Technology to the rescue

Last year we all were stuck by the covid 19 pandemics. The world seemed to be at a stop. It affected individuals as well as organizations.

The economy of many countries saw a huge downfall. No one was ready for this big crisis. But as Winston Churchill quoted “ never let a good crisis go a waste” thus this crisis presented us with AI to rescue us in those crippling times.

This technology was not particularly an invention in these pandemic times, but its rapid surge was seen i.e. the artificial intelligence to create new normal for people. AI-enabled platforms and tools offer a live-work environment along with creating the demand labour force.

This technology works mostly by looking at the past data and recording the past experiences and the outcomes of the data to predict what might happen in a given scenario. Apart from prediction AI has other applications as well like speech and image recognition, automating daily chores, etc.

 According to a global study by PwC India, the highest increase in the use of artificial intelligence (AI) during COVID-19 times was in India by the survey conducted during August and  September.

In India, this technology was implemented by 70 percent of its organization, which was highest as compared to the major economies like The US, Japan, and the UK.

Though this does not mean it is ahead in AI technology than these countries mentioned above. Since these countries have major use of AI in pre covid times too. The technology surge was seen in India during Covid times.

In their study, they came across data that showed 94 percent of around 200 companies chief executives said that they have adopted this technology and or planning to implement it, as it has become a necessity.

According to the survey by McKinsey’s state, the use of AI increased in healthcare and pharma by seventy-five percent, while the major ones being travel and hospitality sector with (89 percent) of the surveyed firms doing so to follow the contactless anthem during covid, followed by telecom, media & technology firms (86 percent), financial services (82 percent.)

In the case of the retail sector especially with CPG(consumer packaged goods) that is majorly dependent on qualitative field research, which is quite expansive. This has put big brands lagging behind and the newer ones which adopted this AI technology to predict market trends are still in a run with the potential of surviving this pandemic economic downfall.

AI has become a key enabler for organizations to overcome this crisis, as an example of a company called Biofourmis which in two weeks’ time adapted to AI technology and created a biosensor. This biosensor is used in the arms of the patient and this technology helps with its diagnosis on a contactless basis, which reduced the infection rate in doctors and medical support personals.

To get the best out of AI, businesses need to start viewing it as a necessity rather than a luxury and weave it into the organizational fabric to get benefitted from this technology.