A report published recently by FICO, a reputed analytics software firm, said that the need for AI, data analytics, and digital software tools has spiked up significantly, among industries across business domains, amid the ongoing pandemic.
The talked about the report is currently available on the web, under the name – ‘Building AI-Driven Enterprises in a Disrupted Environment’, and it has surveyed 100+ C-level data and analytics executives, and have conducted interviews with them in order to find out about the increasing role of AI in the COVID-affected economy.
As we go deep into the findings of the said report, it says that the uncertainties created in the current economy because of COVID, have pushed a large percentage of organizations to adopt tech help. Off late, since the pandemic first hit the market, there has been seen a shift towards a more disciplined, and committed approach towards running businesses. Now, the companies, across diverse industries, are increasingly adopting AI in its business processes to secure themselves from going out of the market in the times of a crisis like Corona.
AI Capabilities have Been Deployed Heavily Across Industries, Amid the COVID Crisis
The same study concluded that more than half, i.e. 57% of the chief data analytics executives agreeing to an increased usage of AI, in the times of the ongoing pandemic, compared to the use of the said technology, prior to the arrival of Corona.
Enterprises, currently, are looking to adopt new AI-driven paths that can help lessen the risks in the ongoing economic circumstances. More AI experts and Artificial Intelligence Engineers are being hired to fulfill the need of the hour. The report unveils the fact that AI will play a central role in the shaping of the potential future of global markets. The technology will certainly help businesses recover from the after-effects of the pandemic in a post-COVID world. Also, AI is going to show the industries, the way ahead, into the future of business, post the end of the crisis.
Business Areas or Functions That Seek the Maximum Support from AI Tech
Under the mentioned survey, when the research was made on the business areas that are seeking optimal support of AI within the organizations, the data analytics leaders replied in the below-stated tone:
- Legal and compliance (52%)
- AI, and Data Analytics (53%)
- Board of directors (60%)
Businesses Lining Up to Add AI Capabilities Amid the Corona Crisis
A majority of data-driven firms are now rooting intensely for investments into new-age AI tech. As a matter of fact, 63% of the surveyees in the published report said that they have already started scaling AI capabilities at their respective organizations.
However, C-level executives in the data analytics divisions of varied companies are facing a plethora of issues in the process of deploying AI in their respective business processes. An overwhelming, 93% of the respondents in the survey, said that ethical considerations in the adoption of AI are acting as roadblocks.
The other few barriers to the adoption of AI in business processes comprise:
- Integration of new tech with legacy frameworks (62%)
- The associated compliance and regulatory risks (60%)
- Sourcing a team of AI experts holding the right set of skills (66%)
The reason, AI as a disruptive tech, is being leveraged by businesses across industry domains in a Corona-hit world, is the ability of the said technology to neutralize the effects of the crisis on business-functioning in a digitally operated world.
From empowering businesses by offering their consumers an impressive customer experience, to bettering risk management, to automating business processes, all such vital aspects of electronic trading have been improved considerably with the adoption of AI. Besides, in the intensely competitive global trade markets, AI has emerged as a business element that offers a distinct competitive advantage.