By: Isha Chhabra
Artificial intelligence (AI) has the potential to help alleviate the global economic crisis. It has had a negative influence on enterprises all around the world, according to the scenario of new coronavirus infection 2019 (COVID-19). In the business, AI has provided a detailed analysis of COVID-19 pandemics, giving probable, pessimistic, and hopeful scenarios. During the COVID-19 crisis, technology was a lifeline for underdeveloped countries, allowing them to retain vital services and keep their financial side of the business. It has also provided a vision of a brighter future, one in which technological improvements such as artificial intelligence drive increases in income and employment. Commercial applications of AI were growing substantially in emerging markets even before the outbreak, in industries ranging from manufacturing and energy to education and financial services. Countries’ essential lockdowns and travel restrictions have exacerbated this process. AI is ready to transform in the developing business areas like HRM, Finance, labor, retail, advertising, supply chain management, business strategy, marketing, information technology, and services, etc. In India, 1mg uses artificial intelligence to assist customers in comparing pricing for medical services from several labs (Strusani, & Houngbonon, 2019).
Many developing countries, to be sure, face a long and difficult comeback. The pandemic has prompted what is expected to be the world’s biggest recession since World War II, jeopardizing decades of hard-won development gains. However, a strategic embrace of technology like artificial intelligence (AI) can be a critical component of the recovery effort, helping to enhance productivity and promote a new generation of innovative businesses (O’Leary,2020). To take advantage of this potential, governments should start training for an AI-driven future right now. In some industries, such as those that promote economic development, using AI to automate operations can threaten to replace workers. It will be critical to put policies in places, such as industry standards and regulatory frameworks, to manage the IT sector’s expansion in a way that promotes public trust. It will be necessary to protect data privacy and promote a culture that encourages widespread technological use.
Deep learning and machine learning have made great progress in natural language processing (NLP) and cloud technologies, paving the way for AI commercial software or apps. Image recognition, facial recognition, NLP, machine learning, and speech recognition methods are among the AI-powered technologies that researchers can use (Bharati, 2020). During COVID-19, their research on business challenges in developing markets can be used to tackle the business problem.
Bharati, S. (2020). HOW ARTIFICIAL INTELLIGENCE IMPACTS BUSINESSES IN THE PERIOD OF PANDEMICS?. Journal of the International Academy for Case Studies, 26(5), 1-2.
Strusani, D., & Houngbonon, G. V. (2019). The Role of Artificial Intelligence in Supporting Development in Emerging Markets.
O’Leary, D. E. (2020). Evolving information systems and technology research issues for COVID-19 and other pandemics. Journal of Organizational Computing and Electronic Commerce, 30(1), 1-8.