Artificial Intelligence – The Key to Transformation in the Post Pandemic World
Artificial Intelligence is going to be a major game-changer in the post Covid19 world. Business leaders are digitally transforming their businesses to both combat disruptive market forces and drive growth. A major shift in the economic relationship of mankind is going to be witnessed in the form of accelerated adoption of artificial intelligence (AI) technologies in the modes of production of goods and services. We experienced a fourth Industrial Revolution or the Artificial Intelligence-era before the pandemic with the backward linkages of cloud computing and big data. However, with the continued social distancing, the Artificial Intelligence-driven economic world order is today’s reality.
Work pace grows exponentially in recent years within companies, and so is the complexity. In addition to asset management capabilities, online tools that can utilize artificial intelligence (AI), machine learning (ML), and cognitive abilities to enable self-help, self-healing, and optimization capabilities are other key attributes the enterprises want from their support providers. These abilities provide benefits to both the enterprise customer and the support provider.
New Business Models Will Drive the Post-Pandemic World
Businesses that adopt cognitive technology tend to be more successful at adapting to rapid changes than others. With the advent of the COVID-19, just about every aspect of the business has become unstable and unpredictable. For instance, shipping channels have been blocked, sending some supply chains into a tailspin. This can disrupt not just the logistics of moving products but also manufacturing. Often, to build a product, factories need components from multiple countries. In case the components can’t make it to the factory from the usual supplier, another supplier has to be found — quickly.
Artificial Intelligence Receives Overwhelming Attention Globally
The extraordinary developments AI has brought about in the recent past such as mobile phones using speech recognition, driverless cars, robots automating operations in factories, and many others receives extreme attention. Deep learning, machine learning, speech recognition, image recognition, and automated reasoning, among others, are designed to provide computers that are capable of mimicking human abilities are an integral part of cognitive/artificial intelligence systems.
Cognitive/artificial intelligence systems are used mainly by the industrial sector where robotics developed on the artificial Intelligence technology is deployed in the workstation to automate the production processes, as well as is used in building and home automation, among others. The artificial intelligence technology has also led to the development of advanced drones used for surveillance in the aerospace and defense industry.
The rising trends of machine learning and the increasing government investments have led to increased demand for cognitive/artificial intelligence systems. The prominent drivers for the Cognitive/artificial intelligence systems market are factors such as significant progress in hardware technology, rising demand for intelligent systems, need for improved data analytics and deployment of automation technology by various end-user industries, and others.
In this sense, COVID-19 is likely to be no different from other crises. It will affect several major trends that were already well underway before the outbreak and that will continue as companies shift their focus to recovery. For instance, rather than heavily concentrating sourcing and production in a few low-cost locations, companies will build more redundancy into their value chains. Consumers will purchase more and more goods and services online. And increasing numbers of people will work remotely.
Advanced Robots Performs Objects Recognition
The robots does objects recognition and handle tasks that previously required humans to promote the operation of factories and other facilities 24/7, in more locations, and with little added cost. AI-enabled platforms will help companies better simulate live-work environments and create on-demand labor forces. Deploying machine learning and advanced data analytics, AI will help companies detect new consumption patterns and deliver “hyper-personalized” products to online customers.
The post-COVID-19 world would shift more towards the digitization of products and services. The demand for data analysts, data engineers, and data scientists will increase in the future. Artificial Intelligence-enabled applications will help organizations to simulate work environments and manage their remote workforce effectively. At the end of the day, businesses that seamlessly combine AI with human judgment and experience and have already begun the Artificial Intelligence journey will thrive in the post-COVID world.
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