Wanna know more about data science? Make sure to check out my events and my webinar What it's like to be a data scientist and What’s the best way to become a data scientist !

COVID-19 is impacting the economy

COVID-19 had a massive impact on the world economy so far . We know that many things are going to change form now on. First of all, companies will have to adjust to the economic impact. Secondly, it is possible that the virus might stay for longer than expected, and measures like social distancing might become part of our lives.

covid_19_impact_markets

Thirdly, it is very likely that companies from now on will have to try and be “pandemic-proof”. While the resurgence of a new pandemic is a low probability event, it can be a catastrophic event for many industries. The restaurant industry now is suffering. The airline industry as well. EasyJet is planning to cut a significant part of its workforce, as it is not expecting to recover before 2023.

So, we are looking towards some fundamental changes in the way we conduct business. How can AI help us out?

COVID-19 and AI opportunities

I believe that artificial intelligence and data science will play a massive role in re-designing whole sectors of the economy. I believe one of the biggest contribution will be around automation. I have already spoken in the past how AI can help facilitate an automation economy. Until now, automation was a nice-to-have for many organisations, but maybe businesses didn’t care too much about it. But now, automation seems to becoming a great solution to make a business pandemic proof.

Machines don’t get sick, and they don’t require social distancing measures. If a business can use robots for some of its operations, then it will ensure it will keep functioning, in the face of any pandemic.

Another great opportunity for AI is in health tech. I already wrote an article about how AI can be used to fight COVID-19. Drug and vaccine discovery through the use of AI is going to dominate the headlines on the tech news for the next 3-5 years. Something else that came out of this crisis is that there are more applications of AI in medicine, besides the traditional application of using computer vision for diagnoses. Israel, for example, is using AI to predict where the next outbreak will take place.

All this will help improve the awareness of AI’s possibilities in health. Investment will be much easier to find. We are sure to see many more companies in this area.

Also, we might see greater use of health monitoring devices. The current crisis might make people more health aware. Fitness trackers, like FitBit, have already been out for many years, but they leave many interesting variables out, like heart rate variability. I wouldn’t be surprised if we see more advanced trackers coming out in the next few years, with a strong focus on health and disease prevention, leading to a new explosion of health-related data. This could help create massive opportunities for data science and AI companies.

AI and the new economy

AI had already started to transform our economy. The coronavirus pandemic will simply speed up the pace of change. Companies that are aware of the changes that AI is going to bring, and are taking appropriate measures, will get ahead of the curve. Companies that have ignored the benefits of automation and related technologies are now being hit in a very hard way.

If you want to know more about how AI feel free to get in touch, check out the services I provide, or visit the Tesseract Academy‘s webpage where you can find workshops on topics like data strategy and coaching.


Wanna know more about data science? Besides my events, you should check out my webinars:
  1. If you want to learn data science: What it's like to be a data scientist and What’s the best way to become a data scientist
  2. If you are a CEO: The importance of data strategy


Dr. Stylianos Kampakis is the owner and author of The Data Scientist.