Quarantine has affected every single one of us. Whether it be through binge-watching your favorite Netflix show, taking zoom calls, or staying 6 feet apart, all of us needed to adjust to these difficult times. Amid these unprecedented times, studies have shown that artificial intelligence has exponentially grown in usage.
According to techhq, the pandemic has allowed numerous companies to understand that AI and machine learning initiatives were more significant than they had once thought. 2020 Enterprise Trends in the New Normal survey say that AI initiatives have caused higher economic growth during the pandemic. Specifically, utilizing artificial intelligence has allowed companies to gain more revenue as well. According to a survey conducted by Algorithms, the need for an increase in revenue has caused numerous companies to allocate a large sum of their spendings towards artificial intelligence. Mainly, organizations have started to expand their AI initiatives up to 20% for projects that support remote works and up to 17% for those that impact customer experience.
In the competitive marketplace, artificial intelligence has been a critical tool in assisting short-term cost savings and providing information regarding market analytics. According to the CEO of Algorithms, companies that emphasize AI and machine learning gain a competitive advantage over those who do not. Researchers have suggested that 65% of IT leaders utilized artificial intelligence near the top of their priority list before the pandemic, and 33% of the applicants mentioned that AI was a higher priority after quarantine. Data projections have proved that more companies will spend money on artificial intelligence in the long-term. According to an Algorithmia survey, 91% of companies have spent over 1 million dollars on AI for jobs such as security, data management and systems integration.
Artificial Intelligence drives innovation in the technological and even the healthcare departments. According to Scott Connor, “Before COVID-19, AI was seen more as a novelty with future potential”. He adds that COVID made companies realize that it is now imperative to forecast the future and they can do so with AI. 84% of hospitals have implemented software solutions to capture revenue through anticipating market shifts with artificial intelligence. The chart above showcases healthcare leaders’ preferred models for the implementation of Artificial intelligence. Hospitals and healthcare systems are planning to use Artificial intelligence in the future to optimize their spendings and increase the productivity of administrative and financial tasks. Studies have shown that utilizing artificial intelligence is the key for companies to achieve substantial value in a transformative marketplace.
The pandemic has skyrocketed the usage of artificial intelligence through remote work, a growing environment, and a need for change. The realm of artificial intelligence will
not be the same after the pandemic, and AI will foster a new era of innovation.