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COVID-19: What Can Artificial Intelligence Contribute to Healthcare Industry

COVID19 What Can Artificial Intelligence Contribute to Healthcare Industry

 

One can hardly escape the mention of Artificial Intelligence, or AI for short, today. AI is reshaping economies, promising to generate productivity gains, improve efficiency and lower costs. We see AI in the movies, books, news, human vs computer games and online. AI is part of robots, self-driving cars, drones, medical systems, online shopping sites, and all sorts of other technologies that affects our daily life in so many ways. It contributes to better lives and helps people make better predictions and more informed decisions. AI is also altering the professional world and this also affects the IT specialists themselves, as their routine activities, sometimes even programming, are beingcarried out by algorithms.

 

AI technologies are seeing rapid acceptance in multiple sectors, such as, healthcare, criminal justice, transport, agriculture, finance, marketing and advertising, science, security the public sector, as well as in augmented and virtual reality (AR & VR) applications. As AI systems can detect patterns in enormous volumes of data and model complex, interdependent systems to generate outcomes that improve the efficiency of decision making, save costs and enable better resource allocation, it’s gaining greater public awareness during the corona pandemic.

 

A Canadian company’s advanced artificial intelligence system Toronto-based BlueDot, was among the first in the world to notice the coronavirus disease emerging from China, by using AI-driven algorithm to go through more than 100,000 articles every day in 65 languages looking for news about more than 150 different diseases. Around 10 a.m. EST on Dec. 31, their system spotted an article in Chinese about a “pneumonia of unknown cause” with 27 cases.

 

The corona crisis confirmed to be a motor for the further development of artificial intelligence. The idea of creating an artificial machine is as old as the invention of the computer. Alan Turing in the early 1950s proposed the Turing test, designed to assess whether a machine could be defined as intelligent. Learning algorithms have long since found their way into everyday life – in the form of navigation systems, voice assistants or vacuum robots.

 

Today AI technologies are playing a huge role to fight back and limit the damages caused by COVID-19 outbreak by detecting and diagnosing the virus and predicting its evolution. Once the virus is studied in detail, it’s medical research on drugs and treatments can be accelerated. Further than that, AI technologies and tools are playing a key role in detecting and diagnosing the virus and predicting its evolution and understanding it in every aspect to accelerate medical research on drugs and treatments. AI is already being used for a range of healthcare and research purposes, including detection of disease, management of chronic conditions, delivery of health services, and drug discovery. Artificial intelligence has the potential to transform how care is delivered and to help address important health challenges, without the right data it has its limits.

 

When talking about AI, many people still think of process optimization, such as replace many routine processes, repetitive tasks that are tiring for people. However, AI can do much more than that, through machine learning, the generation of knowledge from experience, the algorithms are able to deal with unknown data, find patterns and independently derive actions. Chatbots, for example, which are increasingly used in customer service, are getting better and better over time as a result of supported learning. Deep learning based on neural networks enables predictions based on very complex relationships. In order to recognize and use the full potential of AI, IT users not only need development and implementation services, but also comprehensive advice. Because the use of AI elements is not comparable to the introduction of new software. As consulting skills, knowledge of AI systems and industry knowledge are becoming more important, IT consultants and business analysts need to have a knowledge background in order to familiarize potential users with the possibilities of artificial intelligence.

 

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Opportunities and risks for E-Commerce in Covid19 Crises

Opportunities and risks for ECommerce in Covid19 Crise

 

The Covid19 epidemic and the associated restrictive security measures taken by the Government have various consequences and have an impact on global e-commerce, both in positive and negative way. As due to the corona epidemic, the government advises people to stay indoors as much as possible and non-essential stores are closed. All events, concerts, sports competitions and other activities are also cancelled.

 

During the lockdown, online trading is 100% secure and only way to get goods to the customer. And even if the stores are allowed to open again, many customers still prefer to do as much of their shopping online instead of going to a store and waiting in a never ending queue to get their daily basis use items. In addition, customers who have never or rarely made online purchases are getting familiar with the e-commerce concept as well.

While online sales are increasing sharply in some sectors, they are almost completely falling in others. Especially for companies active in the sale of tickets, tourism and entertainment, transport sector, the event industry is falling drastically, says Sofie Geeroms of sector federation BeCommerce. On the other hand, companies that are active in health care, or sell clothing, food or electronics via the internet and online pharmacies in particular are seeing their turnover increase. “I think we should be grateful that e-commerce is here to meet people’s primary needs,” concludes Geeroms.

 

According to a Coronavirus Survey Report based on 20 answers collected from national e-commerce associations, company members and business partners between 17 and 19 March 2020, 70% of European web shops expect to have less profit this year due to lower sales. In addition, 60% of them experience problems with deliveries. It is clear that the corona crisis is also leaving its mark online.

 

Biggest Problem: Deliveries

Ecommerce Europe survey demonstrated that, for at least 60% of the respondents, one of the main problems is delivery times. For 55% of them delays or interruptions in parcel delivery is the second major issue followed by a drop-in consumer order for 50% of them. They also face problems such as delays in planning the product range due to travel restrictions, increased absence of personnel or lack of transport capacity.

On the bright sight, the web shops indicate that they can still deliver the most packages to their customers. This also applies to cross-border purchases. In 35% of the surveyed web shops there were more online purchases.

 

Another short survey by Gondola shows that several Belgian web-shops see additional sales. Coolblue Belgium confirms “in recent weeks we have seen a sharp increase in sales of products to equip the workplace at home with materials such as screens, laptops and webcams and to keep in touch with each other. According to the survey, they’ve witnessed a growth of 100%.

 

2020 will be the year of e-commerce and anyone who has the opportunity to set up or expand an online shop as a retailer should probably do so. But what should one take in account before expanding their business online. Here are a few important tips & tricks that are important to consider in the online commerce.

 

Think Long Term

Short-term thinking is tempting right now as we want to control damage quickly. However, do not setup your online shop with the mindset of getting benefit from it only during the Corona crises. If you go online, make your webshop a central part of your company and invest effort until you are really satisfied with it and offer your customers a great shopping experience. Customers notice when an online shop is not maintained. This results in damaging your brand image, customer’s trust and lowers your sales. Make the first impressions count.

 

Do Your Homework

What do customers want? What’s going to sell well? Is my product trending or in decline ? How do I define my target market?  What does the competitive landscape look like? What laws and regulations should I be aware of? What are my barriers to entry? How much do i expect to sell ? Which online shop system are we going to opt for? What payment options do we want to offer? Do we want to connect to other portals? For example, on price comparison portals? Do you need a connection to your ERP system? These are some main questions, among thousands of other, that you should go through before going online.

 

Don’t Ignore Technological Trends

Online shops are now quite complex systems that are constantly being enriched with new skills. The reason for this is very simple: competition. There are some interesting technological trends in the area of ​​online trading. Gartner says 100 million consumers will shop in Augmented Reality online and in-store by 2020. Artificial Intelligence will be used, more than ever before, for data analysis and customer experience personalization, make smart product recommendations and automated chatbots that can have simple conversations with customers. Integration of augmented reality (AR) and virtual reality (VR) to help customers visualize their items before purchasing them.

 

Personalise the Customer Experience

Online trading offers incredible opportunities to understand your customers and offer them a customized shopping experience. An example: The navigation of your shop could prominently display the categories that are particularly relevant for your customer; or you can highlight different product benefits for different customer groups. Implementing personalized experiences on-site or in marketing efforts has been shown to have a strong effect on revenue, with one study finding it had a 25% revenue lift. Recent data also shows personalization efforts can reduce bounce rates by 45%.

 

Conclusion

Online shops offer retailers incredible opportunities – and what might have been born a lifeline in the Corona crisis can later become an integral part of your own company with high sales. Time will tell what new trends will 2020 bring in the ecpmmerce industry. But be prepared as there’s a lot of 2020 remaining,

 

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Artificial Intelligence: Just a Trend or A Long-Term Growth Factor?

Artificial Intelligence Just a Trend or A Long-Term Growth Factor

Artificial Intelligence is having an impact on our world in many different ways by playing an increasingly important role in our lives and worldwide economy. The number of companies that have integrated AI in their process is growing rapidly, in sectors like health-care, retail, HR, marketing and cybersecurity industry and the war for talent acquisition and competition for value creation is on the next level between industries and nations.

 

AI is not new or just a temporary trend, history tells us that humans and the companies are remarkably successful at working together with robotics to the latest technologies such as smart machines, including 3D printing, AR and VR in order to survive in competitive era and also find new opportunities for their companies’ growth. A study by MMC Ventures revealed that 60% of the interrogated cases, which represents 1,580 companies, AI is being used in their solutions and 40% of the self-proclaimed “AI companies” in Europe had discovered that AI was not used in their solutions.

 

AI is bringing its advantages in sectors like healthcare, transportation, cyber security industry, security industry, prediction of natural disasters, farming, smart-cities, and is helping to reinforce economy. A discussion paper created by McKinsey demonstrated how AI applications are contributing for social good. According to McKinsey’s analysis, AI initiatives are having a positive impact on good health and well-being, peace, justice and strong institutions, provide quality education, protect all life on land and below water, ending poverty, industrial innovation and infrastructure, reducing inequality, climate action, decent work and economic growth, gender equality, sustainable cities and communities and responsible consumption and production, increase work efficiency and output, offers accurate future predictions, detect frauds, avoid human errors with the help of increased automation and many more.

 

Artificial intelligence is certain ally and dramatically improving the efficiencies of our workplaces and increasing the work humans can do by taking all repetitive or dangerous tasks and the human workforce to do work they are better equipped for, such as, tasks that involve creativity and empathy among others. By doing work that is more engaging to them, job satisfactions, productivity and happiness among employees is also increasing.

 

AI in its many forms offers users the ability to do tasks on a scale and at a speed that humans cannot achieve on their own. AI can also gain new insights from analytical tasks. It’s not just about collecting large amounts of data (=bigdata) and investigative it with advanced mathematics or developing amazingly complex algorithms. Once the gathered data is well extracted, managed and good algorithms are chosen, our society will gain countless hours of productivity with just the introduction of well automated tasks.

 

Thus, it seems important to clear the fuss around AI destroying jobs because it’s only fiction rather than a fact. Instead of destroying jobs, AI is bringing a gradual evolution in the job market, people are getting better at their jobs with the help of AI. According to a report from the World Economic Forum (WEF) called “The Future of Jobs 2018, and recent report called “Job creation and elimination worldwide due to AI 2022” AI, Machines and algorithms in the workplace are expected to create 2.3 million jobs. Even who does the work is changing rapidly – human, robot, or co-bot. The division of labour between humans, machine and AI is shifting quickly. By 2025, it is expected to shift to 48% human, 52% machine or algorithm. The combination of human and machine is the new normal in the workforce of the future.

 

Technology helps move society forward, and the integration of AI is doing the same. The integration of AI into healthcare, smart cities, law and other service-based industries is helping in making processes simpler and giving them enough time to focus on other issues. In this increasingly data-driven world the importance and impact of artificial intelligence is only growing and is becoming more crucial in gaining competitive advantage. Therefore, despite all the positive effects and worldwide boom in artificial intelligence industry, companies shouldn’t forget that AI is only a tool that they need to update/improve continuously instead of one-time investment in order to achieve their goals.

 

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