How Can Businesses Be More Resilient Post Covid-19?

Amidst the current Covid-19 crisis, multinational corporations (MNCs) and small and medium-sized enterprises (SMEs) are prompted to rethink and adapt their business model to the new reality. While some businesses are already embracing digital workflows, the coronavirus pandemic is providing a stronger incentive for more enterprises to move towards a smart factory that ‘can self-optimize performance across a broad network, self-adapt to, and learn from, new conditions in real and autonomously run entire production processes’. By migrating towards a smart factory model, enterprises can create a highly digitalised and connected environment where machinery and equipment can improve processes through automation and self-optimization.

Research shows that businesses with automation processes and digital workflows in place tend to be less affected by the pandemic than more traditional firms. More than ever before, the digitization of businesses that embrace interconnectivity, automation, machine learning and real-time data, are going to play a critical role in revitalising and adjusting industries to the new post-covid environment. At the core of these transformations should be an emphasis on the centrality of Artificial Intelligence (AI) especially when it comes to redesigning the business model and differentiating an enterprise and defining how it creates value, as well as to its operating model.

Amidst the current Covid-19 crisis, multinational corporations (MNCs) and small and medium-sized enterprises (SMEs) are prompted to rethink and adapt their business model to the new reality. While some businesses are already embracing digital workflows, the coronavirus pandemic is providing a stronger incentive for more enterprises to move towards a smart factory that ‘can self-optimize performance across a broad network, self-adapt to, and learn from, new conditions in real and autonomously run entire production processes’. By migrating towards a smart factory model, enterprises can create a highly digitalised and connected environment where machinery and equipment can improve processes through automation and self-optimization.

Research shows that businesses with automation processes and digital workflows in place tend to be less affected by the pandemic than more traditional firms. More than ever before, the digitization of businesses that embrace interconnectivity, automation, machine learning and real-time data, are going to play a critical role in revitalising and adjusting industries to the new post-covid environment. At the core of these transformations should be an emphasis on the centrality of Artificial Intelligence (AI) especially when it comes to redesigning the business model and differentiating an enterprise and defining how it creates value, as well as to its operating model.

The covid-19 pandemic is clearly illustrating the importance of planning and developing business systems which are resilient to increasing unpredictable global disruptions and which suffer minimal impact on critical business and operational processes. The integration of effective artificial intelligence technologies at the core of businesses offers innovative and better-adapted solutions to dealing with future disruptions and enables businesses to implement effective disaster recovery plans, mitigate risks and ensure business continuity. In other words, AI can support and enhance enterprises in delivering three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees in innovative ways.

How AI Has Revolutionised Remote Working During Covid-19?

The covid-19 pandemic has prompted governments, industries and civil society to adapt their professional and personal lifestyles to the unprecedented global health crisis. The technological transformations brought about by Industry 4.0 is transcending every aspect of our livelihoods. Artificial Intelligence, a significant part of technological innovation, is often associated with robotics that have the capabilities to imitate human intelligence and their cognitive functions.  AI has the capacity to undergo a wide range of tasks that connects people, machines, products and data. The restrictions imposed by governments around the world in response to covid-19, has encouraged industries and individuals to rethink their work and home status quo. Remote working, teaching and learning has become a necessity.

Technological communication tools like Microsoft Teams, Zoom and Skype for Business have, for example, facilitated and, in certain instances, enhanced communications amongst businesses, educational institutions, and families. Industries are now organising conferences, meetings and sharing documents in an interactive way instantaneously from anywhere and at any time. Students are engaging in online classrooms and using a wide range of tools to communicate and share their work both verbally and in written format. Retailers are having to rethink their operating and business models in innovative ways to adapt to the new local, state, federal and international climate while also responding to customers’ needs.

As AI technologies are becoming more widespread and integrated into our lives, issues relating to security, ethics and democracy (e.g. transparency and privacy) have surfaced. How can we reap the benefits of AI while ensuring that individual rights and privacy are upheld? As we increasingly move online what are the measures that are being taken to ensure the security of our personal details? Who is responsible for this? In these challenging times, we have the opportunity to explore alternative possibilities in the way in which we organise our lives. While there are many possibilities, we need to advance in a prudent manner and understand the ramifications brought about by AI as it integrates further our lives.

How can we reap the benefits of AI while ensuring that individual rights and privacy are upheld? As we increasingly move online what are the measures that are being taken to ensure the security of our personal details? Who is responsible for this? In these challenging times, we have the opportunity to explore alternative possibilities in the way in which we organise our lives. While there are many possibilities, we need to advance in a prudent manner and understand the ramifications brought about by AI as it integrates further our lives.

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