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Role Of Artificial Intelligence in Recession

Role Of Artificial Intelligence in Recession

Recession is going to scare a lot people . So why not take help of Artificial Intelligence - It is valuable .How ?

Artificial Intelligence add a value to our Jobs or seriously do they?

Its ten years since the last recession, and now Due to the Pandemic COVID - 19 a lot of Jobs Are Going to get destroyed and it will sparkrecession. So coming to the point how can Artificial Intelligence really going to help . Read the article that how this Pandemic is going to create recession . https://economictimes.indiatimes.com/news/economy/indicators/jobs-destroyed-worldwide-as-coronavirus-sparks-recession/articleshow/74978068.cms


The Corona virus recession, also known as Corona Recession is an economic recession which started affecting the world economy in 2020 due to the 2019–20 corona virus pandemic. Each and every sector is going to be effected by the recession such as retail ,transportation , restaurant and mainly the techno sector (existing companies , newly startups , funded startupsetc).



So Coming to the point,How can the rise A.I can help in the period of recession. Learning A.I and Implementing A.I these too are a mile apart things but this is very important things in the recession times.


What is Artificial Intelligence?

We are going to understand Artificial Intelligence in Layman’s Term - Artificial Intelligence in a nutshell enables the machine/computers to think.

I had a notion that artificial intelligence (AI), was about robots taking over the world by being able to do the same things that we, as humans could do. While this is part of the truth, this is not entirely what artificial intelligence is all about. As we know, half-truth is almost no truth.

Artificial intelligence (AI) is therefore, based on the idea of the capability of a machine or computer program to think(reason), understand and learn like humans. We can also say that artificial Intelligence is the study of the possibility of creating machines able to apply knowledge received from data in manipulating the environment.

Learning Artificial Intelligence

An Investment In Knowledge Always Pays Best Interest

During the lock-down take the journey of Artificial Intelligence. The path of learning about Artificial Intelligence is often overwhelming with complex math and technical topics. But it doesn’t have to be like that… Please check link given below they make your career sound real and raw . https://www.bepec.in/

Artificial intelligence is currently one of the hottest buzzwords in technology -with good reason. In the last few years, we have seen several technologies previously in the realm of science and knowledge transform into reality.

Experts look at artificial intelligence as a factor of production, that has the potential to introduce new sources of growth and change the way work is done across industries.

Learning Path: How to start a Learning Career in AI and Machine Learning Career.


As we are in lock down now is the great time to start a career in choosing a learning path for AI and machine learning can be overwhelming due to all the options out there, but it’s ideal to choose a program that best suits your needs and goals. Successful data scientists usually have a thorough comprehension of various tools and programming languages. They also need a understanding of Business , Domain Knowledge , Statisticsetc . With these skills, you can easily stand out from the competition with potential employers.

Some of the programming languages include SAS, R, and Python. What you’ll need to know depends on different variables, such as the specific project or real time project with real data set you’re working on or the company you’re working for.

Beyond that, it’s also helpful for data scientists to learn about AI and machine learning. When you enroll in an accredited data science learning program, you’ll get comprehensive training in the field.You need to watch this in the time of lock-down to know how precious things gonna be in the coming time .

https://www.youtube.com/watch?v=6GRar8KXAyQ

If you know all these, a bit of practice on various exercises will make you familiar with the concepts of AI. Now coming to the main of implementing Artificial Intelligence.

Implementing Artificial Intelligence

In a recessionary environment, artificial intelligence (AI) and machine learning (ML) can actively support your organization’s focus on cost optimization.

The foremost question arises here is “how company can implement artificial intelligence?”. Below are a few steps toward Artificial Intelligence and also to implement Machine Learning in a better way.

- The More specific, the better!

It is always better to define the problem first before thinking about how to use AI in your business. If we have a clarity about what actually the AI and ML can perform, it is easier to program.

For example, the organization’s need to reduce the losses on a specific product whereas the need to reduce the losses on a product due to lesser demand is more specific and easily understandable.

- Assure data quality

How we define the problem this is also equally important is picking the right data. In large organizations, a considerable amount of time is used for data fetching and then analysing. If the data fetch into the AI system is exactly what it has to work with, implementation will be a lot easier. So please ensure your data is of high quality.



- Perform tests with data

Before the model building, better the performance of data. It is always advised to run a check whether the data-values are consistent with the desired values.

- Model-building

After checking with data a model-building methodology is performed. Running tests to determine the most important variable will help in its execution.

- Model validation, automation, and production

Once the modeling is done, it must be passed on for production. It is advised to produce the model initially for a smaller audience and if successful, to the entire customers.

- Model Maintenance

Maintenance of model must be performed on regular basis. The model can go outdated due to different number of reasons, including a change of business dynamics, change of demand for the product, etc.

AI Implementation Strategy

Experts’ opinions say it is better to keep a separate strategy for implementing AI in.business. Most of the organizations will be keeping a data strategy but not necessarily an AI strategy. The following areas must be looked into, for an effective AI strategy.

- Align business as well as AI

You must realize that the business strategy is equally important as that of the AI. However efficient an AI model being designed is, it will gradually lose track if the business model isn’t aligning with the same.

- Identify where exactly AI must indulge

Identifying where exactly AI must indulge in a business will help it to prioritize activities within. Steps like making AI do the more redundant data works will enable people to focus more on other useful activities.

- Plan short-term AI models first

The advantage of this step is that smaller AI models can be made easily with lesser funds and time. This will help in saving money for the bigger and ultimate AI model.

- Ethical use of AI

Along with developing and executing AI models, tests must be made to check if the model made is ethically sound. It must, in a strict way, not interfere with people’s privacy.

- Skill check

Before implementing the AI model, it is necessary to check whether your organization has the necessary skill sets and capabilities to deal with the same.Skills such as various tools and programming languages understanding of Business , Domain Knowledge , Statisticsetc,

How to Use AI in Business?

A recent report by Microsoft says that business organizations that have implemented AI even on a small scale they are having better returns on productivity and performance. The factors mentioned below check to what extent steps toward Artificial Intelligence help businesses grow.

- Data management made easy

Large organizations work with a bigger domain of data. Statistics on this data is very useful to determine precious details like the market trend. Analysis of such large data is hectic of a task for humans, which require the support of AI.

- Automation to speed up business

AI and ML can learn the routine of business and automate processes. Some websites provide virtual assistants in the form of chat bots to help customers. This will reduce human effort as well as improve customer satisfaction.

- AI and ML-enabled supply chain management

AI and ML combined systems are capable of complete supply chain management and inventory control. This means that the system can automatically refill in-case the stock is less. IBM’s Watson is one such.

- AI for maintenance and safety

AI can be specifically useful for transportation and manufacturing fields. AI’s predictive analysis will help to prevent downtime. General Electric is using an AI-based platform called Predix to optimize their maintenance schedules.

- AI can also hire new employees

Modern AI and ML systems are capable of recruiting new and talented employees to the company by using facial recognition applications. Unilever has found this method of AI-aided hiring a success.

- Fighting fraudulent activities

Large companies are always prone to fraudulent attacks. These attacks most often follow a particular trend, which can be tracked with the help of AI and ML.

- Automated transport

AI-enabled automobiles can sense the road and automatically drive once the location is given. They are more reliable and can reduce the cost of logistics too.



How to implement AI in business?

Here, we will discuss the steps to implement AI.

Understand

It is necessary to understand about the pros and cons of implementing AI in a particular field in the business. All employees, from the highest authority to the lowest must know the procedure of incorporating AI into the process.

Idea

Develop an idea for the growth of AI along with the organisation’s business growth. This would be helpful to get an idea about the work as well as to get funds for the growth of your business

Construct

Build the AI model based on your needs and necessity. Plethora of platforms like Yahoo, Facebook, etc. provide necessary tools for the same. This could be cheap also but getting a data scientist to build and develop the model can come with a price.

Analysis

Once the initial model is ready, invite AI experts to educate the employees about the model. This step is followed by the production of the ultimate AI project.

Implement

Once the AI program is ready, it must be implemented. Employees should get the opportunities to include AI in their daily work rather than it being something that replaces their work and including it not only improve your business can also improve you company’s production.

Conclusion

Artificial Intelligence is pretty powerful things and it is capable of changing plethora of changes in your organisation’s and businesses. The system is also prone to vulnerabilities. For example, take an organization which might develop or going to use an AI program without actually considering the hardware and software aspects. The result of this could be catastrophic. Hence, it is always advised to make a balance between the organization’s goals and AI’s capabilities. This would result in a much more optimized AI program and helps you sleep better too . Hope this will helps you and your company to cope with the coming recession .

Recap

What I have presented here are the insights of Role Of Artificial Intelligence in Recession. I hope you learned something today.

Always remember that solid business questions, clean and well-distributed data always beat fancy models.x

Feel free to leave a message if you have any feedback, and share with anyone that might find this useful.

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