According to studies, the pandemic boosted the adoption of big data analytics and AI. Even as the pandemic is being brought under control, thanks to massive vaccination campaigns, the trend is expected to continue into 2023 and beyond. According to a report by PwC, COVID advanced 52 percent AI deployment plans. The same report points out that almost 86 percent of the companies interviewed will mainstream AI into their organizations starting in 2021. According to Harris Poll, in collaboration with Appen, 55 percent of companies stated that COVID increased their plans for the adoption of AI in 2020. On the other hand, 67 percent expect further acceleration of AI in 2021 and beyond.
A poll conducted by The AI Journal shows that more than three-quarters of business executives, which translates to 72 percent, are optimistic about AI's role in the future. At the same time, over 74 percent of business executives believe that AI will improve corporate operations and help build new business models, according to 55 percent of the participants. On the other hand, 54 percent of business executives believe that it will enable the development of new products and services. As the adoption of AI continues rising, businesses are learning many lessons which are helping them make the most out of this technology.
AI can help alleviate skill shortages
The travel and hospitality industries are among those that have been impacted the most by the pandemic. With this, skill shortages have emerged from various areas like truck drivers, warehouse operators and restaurant personnel. With this shortage, there is a growing demand for AI to compensate for the lack of expertise. There is a growing demand for AI development jobs, some of the areas being in the area of AI algorithm and automation positions which increased by 28% over the previous year. AI is already helping fill the existing worker skill gaps through career transition support technologies. It will help employees perform current evolving duties with digital assistants. AI will also help reduce skill shortages by raising support tasks.
AI and analytics are used in addressing supply chain concerns
As the economy recovers from the COVID crisis, products like semiconductors and timber are in short supply because of the disruptions in supply chains. AI and analytics help businesses predict, prepare and detect issues that may disrupt the ability of businesses to supply products and services. Although AI-driven supply chains are still in their infancy, they have shown promising beginnings. According to a report by the American Center for Productivity and Quality, with just 13% of business executives anticipating an influence from AI or cognitive computing in the coming year. On the other hand, 17% of the executives believe that AI will moderately impact businesses. With most organizations currently depending on human approaches to manage supply chains, those who implement artificial intelligence in the coming years will gain a huge competitive advantage.
Without a doubt, it is clear that the next wave of corporate investment will be corporate development. As the world slowly emerges from the pandemic, entrepreneurs, business leaders, and innovators will seek to create value through the help of technology, and AI will be one of them.