Machine Learning and Artificial Intelligence for Business Recovery after COVID 19
Currently, the world is facing the most challenging time and going through economic turmoil. One of the important priorities of many companies is to recover quickly from the current scenario and be operational as quickly as possible. The coronavirus has impacted many companies and this economic hit is very fast throughout the world. Companies around the globe are looking for stabilizing their business and the recovery.
According to the Organization for Economic Co-operation and Development of the reports released on 14th April, consumer expenditure has dropped more than 25% in Canada, France, and Germany in many majority economies, thus causing the slowdown between 20-25%.
The Machine Learning (ML) and Artificial Intelligence (AI) can play a major role in the business recovery after and during the COVID 19 pandemic. The followings are the key highlighted area where ML and AI can be found applications for the business recovery:
Ensuring the safety
Ensuring the safety of people, employees, customers, operators, partners, and suppliers are the priority. AI-based techniques can help to monitor the social distancing and contact tracing in the event of testing positive . The camera technology along with AI can be utilized to monitor the face gear and temperature of the employees to ensure safety in the working place. Even the regular camera of CCTV feeds can be analyzed with the help of AI to detect the temperature variation, not wearing safety gear, and not maintain social distance .
Even big data technologies along with mobile technologies can help to monitor the movement of the people to ensure the safety of the employees and people.
Prioritize the Human Resources
Human resources such as employees, administrators, managers, and operating staff constitute a very important part of the organization. Human resources are the working force of a company that determines the future of it. During the current breakout situation, many companies are looking for workforce optimization and reduction of headcount. When an organization has multi-skilled employees the AI can be used to find the optimum balance of skills and workforce. AI will help to figure out a good combination of employee’s time and their skill on different work tasks . Moreover, AI prediction can be utilized to forecast the required skills and number of staff to execute a project successfully. Companies can also use the prediction of the number of staff required onboard to carry out the project.
ML algorithm can be used to identify the best match between the required skills and the present skill in the candidate pool. Another use of AI and ML is to recommend the jobs for the candidates, predict the performance of candidates, create individual offers, etc .
Supply chain optimization
One of the important aspects of supply chain management is demand forecasting. The AI can help in demand forecasting and thereby allow the manager to prepare and arrange for the needy resources well in advance. The AI and ML techniques critically help to select the ideal supplier based on the analysis of the big data. AI techniques can measure the performance of suppliers based on their delivery performance. Another important aspect of the supply chain is to optimize logistics and analyze the factors which affect performance.
Sales and Marketing
According to Salesforce there are more sales teams are adopting AI for their activities and this has grown up to 155% in 2020. There are various AI tools to help the sales and marketing activities either by supporting them or finding a new lead. The AI tools help to compile emails and subject lines to be sent to many customers. Based on the existing data such as call records, emails, chat information the AI can find a new lead and possibly turning to customers .
One more advantage of AI can provide during the present scenario where the resources must be optimally used is predictive analysis. The AI can rank the leads using predictive analysis based on their probability of converting to customers. Based on the predictive analysis the marketing can be more focused on promising leads thereby increases the chance of closer with lesser resources. AI can also involve engaging effectively with the customers using the help of chatbots.
Customize the Products
From the chosen 300 marketers 74% believe that personalization is greatly helpful for their clients and companies to continue customer relationships according to Researchscape International. It is also observed that there is a 10% increase in sales due to personalized AI .
The data can be analyzed to understand the demography of the customers and their behavior. Based on the analysis and AI the customization can be done at the level of recommendation, offers to customers, or customized products. Most of the e-commerce websites have enabled with recommendation system to keep customer engage with possible items of his interest. AI can help to interact with customers in a more personalized way thereby increasing the change of success. Moreover, personalized offers also help customers to gear up the deal and saved their time.
Customization can also be done at the level of products. For instance, better-customized food toward a particular customer will be more appreciated. The tourism industry can utilize the behavioral data to customize the package tours, to suggest the places to visit the customers. AI can help to provide customized clothes by understanding the customer style. More AI can help to customize various products such as sunglasses, spectacles, wristwatches, shoes, and automobiles, jewelry, and many more
Dr. Siddhaling Urolagin,
PhD, Post-Doc, Machine Learning and Data Science Expert,
Passionate Researcher, Focus on Deep Learning and its applications,