The COVID-19 pandemic has made a considerable impact on the economy. A lot of companies aren’t doing so well right now, but some industries, like machine learning, have actually seen a boost.
COVID-19 is turning out to be quite the challenge. Dealing with the virus and how it has changed our habits has increased the pace of advancement of several existing technologies and trends. This has created serious opportunities for businesses that use artificial intelligence.
Since March, society has learned a thing or two about stats and figures. Before all of this, most people were totally unfamiliar with large sets of data. The virus, however, has put public attention on the latest statistical results to see infection curve is flattening or not. Now, more than ever, the average person is examining the factors to identify the key properties of the information available in an attempt to make a prediction regarding the future’s prospects. Basically, large chunks of society are becoming familiar with charts, graphs, and databases, and machine learning.
Where many who were suspicious of the advances of technology before, with this virus going around an increasing amount of people are seeing it as an ally rather than a threat. Jobholders, specificly, are a lot more familiar with the idea of deploying Artifical Intellegence to assist in a situation.
There are a certain class of startups that find their niches by looking for emerging needs within the market. For these business, COVID-19 has sort-of been a good thing. It has opened new areas for growth. On the other end of the spectrum, however, classic businesses that regarded innovation as a luxury are now recognizing that innovation is a critical tool that is vital for survival.
The scale of change is not the only thing that is increasing, the pace of change is going up as well. For example, online shopping in the US accounted for just 13% of total sales in January. Then, just five months later, May’s figure had gone up to 80%.
In the unexepected turnout of events that is 2020, AI and machine learning have shown to be extremely valuable in a lot of ways that you would have never expected. Here are three points that we would like to share with you regarding the rise of AI.
1. Traditional businesses are leaning on startups for nimble, real-time, machine learning-based solutions. Several companies need to quickly adapt to new ecommerce norms and deploy solutions that deliver optimization and retrain the workforce.
2. AI startups help conventional businesses adapt to the new situation, but that doesn’t mean that they aren’t also struggling with the impact of COVID-19. The value of data itself is one the casualties of the panedmic’s disruptions. A lot of predictive analysis traditionally relies on existing datasets. Those datasets, however, are based on pre-COVID behaviors and are becoming less and less reliable in the current period.
3. The speed in which choices need to be made in the current environment itself has created new vulnerabilities. Large companies have a tendency to centralize data in order to make choices. decision making. At the same time, searching for capital efficiency is encouraging businesses to cooperate with more transparency than before. These are smart things to do, but they should be done carefully. A breach in data would likely have more of an impact bias in the analysis process
Large corporations are making the effort to reach out, and this shift is bringing about many critical, large-scale partnerships. All parties, however, need to keep an eye out out for emerging challenges in this new landscape. In order to survive in this new environment, only those that can adapt will survive.