Things to read
In the post COVID-19 era the need for Artificial Intelligence is ever-growing. The latest trends show that jobs in Artificial Intelligence will be increased multi fold in the near future. Looking at the trends the main areas looks like to be facial recognition, driverless automobiles, heat sensing systems etc. Every company now wants to create a niche for itself in the field of AI. Data for Artificial Intelligence was the major trending theme in 2020. The other day while talking with someone from the Artificial Intelligence industry I casually happened to ask them what 2021 holds for AI? I was not very astonished with the answer though, as the person said that the next decade can be termed as the decade of AI. As per the understanding I got from my conversation, stepping in 2021 the top 5 (not in any order) would be as given below.
1.Digital Artificial Intelligence in the Post COVID-19 era:
This is mainly to do with the customer insights and analytics that any product company would need. In the current world a product once brought, would need servicing throughout the lifetime of the product. This is where Artificial Intelligence can come in very handy in predicting the failure rate or serviceability rates of the product. Besides it is also useful for generation of sales for service of parts needed in the product. Remember the movie Rocket Singh: salesman of the year. If one can remember the plot of this movie, they made sales of products using dead clients. Artificial Intelligence can help one pick it up from the dead lot of clients and aid in decision making to help turn the dead clients into profitable clients. But at the end of the day the salesperson and customer representative have to take the decision Artificial Intelligence can only aid them in taking it.
The other side to this is also in customization as per the customer needs before the customer actually tells you what they need. For e.g. if some one constantly travels and a bank which wants to sell a customer credit card can looking at the travel profile accordingly give them a custom card which will help the customer. Though a cause of worry here is also on the customer data privacy. In the current world where many customers for e.g. do want a Bank or a Financial institution to track their spending pattern, might actually land into a possible bigger legal mess. So Data privacy also has to be looked at on the flip side before implementing the customization aspect of AI.
2. Ease of Data Availability in the Post COVID-19 era:
Imagine a case for security agencies, where they would need to scan people to catch hold of any anti nationals entering or leaving our country under any name? Imagine this for the kind of country like India or US where you have multiple airports where per minute you have so many flights landing or taking off. If there was one central record for all crimes committed across any state border, facial recognition can give you a near match probability if that person under any disguise comes in front of the facial recognition camera.
This is basically what is called as ease of the data availability across the country. Now if we extrapolate this to all countries under a bilateral sharing of Intelligence agreement, it would help in a very grand scale. The next decade is going to see the world shrinking further and taking on these kinds of roles in order to get more and more such and many other such data’s available easily across multiple security agencies and other application like driverless automobiles.
3. Artificial Intelligence based Chat bots in the Post COVID-19 era:
Gone are those days when customer used to call a call center and wait endlessly for a agent to pick up and then try and resolve the issue. Now the customer wants it at a very rapid pace. Having said that many customer’s like to resolve the issue on the fly. How can this be resolved is the question many people have? Well chatbots is not a new thing for most product/service-based companies around the globe. What is more important is how well the chat bot is designed in order to give the customer a feel of personalization.
Thus, majority of your customers can be retained if the Artificial Intelligence can give a personalized service to the customer and it also helps reducing the overhead cost for the company in order to reduce that many numbers of agents.
4. Prediction, detection and prevention in the Post COVID-19 era:
Now this has 3 basic aspects. Let us look at each one of them:
A. Prediction: In Jan 2019 could any one have predicted such a drastic change in the way of the lifestyle of people by end of 2019? Well actually one never thought of feeding data points from 1918-1920 when an estimated 500 million people died due to Spanish flu of H1N1 influenza (as per Wikipedia), while in 1820 the great India Plague where an estimated 2 million people died had occurred. Now if these data points where put in maybe we could have got a prediction that some kind of pandemic can occur in 2020.
Having said that a very simple usage of prediction is one trying to predict the sales they can get on any given date with a set number of data points historically with a certain degree of confidence (since prediction can never be 100%- else it would not have been called a prediction)
B. Detection: This is a very common feature that any banks or Financial Institutions look into to access the spending pattern of a customer in order to give them very specialized service or find with a probability that a said transaction was done by the customer or not (Remember now a days we get some time calls from our banks asking us to verify if a transaction was actually done by us? Is all due to his application of AI)
C. Prevention: This is mainly used by Banks and other Financial Institutions to track and prevent any fraudulent activities on our financial accounts (savings account etc.). But this is still at a very nascent stage. (Remember many times our transactions are also cancelled, or you have to input an OTP generated and sent to your mobiles)
5. Real Time Marketing strategies in the Post COVID-19 era:
AI can also be used in changing an ad for e.g. on a real time basis. Like during the lockdown the ad’s shown were more targeted at Corona warriors. Also, the product’s which were more often shown were for disinfectants or hygiene related products rather than about Swiggy or a Zomato. This also made sense, since there were no restaurants open.
Having said all these areas where Artificial Intelligence can prove and is proving very valuable, there are many other area’s which needs to be explored. It can truly be said that the next decade (at least) will be a Artificial Intelligence Decade, and one needs to be ready with the correct arms of knowledge to face this new decade.