PERSPECTIVE
Shifting goalposts of AI post-COVID Already recognised as a game changer for the global economy, AI has acquired a new significance across sectors in the aftermath of the COVID-19 pandemic. BY VIRAT BAHRI
A
rtificial intelligence (AI) had been labelled as a game changer in the global economy much before we were introduced to COVID-19. A report by McKinsey in 2018 predicted that around 70% of companies would have adopted one or the other form of AI activity by 2030. AI has the potential to add US$ 13 trillion to global GDP by 2030, around 16% higher than 2018. The report added that AI can bring in major changes in the way humans live and work across five areas – computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning. With the spectre of COVID-19, the emphasis on ‘social distancing’ meant an entirely different set of ‘discomfiting’ implications of keeping human beings at the workplace. There is a strong anticipation that AI could be deployed at a rapid pace by companies to manage their present and secure their future. And
those who have seen the benefits thanks to the pandemic, could be more permanent converts. Below, we give an overview of three key sectors where AI can undergo a paradigm shift in the post-COVID-19 era. MANUFACTURING A report by Boston Consulting Group opines that AI can help companies simulate work environments and deploy ondemand labour forces. They can detect customer patterns and deliver ‘hyper-personalised’ products.
AI CAN PLAY A HUGE ROLE IN HELPING COMPANIES OPTIMISE OPERATIONS OF SMALL FACILITIES AND MAKE THEM WORK ON LEANER INVENTORIES
8 | India Business & Trade • Jan - Mar, 2021
As discussed earlier, robots are expected to play an increasing role in manufacturing units, as they can perform monotonous tasks without getting tired, making errors and even getting ‘infected’. Rishu Sharma, Principal Analyst, IDC India, comments, “Technologies like AI-powered tools can be leveraged when it comes to smooth business operations on the floor. Intelligent automation also enables monitoring machines remotely and reducing manual efforts across processes in a manufacturing setup.” Also, given the rising protectionism and disruptions in global supply chains, companies have been compelled to change their approach. Earlier, companies emphasised on small numbers of high volume factories in low-cost manufacturing destinations. Now the emphasis is on building a large number of smaller facilities closer to the customer. AI can play a huge role in helping companies optimise
