Innovation is a dish, best served in crisis! Visionaries came into existence who rose from the depths of oblivion into the heights of glorification. Organizations achieved success from the darkness witnessed in the industrial revolution and came out on top!
Similar is the case with Artificial Intelligence. Historians believed that 1930 was the most technologically progressive year in the 20th century; mostly, because of the Great Depression. However, if we measure innovation on a crisis scale; then, the current pandemic far exceeds previous cataclysms. Now, as we begin our days in 2021, let's explore how enterprises flourished amid an epidemic.
Organizations certainly reached new heights of innovation during the time of crisis. The SARS outbreak of 2003 helped industrial giants like Alibaba to surface in the business world. COVID-19 enabled organizations to act in a similar fashion, where they were forced to take drastic measures on a digital level.
However, the results are outstanding in the grand scheme of things! In fact, according to McKenzie Baker, COVID-19 has sped the process of digital transformation significantly. He claimed that more than 55% of the organizations surveyed had to increase their transformational process due to the pandemic.
The results seem almost impossible to believe; since organizations achieve ten days, they couldn't in ten months beforehand. The best part about rapid digitization is the enhanced collaboration between the business units and technological experts; thus, leading to innovative success.
Another point to note is that the approach to capitalize on the forced digital transformation has been different for many organizations. From opting to harness technological innovation's true potential for operations to seize new business opportunities, the results have been different but phenomenal!
For the last two decades, AI has been destined to be the next big thing in the technological world. However, up till last year, it couldn't live up to its expectations. In reality, it was COVID-19 who unleashed the true potential of AI to the world. The rejiggering has been quick in the past few months, from revamping operations for remote working to bringing more corporate data to the cloud.
Now, as the pandemic worsens, the need for AI has dramatically increased. Consequently, big names like Amazon are now researching forecasting models to predict future outbreaks by developing warning systems beforehand. Another example of the rapid upgrade is the implementation of machine learning concepts by BlueDot. They used Amazon Web services to analyze a massive reservoir of online data and anticipate the virus's impact in China.
Furthermore, lockdowns during the pandemic have also altered consumer behaviors, resulting in AI development on the whole. For instance, look at the soaring eCommerce industry! Due to the closure of physical stores, people are opting to shop online. The growth rate spurred from a mere 13% in January to a whopping 80% in May alone. So, imagine the staggering rise in eCommerce if the pandemic stays for a few more months!
Just like the saying goes, "Desperate times called for drastic measures." This is how organizations dealt with the losses concurred due to the pandemic; i.e., by incorporating AI in their operations. An added advantage of rapid digitization is the experience gained from operating businesses during a pandemic. Couple it with the past strategies of Big Data, analytics, automation, IoT; enterprises have the power to adapt and evolve in the Post-COVID era.
These capabilities will be significantly valuable in the coming years; organizations have to deal with the aftermath of a pandemic. Apart from that, experts believe that AI's business value will continue to enhance as years go by! So, why not make the most out of it?
As we conclude our discussion, one thing is certain: the new normal will significantly impact how enterprises do business! Add the advent of AI and 5G technologies into the frame, and the results can be staggering in the years to come. So, if business owners want to prove themselves digitally, then today is the right time to expand their horizons for a brighter tomorrow!
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