.
Throughout history, technological growth and evolution have only led to an increase in efficiency, automation, and scale. Today’s scenario is proof that every condition, even a negative one, is conducive for the IT sector to flourish. Companies are making the most of this drastic shift to digitalization. Some companies are at the forefront and have already begun the journey to the implementation of AI that will thrive in the post-COVID world. Some companies have already implemented AI in their operations that will be helpful in the current crisis. These AI lead programs have helped maintain supply and demand, allocate workforces, and adapt to sharp changes in consumer confidence and priorities.
Companies must work on acquiring the skills, and capabilities needed to begin the AI journey. Online AI courses are available and can be used to gain expertise in this field. Companies have used the COVID-19 crisis to start focusing on digital advances and making transformations that put AI at their core.
How are companies using artificial intelligence to their advantage during the pandemic?
Most companies already have extensive experience with digital applications such as automation and basic data analytics. Advanced artificial intelligence, however, enables machines to provide solutions and carry out tasks that could earlier only be done by humans. AI tools analyze massive amounts of data and comprehend underlying patterns, which helps them to predict human behavior and recognize images and human speech, among many other things. AI-enabled systems constantly learn and adapt.
Thanks to its ability to analyze data from various sources, AI has an unmatched potential to discover upcoming trends and identify pattern changes in consumer preferences.
With the no-contact policy caused by the pandemic, even local retail stores have reservation systems and autonomous contact checkouts. These stores now use computerized models to track inventory, especially with the increasing need for essential supplies creating a larger workload. Even in a human-centred industry like fashion, companies are using Artificial Intelligence to gather knowledge about upcoming trends and detect styles early on, such as which patterns, colors, and designs may be popular in the coming season. AI has given companies the ability to hyper-personalize products and customize them to suit the consumer’s taste exactly. This can be crucial in improving customer engagement and sales. For example, the Starbucks’ Deep Brew platform assesses the weather, time of day, and a customer’s previous purchases and taste profile before suggesting a customized drink.
Artificial Intelligence can also prove useful for the ideation process involved in creating new product offerings. It can accelerate research and development in industries such as pharmaceuticals, which earlier needed to rely on strenuous trial-and-error techniques to develop and create prototypes. Companies working towards providing consumer goods are using the extensive data provided by various consumer analytics platforms. This data is used to analyze and monitor the performance of new products, therefore knowing exactly which product is excelling in the market and which is failing. Finally, AI-enabled generative design can autonomously identify an optimal product design from a set of system requirements in the development of everything from buildings and chairs to aircraft components.
Source: Martech Series
These capabilities will be of immense value as companies analyze and adapt to the new reality of the pandemic and its aftermath.
Our needs for accuracy, speed, and digital interaction have increased, mainly in mission-critical domains. Companies across all major industries have the incentive to invest in the type of AI that powers virtual interactions.
Frequently Asked Questions (FAQs)
1.How has AI contributed to the healthcare scene during the pandemic?
To begin with, AI performed the most critical COVID related task of all when it helped with the screening and analysis of data and assessed the severity of the virus. Today, AI can help with the detection and diagnosis of the disease. Social distancing and isolation have led to the requirement for contact-free patient experiences. AI-Powered contactless check-in options have also been introduced for patients who need in-person visits. Chatbots are being introduced in telehealth and they answer basic questions for patients, schedule appointments, and provide information.
2.Will Artificial Intelligence remain relevant even in a post COVID world?
The pandemic forced industries to move to digital solutions. These solutions introduced efficiency, speed, and accuracy to everyday operations. Once we move forward technologically, there is no looking back. Artificial Intelligence is the future of the IT World. It brings with it a fresh perspective and way of working that everyone should get accustomed to. It’s an essential skill to have because AI is only growing in relevance and importance.