AI Blog

COVID-19 Worldwide: The Pandemic’s Impact on Business

How covid-19 has impacted the business world

Businesses will never operate the same way again. The COVID-19 pandemic will have an everlasting effect on how future businesses are run. Over the last several months we have seen businesses close for good, supply chains break, trade shows cancelled, and increased market volatility in the stock market. Collectively worldwide, experts are continuing to work on finding a vaccine, and unfortunately, we can expect more economic pain as virus containment measures continue. Businesses that are able to survive will be forced to find new ways to communicate, to prospect, and to detect risk.

Virtual teams

Now that a majority of teams are working remotely, information is at risk for becoming even more siloed than it was before. Organizations will require a way to communicate effectively while keeping their teams engaged. We aren’t simply talking about using Slack or Zoom; businesses need to be able to identify and translate the key points from every interaction their employees are having.

At Nowigence, we have developed an AI platform, Pluaris, that addresses just that! Internal teams use our product to share knowledge and store information for others to either view or ask questions against. We use an NLP Engine to give users the ability to ask questions, just like Google, however unlike Google, we add the information stored within your organization’s software and make it available to the end user.

Instead of turning around and asking your colleague for an answer, you can simply ask Pluaris. It will search through all the archived information within your organization to deliver an answer in a matter of seconds.

With the increased demand for virtual meetings and less face-to-face interactions, knowledge sharing, and a centralized knowledge bank will be essential for businesses moving past COVID-19. Pluaris makes it easy to store knowledge, ask questions, and find the information you need in seconds.

Cancelled Trade Shows and Business Conferences

Without the demand for conferences and trade shows business leaders will need to find other means of sharing their knowledge with their peers. We will start to see an increase in the amount of written content across all industries. However, with the increased amount of information available, how will we be able to sort through this information efficiently?

AI, specifically Machine Learning (ML) and Natural Language Processing (NLP), can automate the way business leaders find and comprehend their information. Pluaris is built off of novel ML and NLP techniques to deliver personalized intelligence that business leaders need. Instead of spending hours searching for and reading through dozens of articles, Pluaris scours the external web to find articles most relevant to the individual user. In addition to summarizing these articles, Pluaris gives users the ability to share that intelligence with the rest of their organization.

Increased Risk

As we move forward, businesses will have to reduce their risk of being blindsided by a global catastrophe again. There will be an emphasis identifying risk quickly and being able to analyze large amounts of data to make informed decisions. At Nowigence, we are especially dedicated to identifying risk and opportunities for businesses. Our AI-powered machine is able to accurately detect trends and equip risk leaders with the necessary information to make decisions fast.

As more and more businesses begin to find new local vendors and supply chains, it will be imperative for them to do a proper analysis before choosing the right one. With Pluaris, businesses can track products, companies, and people for a clearer perspective on who to partner with or what products to buy. With tailored risk briefings businesses are able to stay closely aligned with where they should focus their efforts.

AI will play a key role in helping businesses grow in a post COVID-19 world. With Nowigence, organizations will be able to share knowledge across teams, summarize massive amounts of data, identify risks quicker, and harness the power of ML and NLP technology.