COVID-19 Shocked the Business World: The Top 5 Changes After COVID-19
The business world has been forever changed by the COVID-19 pandemic. Nowigence has been tracking the virus since it came to light in January 2020 in the U.S. We have been using our AI platform, Pluaris, to continue to track relevant papers and press publications on the subject. With the help of our novel machine learning and natural language processing techniques, Pluaris has identified these top 5 changes that will have the greatest impact on the business world as we know it. (These have not been prioritized in any order)
1. Digital Transformation to Reduce Menial Tasks
Banks were able to manage thousands of emergency loan applications pouring in from small businesses seeking COVID-19 financial relief. One institution was able to develop its own platform from scratch in just five days. Automating routine tasks will be the focus as companies move towards digital transformation.
2. Increased Cyberattacks and IT Security Issues
In March 2020, there were over 9 major data breaches including Marriot, Norwegian Cruise Line, a Google cloud server, and even the Dutch government. This equates to over 200 million records and personal information being compromised.
3. AI-powered Fraud Detection
With digital transactions on the rise, AI and machine learning will radically transform how we fight online crime. This technology will look to uncover anomalies and spot patterns quickly to identify potential risks.
4. Reduced Discretionary Travel Expenses
We have already seen the effect COVID-19 has had on cancelling travel plans this summer, and not much will change in the coming months. Companies will likely need to adapt to conducting most of their business virtually and will no longer burden the expense of traveling for work.
5. Digital Currency
We should see inflation rise as more and more countries print money for relief during this crisis. We could also see the rise of digital currency, leading to the legalization of crypto currency powered by supercomputers to record transactions.
For businesses to succeed after COVID-19, they will need to be agile and adapt quickly to the ever-changing marketplace. The business world will look very different in the upcoming months. Nowigence, with advanced expertise in natural language processing and machine learning, is committed to increasing the speed to which users, teams, and businesses make data-driven decisions. For more details, check out nowigence.com.