Investing in Big Data and AI for Post-COVID-19 Success

AI and big data technologies are going to be important lifesavers for companies emerging from the depths of the pandemic.
big data aids with economic recovery after covid
Shutterstock Photo License - By Olivier Le Moal

AI is becoming a lot more important than ever. Companies are expected to spend nearly $310 billion on AI solutions by 2026.

There are a lot of reasons AI is going to be beneficial for companies in the coming months. It will help a number of organizations get through the frustrating growing pains the economy will face as it emerges from the pandemic.

With life slowly returning to some kind of normality and all restrictions (hopefully) set to lift on June 21st, business owners are beginning to plan for their post-pandemic recovery and will be eager to kick on after what has been such a challenging period and, in more ways, than one.

Big data technology has already been highly beneficial during the pandemic, particularly with helping healthcare organizations get through some of their most pressing challenges. AI technology will play a major role in recovery and business owners will want to make sure that they are utilizing the best and latest tech moving forward.

The Rise of Remote Work

The most obvious way that the pandemic has changed the business landscape over the last year and a bit has been the mass switch to remote work. Big data advances have created many new opportunities with remote work.

With the use of cloud computing, video conferencing and various remote tools, businesses have been able to keep going during the pandemic and staff have been able to work to a high standard thanks to the technology available.

Moving Forward

The remote work experiment has been a success in many cases with many businesses reporting no change or even a boost in productivity. Of course, from the employee’s standpoint, there are many perks to remote work so it is no surprise that so many businesses are continuing or adopting a hybrid model. Additionally, this is also smart in terms of future-proofing in case there are any future lockdowns.

Benefits of Remote Work

It is thought that remote work is here to stay long-term because it can bring so many benefits, especially to the business. The business can greatly reduce its costs and even go without a central office, recruit from a much greater talent pool, keep staff happy and much more.

Contactless Tech

In addition to remote working, businesses also need to invest in contactless technologies that enable them to conduct business without physical contact. Consumers now expect this to be available and even after the pandemic is over it is likely that it will remain in place as it is much safer as well as more convenient in many cases.

Investing in Tech

These are just a few ways that tech will drive the recovery for businesses, but technology is never cheap and this is why many SMEs are utilizing secured business loans to expand the technical side of their operations – the fact that interest rates are so low right now also makes this a smart financial move to make. Hopefully, the tech improvements will help to deliver ROI and help your business to thrive in a post-COVID marketplace.

Investing in AI

The business world is undergoing significant changes in how it operates. As AI has moved from science-fiction to business fact, both large and small organizations have started investing in AI infrastructure. London Business School highlighted that 75% of enterprises will shift from piloting to operationalizing AI by the end of 2024, driving a 5X increase in streaming data and analytics infrastructures. At the moment, large scale companies like IBM and C3.ai are leading the way with industry scale AI, but as it becomes more accessible and affordable, smaller and smaller businesses will be able to invest in AI and integrate it into their business.

Business owners are desperate to get back on track after COVID-19, but it is important to realize that the post-pandemic era will be different to beforehand. Businesses need to adapt in order to find success and one of the most effective ways that they can do this is to make sure that they have the best tech solutions.

Ryan Kh
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com