Is your AI implementation still accurate after the Coronavirus pandemic?

01 Oct

The Coronavirus pandemic has hit the world very hard and many companies are degrading because of the lack of AI implementation. AI stands for Artificial Intelligence.

In order to activate the technologies, many start-ups are involving with academics, clinicians, and entities of Government during the spread of this Coronavirus.

AI software development is not at all an easy task. It needs good skills and knowledge in order to produce a perfect AI software that can be beneficial for anyone.

AI software to fight Covid-19

There are many ways in which AI is used to fight the Covid-19 situation.

AI for identifying, tracking, and forecasting the outbreaks- We can fight in a better way if we are able to track the virus well. With the help of Government documents, news reports, and social media platform AI is able to learn about the pandemic that is hitting the world hard. BlueDot is a Canadian company which uses the help of AI technology.

Ai helping to diagnose the virus- A company named Infervision seeks the help of AI technology in order to detect the virus and monitor the disease.

Robots sterilizing and performing other jobs- Robots are basically susceptible to viruses and so to complete any task like sterilizing, delivering, and cleaning they are being deployed. These reduce the spread of the virus and helps the human in getting the essential items what they need.

All because of this AI technology above things are possible. Today's world is growing daily from the technology side of view. There are many SaaS development companies that can provide us with tools for developing maintaining the products without even building the skeleton from the start.

AI implementation for business during the time of Covid-19

Now, these were some of the basic things which you are knowing about AI and its importance. All around the world, there are serious implications for business because of Covid-19. This is because they are adopting “new normal” to operate an organization remotely.

 If you are in any business then for sure you have implemented AI for that. So some factors are there which is taken care of by the Artificial Intelligence Technology. 7 business functions which may be at risk and can be solved by AI solutions are given below-

Prioritization in sales- There is a suffering of sales as well as business development. There are solutions that are AI-powered and that can help in coping up with this pandemic situation. There are certain models known as the propensity models which are able to identify the customers who are most likely the one to buy a service or a product from the company. These models are able to help the working that is done in sales for improving the effectiveness as well as productivity as the AI technology of the model is able to show the customers who must be prioritized by the company.

In the case of various brands, the main thing which is prioritized by the company is the thinking of customers as well as what the customers need. But because of the Coronavirus pandemic, the situation has become very critical. It is more challenging to collect data about what the customers need as the situation is not normal anymore. People are staying at home because of the Covid-19 and so they are shifting from giving personal feedback to direct digital feedback. For example, it can be said that instead of visiting the cashier of the bank, people are willing to do an online bank transfer.

Moreover, because of the situation dining outside is not possible and so people are ordering food at their home. Because of this various unstructured data is being created which can be very hard to collect and equalize. Here comes the role of AI technology which will be able to understand the needs of customers and can help the company in providing that data which will help the company to run their business.

Matching of Demand and Supply- There are many companies around the world and every companies dream is to match the demand and supply and maintain the demand and supply curve of their business. But because of this Covid-19 again, the situation is becoming worse and so the companies are unable to match the demand and supply. However one good news is there, that is the availability of the demand’s external data. For example, it can be said that a big company of steel is having information about various factors that are responsible for influencing the demand for steel like the demand for automobiles. The demand for steel is hence depending on the demand for automobiles which is said to be external data. So it can be said that the measurement of demand basically depends on the external data that is used for matching up to what the company’s supply chain is able to produce. It is essential that you are not producing more than the demand for that item in the market and also that you are not producing less.

Various Artificial Intelligence solutions are there which will help the companies in this dramatic and dangerous situation. AI is basically dependent on the data which is available form the past while the Coronavirus pandemic is unprecedented. So companies must play an important role in ensuring that the data which they are using is representative. The Past will be the best teacher who can let you live the present and run your future with good prospects. It must be kept in mind by the owners that the data gathered from the previous financial crisis may help in giving some indication about the future demand.

Identity and document verification- In the case of the document as well as identity verification AI technology can play a major role. For example, it is very useful for banks as they need it to reduce their difficulty in verifying the customer's compliance and onboarding. In past years the digital technology for accounting is staying at the top of the list of technology organizations that are intending for adding or replacing. However, the Coronavirus pandemic is putting the digital transformation to the line’s front. In the case of a website, it is also essential to provide users data and in that case, also the website development services are using AI technology.

Tasks for Back-office-the powered cognitive assistant can play a major role in the case of performing the back-office task of any company. So being a business owner you must be wise enough to implement Artificial Intelligence technology. The back-office tasks include issuing refunds, ordering new credit cards, or canceling orders. When the powered assistant is not able to handle the tasks of back-office then the tasks are transferred to human agents and they take much time for handling it. This helps in ensuring that the time which is spent by those human agents solving the problems is more and focus is on the activities which are value-added.

This process is also known as RPA. RPA stands for Robotic Process Automation. Nowadays this process of Robotic automation is combined with the process of machine learning in order to get better results. As long as the tasks are structured all the back-office tasks are spanned. The structured task maybe automating the process of claiming insurance processes for companies or banks. Most of the companies seek the help of RPA technology in order to make the job more creative and also make it less structured. But according to many types of research, the Coronavirus pandemic may lead to various recession, companies will be forced to replace the workers. Because of this many jobs will be lost as the RPA is able to produce an effective solution in an automated way.

Read the blog- Guide About Artificial Intelligence: AI Development Tools And Frameworks That Will Be Trending In 2020

Cash-flow forecasting-Because of the drying up of the revenue streams, cash flow is said to be an important factor that must come under the consideration in case of many businesses. This may take place in the future within a few months and that situation can be very crucial for the business owners. However, in order to survive the implementation of AI solutions for forecasting is a must. During difficult times cash-flow is a very big issue. There are already existing AI solutions which are able to analyze the data for the forecasting of cash-flow purpose. It must also be kept in mind that the right data period must be presented for creating models that will be very useful for this current pandemic situation. The most important point is that AI technology can help only if the nature of the data that have been fed is representative.

The coming of the economic data takes place at a very slow rate and a recession can be defined as the GDP growth which two-quarters of negative. So the pandemic has ruined the current situation and according to certain economists, the recession is already going on. Custom software development company is also hiring developers who are able to provide the perfect AI solutions for business owners.

Medical support- There is great pressure on the staff of NHS because of the Covid-19 situation. The situation for medical service is terribly shaky and still, the staff has to work hard for long hours to overcome this tough situation. There may be a temporary buffering for the health technology for allowing ailments that are non-critical that may leave the hospitals as well as clinics for cases which are very critical. A good example is an app which is able to provide appointment of doctors online and some algorithms are there that can endorse diagnostics medically. Some apps are already in the market which has been built by using AI technology for diagnosing the issues of patients. The app is having a chatbot that can transform the layman’s language into medical terms and find out the issue that is causing the patient problem.

AI technology will be extremely helpful in providing medical assistance that can reduce the burden of healthcare staff who are extremely busy because of the pandemic situation. This technology will be having features for automating a process that may include the process of screening a patient to find out the symptoms and then recording the data from there. As the interaction between the patient and healthcare staff is avoided, the spreading of the Covid-19 is also reduced.

Infrastructure, staff demand, and supply-During the outbreak of this Coronavirus pandemic, many employees may have to face the condition of self-isolating, and AI technology will be able to analyze the total number of staff that is needed. The AI technology is able to say that whether the number of workers for a certain job is enough or not. So the AI technology will be able to match the supply and demand but the point of view will be from the labor standpoint. The company must have the idea of whether they are laying off the right number of people. If more people are kept at work, the cost will increase and if the number of people is less then the job will be difficult.

Transportation companies are using this AI technology a lot and there are many semi-automation systems implemented until now in the field of automation. That is in case of certain public transports. Basically, all the transportation companies are using this Artificial Intelligence technology in order to increase the safety of passengers, reducing the congestion of traffics, reducing the number of accidents, reducing the emission of carbon from vehicles, and also minimizing the total financial expense. There are many artificial intelligent development services that can provide your company with the perfect AI service in order to help you in this pandemic situation.

Read the blog- How Will Artificial Intelligence Impact The IT Industry

Conclusion

This Coronavirus situation is the worst situation faced by mankind. There are supercomputers which are working on the vaccine for Coronavirus. The AI technology as well as the data science technology is playing important role in this pandemic situation whether it is for business owners to protect the business from incurring loss or helping the doctors in their job.