The COVID-19 situation has had a severe impact on almost every business vertical. The lockdown has pushed companies to the brink with massive business disruptions. Projects got halted, layoffs and pay cuts became rampant and nearly every organisation had to switch to the remote working model.
During this crisis, Artificial Intelligence (AI) and Machine Learning have played a key role in diverse ways. From predicting the zones of the epidemic to tracking its rise, assisting research initiatives and more, there is much they have contributed to. More importantly, they have served businesses in the most unprecedented ways. These technologies are all set to drive the business recuperation initiatives in the post-pandemic world as well. Let us explain the impact of AI on the new normal.
Businesses to get smarter with conversational AI platforms
With person to person contacts being discouraged these days, it is getting tougher to stay connected with the customers. The lack of connections can result in lost sales and even reduced customer loyalty in the long run. Implementing conversational AI platforms comes up as a smart alternative as they can serve myriad benefits amid this crisis. They overcome the shortcomings of traditional customer support methods.
While these intelligent bots are as smart as humans, they cost less and are time-efficient as well. Businesses in the new world rely significantly on chatbots for creating personalised customer experiences to bring efficiency in customer service. The increased operational capabilities and improved customer experience are of great value to organisations during a time of crisis as they can help them bounce back with greater strength.
AI-based automation to reduce crowding at workplaces
Although the virus is still going strong, social distancing has proved to be one of the most effective measures to control its spread. No wonder, governments across the globe still prioritise it as a regulatory measure for businesses as they open up. You would want the workplace to be less crowded to ensure that the workforce is protected. AI-based automation can help you leverage automation and work with smaller teams as compared to the ones before.
Moreover, industries like construction can expect to be plagued with labour shortages in the near future as skilled labour has migrated to their hometowns. Smart solutions can cut down the dependency on the human workforce and ensure business continuity despite the shortages on projects. Similarly, AI-based project management software solutions can also help with smart scheduling of the labour so that there are only a safe number of people present on-site at any point in time. Such software solutions can be of great help for labour-intensive businesses such as manufacturing and warehousing as well.
Intelligent logistics operations to rescue businesses
Another area of business operations where AI can drive recuperation’s the supply chain and logistics. The utilisation of technology in these operations can streamline the processes of logistics and reduce the costs and time as well. You can well imagine how useful such a solution can be when it comes to addressing the concern of business disruption due to weak supply chains.
In the pandemic world, a majority of businesses are struggling to keep pace with volatile demands and manage fleet and resource efficiency. Rising costs are also a massive challenge for them in the current era. However, the use of intelligent logistics is bound to improve and stabilise the current situation eventually. This can make all the difference to the sustenance and survival of the organisations that are greatly dependent on supply chain operations.
AI in business analytics to empower smarter decisions
Data-driven decision making has always been the mainstay of success for businesses, and they become all the more valuable in the COVID era. They are bound to be more accurate and cut down the probability of errors and wastage of resources. In the current times, AI-powered business intelligence tools can help businesses make informed decisions despite the challenges of ever-evolving customer expectations and market landscape. By leveraging such tools, you can expect to cut down operational costs and utilise resources in the right directions.
Since AI in business analytics will give you a clear picture of the markets, you will be in a position to tailor your products, services and campaigns accordingly. Obviously, you can expect to take a more targeted approach that gets better results with minimal investment and within a shorter span of time. These are of extreme importance right now, when agility matters the most.
AI-based digital marketing for focused campaigns
Digital marketing has come to the forefront of businesses in recent years. Coupled with AI technologies, it goes a long way in delivering better and more personalised shopping experiences. Smart systems are capable of recognising customer preferences and behaviour based on previous purchases and offering contextual product recommendations to the customers subsequently. Now that the pandemic is in full swing, you need to go the extra mile with customer experiences to acquire new shoppers and retain the existing ones.
If you don’t have smart recommendation systems in place, it is time to invest in them right now. Unlike conventional digital marketing techniques, these AI techniques will enable you to target the qualified audience effectively and gain more benefits with lesser work. For instance, combining AI in Customer Relationship Management (CRM) is a good idea as it will help you get actionable insights from the relevant customer information and target them accordingly.
A better approach to human resource management with AI
Getting the best talent onboard is a significant challenge for businesses in normal circumstances, and it just got tougher during the pandemic. Right now, your HR team would be pressed for time, considering that they need to manage remote workers and also look after the implementation of workplace safety guidelines. Leveraging an AI-based HR management system is the smartest thing to do as it can address the concerns such as poor hiring practices, inefficient assessment tools and excessive workload of human resource managers.
Typically, AI-based recruitment can help your business with streamlining or automating a part of the recruiting workflows, particularly the repetitive and high-volume tasks. Apart from improving the hiring process, AI applications can go a long way with enhancing other HR initiatives like training, scheduling, assessment and more.
Considering these immensely useful applications of AI-powered solutions for businesses, they emerge as the smartest investment you can make for recovering from the pandemic’s impact. Even if you need to spend on them, the benefits you can expect from these solutions make the investment worthwhile. When it comes to embracing the technology for your business, the sooner you do it, the better it is. In a crisis like these, agile actions can give your business the competitive advantage that you need to survive, revive and thrive.