The crisis does not bring adversity to all, for some it brings great fortune. The history has witnessed many moments when some companies were able to turn crisis to their advantage. During and post the situations like the pandemic outbreak customer needs change and companies’ need newer business strategies. The SARS outbreak of 2002 indeed brought fortune for the e-commerce companies like Alibaba, JD.com etc. because post the crisis consumer behaviour and needs suddenly changed and people started to prefer buying and shopping online. A host of new trends is expected post the Covid-19 outbreak as well. Artificial intelligence is one of the most powerful tools which will help companies in adapting to the new trends.
In the present scenario as businesses and their sales are suffering and are going through a rough ride, AI powered sales performance solutions could be the next big thing which the companies will make use of extensively. Using AI models the companies can predict what product or service from the company is in high demand or need. These models powered by AI will help improve the efficiency in sales.
AI solutions also help to analyse the internal and external data available to the companies in order to help match the demand and supply. The pandemic outbreak has disrupted the global supply chains, which in turn has increased the requirement for redundancy because earlier, the companies used to focus on production in few low-cost locations but now the situations have changed.
There is uncertainty in the future and therefore there are chances for redundancy, and redundancy leads to increased costs. AI models will help in minimizing cost while taking on the redundancy aspect. There is expected to be a surge in the number of people working remotely & AI based companies will be capable of executing new ways of working.
The consumption pattern across the globe has already changed. Online grocery marketplaces are seeing a large increase, and movies are being released directly through the OTT platforms without being released in the theatres. An increase in the demand of essentials as opposed to a decline in the demand of luxuries is also expected as a trend. As there is abundance in data especially user or consumer data from myriad sources, AI has the potential to overcome adversities.
