COVID-19 has created an unprecedented situation across the world – one that has cast doubts on business continuity in many industries. The following adjustments that had to be made should inform all organizations to have a robust business continuity plan in place that can weather uncommon situations like the one we are in.
Progressions in machine learning (ML) and artificial intelligence (AI) are expected to help businesses keep afloat as they try to endure the impacts of a monetary downturn. As recession looms, business management teams look within their operations to understand what they can utilize – concentrating on holding current clients, bringing best-case deals in the pipeline, and ensuring money reserves.
Many will depend on trimming costs to respond to damages or defer interests in innovation that had been estimated to drive advancement. Companies can be predictive and dynamic in their decision-making to save business continuity and achieve operational resilience. They can deploy a virtual workforce program that empowers all of their worldwide representatives to telecommute, with almost no interruption to the business tasks.
Business continuity is more critical for industries where manual intervention is needed in most instances, such as manufacturing or insurance. For enterprises, this can be a testing time because of the absence of adaptability and the failure to successfully adapt to situations that require basic business capacities to proceed because of their overdependence on people. This is where AI steps in. AI can complement staff with machines or AI assistance which can enhance collaboration and efficiency across all processes.
Here, automation tools are killing long periods of managerial efforts for staff, expanding profitability and time usage. AI-fueled innovation is conveying unmatched data quality for business units like sales or marketing. Here, AI systems can support during turbulent financial times by providing a competitive edge to your business development. A PwC survey of 2,500 US business leaders saw that they trust AI to be part of their central strategy going forward. Indeed, 72% named it a business advantage as well.
AI for business continuity can be of great help, particularly while analyzing data for unique relationships and interdependencies that may be hidden. Businesses can put in place quantitative methods to gauge different processes and engagement rates with customers.
Data analytics can help measure how client engagements are slanting – up or down – and proactively alert businesses where more can be done to protect revenue, save costs and maintain customer satisfaction. Keeping clients satisfied is a significant piece of surviving an economic downturn. Therefore it is necessary to optimize processes using data and AI models in place.
Business intelligence is another part of your business that can profit from ongoing advances in AI innovation. In particular, CRM data automation advancements have made it feasible for companies to boost CRM data from daily workflows without adding additional errands to previous workloads. Now, this can have great benefits to optimizing sales or marketing strategies, cutting unnecessary costs and creating a better experience for customers.
Subsequently, the ability to extend the assortment of backups and their adaptability is of most key significance to data-driven companies. Backups are intermittently the initial phase in business continuity strategies, which ought to efficiently include alternatives to keep up network availability. By utilizing the rules-based aspect of AI to encourage high availability, organizations can lessen the amount of data loss experienced.
An AI-based framework could be modified to start recovery activities, interlace with cloud-based backup for failover exercises; and guarantee that data, virtual machines, databases, and other innovation assets are ready for activation.
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Vishal Chawla is a senior tech journalist at Analytics India Magazine and writes about AI, data analytics, cybersecurity, cloud computing, and blockchain. Vishal also hosts AIM's video podcast called Simulated Reality- featuring tech leaders, AI experts, and innovative startups of India.