Everyone has been talking about digital transformation for the last two decades or so,says John Giorgi. But the concept of Artificial Intelligence (AI) became familiar only in the past five or six years. It has become an integral part of any digital strategy that has to do with scale and speed and has led to AI-specific businesses’ origin. This trend has, in turn, helped different industries to attract investments. Surveys estimated the value of the global AI enterprise market to be $4.68 billion in 2018 and predicted it to grow to $53.06 billion by 2026 at the rate of 35.4% from the following year. While it always seemed promising, the AI market’s real potential showed its full-blown impact in the pandemic.
The virus outbreak exposed humankind to some of the worst healthcare challenges and crumpling business environments as nobody could imagine its gravity. According to John Giorgi, AI investments saved many companies from the ultimate damage and helped them adjust and grow even during the most challenging times. It allowed other businesses too to notice its worth. Still, many AI technologies are in their nascent state, waiting to bloom. Here is a glimpse of the AI trends that will likely catch up in 2021 in this pandemic era and impact the business eco-system.
John Giorgi: AI developments in the pandemic era
Everyone is already aware of AI’s contribution to the e-commerce, restaurant, and retail sectors. It helps them with product services and performances. Due to coronavirus, this trend only became more noticeable. It was evident that any business in the consumer commerce segment that ignored digital transformation made way for its extinction. To be precise, AI tends to be a sturdy decision-making tool. It can enable consumer commerce organizations to have a durable supply chain, scale up to meet demands, optimize prices, manage resources, and cater to their consumers well. With AI, companies can expect to be intelligent and quick in their decision-making and fulfilling customer needs, John Giorgi believes.
Systems of Intelligence (SOI)
Data has been the mainstay of any business in the 2000s. Due to this, multiple data mining and analytics companies emerged. They helped organizations with searching, analyzing, storing, and preserving their information. Today, AI has turned out to be an affordable and accessible solution in this field. In the commodity market, innovation plays a key role. But Systems of Intelligence (SOR) allow only one-way data movement, which may not be suitable for the companies. That’s where you feel the need for Systems of Intelligence. While these can handle everything that SORs did, SOIs can also facilitate a business with easy and competitive decision-making.
As the experts point out, AI’s job in decision-making and strategizing is not a one-time process. Companies have to adapt to changing trends as the market evolves and transform themselves in real-time. It is like a cycle, so they have to remain devoted to AI technology without any exception. Its relevance has only become stronger after the COVID-19 led disruptions.