Technology innovations in artificial intelligence (AI) are accelerating at a rapid pace and the ability to innovate, accept and incorporate AI techniques to evolve business models, will separate those businesses that recover from the COVID-19 pandemic from those that will fail. Smart strategic and financial investors are trying the market for new ways to digitally disrupt established businesses and AI programmers are putting AI technologies into devices that help distinguish business environments and take actions to achieve specified endpoints or at least increase the probability of success.
Artificial intelligence can be defined as computing systems capable of performing tasks that otherwise would require human intelligence. AI incorporated models, software programs and tools use knowledge and processes from statistics, mathematics, computer science and other specialized expertise.
The surge in AI development over the past decade has been due to exponential advances in computer power and large amount of data capture throughout the enterprise and consumer economies. These surges are increasingly driving digital disruption and creating new business models. As we experience a global pandemic and strive to adapt to the “new normal,” artificial intelligence is accelerating.
AI Technologies that will lead economies out of the pandemic-induced recession
Augmented analytics is the use of AI to assist in data preparation, imminent generation and insight explanation to increase how people explore and examine data in analytics and Business Intelligence platforms. As this pandemic pulls on, businesses have pivoted their plans and figured out how to keep a healthy cash flow. By utilizing the power of compiled company data, companies have created cash flow simulations, plan business operations and liquidity analysis to get a clear picture of future financial capabilities. This real time information can help businesses rationalize internal operations and look for more productivity.
Blockchain is an exclusive technology made up of a decentralized, distributed and mostly public digital ledger which cannot be altered easily. It helps in reducing business friction and has applications in finance, government, healthcare, manufacturing, supply chain, and more. Blockchain during this pandemic is being used in many ways. The U.S. Department of Homeland Security published guidelines listing Blockchain managers in food and agricultural distribution as ‘critical infrastructure workers. Healthcare blockchains are developed with a focus on patient data management, insurance, worker credentialing, and other data.
AI has improved Blockchain by optimizing its energy consumption with better algorithms, which helped in easy data transfer, better supply-chain management and fostered mainstream adoption.
Edge computing is a topology where information processing and content collection are placed closer to its sources. It came into focus because of IoT technologies which needs to deliver disconnected or distributed capabilities into the embedded IoT world. In the age of the COVID-19 catastrophe, edge data centers and edge computing have become more significant than ever before. The number of people who work from home has augmented and because of social distancing and the COVID-19 crisis, the number of work-from-home jobs has unexpectedly surged too. Edge computing makes working from home much easier by improving network performance for the users.
4.AI powered Customer Support and Assistance
AI allows firms to improve their customer service by offering faster responses to their needs and problems. Artificial system assistance includes sales tasks and customer services. It is smoothened this year. There is a prediction that customer service representatives won’t be required to manage over 85 percent of customer support communication by December 2020. Companies are using programs and applications with AI systems to build brand reputation and loyalty which helps them to increase their revenue.
5.Global Data Access
Data access enabling ubiquity is one of the latest AI innovations this year. Reliable and precise information helps businesses shift to AI-powered automated decision making which helps cutting operational costs, streamlining of processes and improving of research capabilities of many organizations.
For example, autonomous car software developers can access a lot of driving data without driving the vehicles. As AI becomes more sophisticated, it will cause cost-effective and prevalent availability of crucial data.
Companies need to improve their delivery services and customer preferences to have an edge over their competitors. All-pervasive location and real-time data have made services in online marketplaces and urban mobility better. Businesses have started offering relevant and personalized services to remain relevant and increase their client base.
Chatbots are used to market products and make payments, and are efficient in offering excellent customer service. Chatbots assess data from huge databases and match them with human conversation. For instance, AI-driven chatbots can recall some parts of discussions with a client and make a personalized chats.
A smart space is a physical or digital environment where humans and technology-driven systems interact in open, coordinated and intelligent ecosystems. One example of smart spaces is smart cities where business, residential and industrial communities throng together and is designed using intelligent urban ecosystem frameworks, linking to social and community collaboration. During this global pandemic, technology has become a much more integrated part of our daily lives and smart spaces have become more and more popular for businesses to adopt.
Some of the research/news excerpts
- NITI Aayog is expecting that AI will boost India’s annual growth rate by 1.3% by 2035and inclusion of AI in variety of social sectors.
- According to the PwC/CBInsightsMoneyTree report for Q1 2020, venture capital firms invested over $4.0 billion of fresh capital into 148 deals for AI companies. The data also shows that strategic and financial investors are looking for companies that combine emerging, connected and smart technologies to digitally change their industry.
- Companies like Apple, Amazon, Microsoft, Google and Facebook are all using AI technologies like deep learning, ML and language processing to provide new and improved experiences to its customers. For example – Siri, Alexa, Google Assistant and Google Lens, FaceID etc.
- There are lots of Indian startups working on AI. For example – Staqu (specializes in security software to help mitigate crime using facial recognition technology, Leverage Edu (provides educational mentoring and guidance for students through college admission processes) etc.
The world during and post Corona virus is and will be driven by AI, as the technology has produced outstanding results in research, analysis, disease detection and business growth. AI technology has now found an almost permanent place in our daily life and has leveraged businesses to boost productivity and create a whole new set of opportunities. The rapidly evolving AI technology has moved to penetrate all sectors of industry, which, if used sensibly and reasonably, has the potential to change global social and economic interactions for the better.