The world economy is battling an unprecedented war with a virus and its implication on global economic activities. To accelerate recovery, businesses and industry leaders are doubling their investment and research around artificial intelligence and machine learning development services. From creating new international trade opportunities to strengthening firm competitiveness, the world economy with AI and machine learning is effectuating adaptive solutions.
Let’s take a closer look at some of AI’s practical applications that will enable businesses to add a value of $13 trillion to global output by 2030.
In the face of swelling coronavirus cases and no vaccine yet in sight, the global economy is treading a downward spiral. According to the United Nations’ report, the devastating pandemic is projected to shrink the world economy by 3.2% in 2020. While the GDP in developed countries will nosedive to 5%, the world economy is expected to bear nearly $8.5 trillion of cumulative output losses in 2020 and 2021.
Baptizing the virus as the ultimate “black swan”, Rabobank Economic Research attributes the COVID-19 impact as worst as the global financial crisis of 2009.
With the global COVID-19 death toll slowing down, economic activities are gradually reopening to a new normal. However, businesses must be careful with every leap forward by strategically planning for-
a) Semi-permanent work from home
b) Limited travel and meetings
c) More of online interactions, and
d) Contactless delivery of goods and services to customers.
Brands, especially retailers have already begun to respond to the crisis by virtually connecting with their customers. From McDonald’s to Ford, brands are voicing their concerns and efforts to fight the virus through informative videos, social media messages, and campaigns.
However, the roadmap to resilience calls for consumers, businesses, and emerging technologies to be put together for building adaptive future solutions.
As a thriving provider of artificial intelligence services, Oodles AI highlights some effective ways to restore the world economy with AI and machine learning solutions.
Artificial intelligence can significantly boost business productivity and the GDP growth of the global economy by increasing the value of services. With automation and remarkable data processing capabilities, AI will augment operational efficiency and business ROI with the following technologies-
Machine learning provides the ability to understand patterns and variances in enormous data across customer segments, supply chains, and other dimensions. The availability of large databases along with high computational power has boosted machine learning applications in economic activities.
With significant data processing and analyzing capabilities, machine learning is empowering businesses by-
a) Identifying visual patterns in customer preferences, needs, and behavior
b) Extracting valuable data and insights from massive datasets
c) Implementing changes by personalizing services and offerings
d) Understanding demands and adjusting supplies in infected regions, and
e) Eliminating manual interventions to keep the systems up and running during labor shortages.
Mckinsey Global Institute maps the immense potential of scaling the world economy with AI and machine learning applications.
Also read- Machine Learning and Augmented Analytics to Optimize Business Intelligence
Disrupting supply chains, shifting consumption patterns, and communication barriers have disabled businesses to maintain customer relations and continue trade. To combat these business challenges, AI is exhibiting human-like interaction capabilities with technologies such as Natural Language Processing (NLP).
In light of coronavirus, the healthcare industry is poised to benefit the maximum from virtual assistants and chatbot development services. Healthcare institutions grappling to serve a growing number of patients can deploy chatbots for-
a) Mass communication for fighting misinformation
b) Addressing FAQs about coronavirus symptoms and concerns
c) Framing quizzes around symptoms and infections
d) Notifying individuals with demographic updates of virus spread, and
e) Screening patients in remote locations with virtual risk assessments
Recently, the Oodles AI team built a Risk Assessment chatbot for COVID-19. The chatbot not only addresses key FAQs but also tests the present conditions of users by asking a range of questions.
By analyzing the user’s responses, the chatbot automatically categorizes the condition from low to high-risk conditions followed by expert healthcare advisory.
Also read- Improving Diagnosis with Computer Vision Applications in Healthcare
As the world struggles to revive, Oodles AI is making greater efforts to combat business challenges and upturn economic activities with artificial intelligence. Our team is constantly exploring and building AI technologies to build innovative solutions such as-
a) Optical Character Recognition (OCR) for automating data extraction and analysis
b) Conversational chatbots and virtual assistants for healthcare, retail, and eCommerce businesses
c) Predictive analytics for identifying diabetic patients, and more.
Connect with our AI development team to discover more about how we are contributing to the world economy with AI and machine learning solutions.