Hani Zeini: Will AI Have an Impact on Businesses Post COVID-19?

The Coronavirus pandemic has changed many aspects of life, resulting in a society full of people, businesses, and companies struggling to figure out different measures that can help them survive this crisis. These effects span the globe, for example, a leading luxury perfume giant from France has started selling scented hand sanitizers to contribute generate revenue and contribute in the fight against coronavirus. The new circumstances are also reflected in changes in consumer behavior, demand-supply, consumption rate, etc. Due to this, manufacturing companies are busy finding solutions for supply chain disruptions, capacity restrictions, etc., as they are witnessing many shifts in consumer drivers and habits.

Since many of these factors may still be relevant even after the coronavirus fear has disappeared, businesses may continue to depend on AI to respond and adapt, as suggests Hani Zeini. Here are quick insights into how companies can leverage AI post-COVID-19.

The use of AI in post-COVID businesses Hani Zeini

Demand and supply

Artificial intelligence can prove useful in predicting demand for a specific product, and alerting manufacturers. Due to this, companies can make products with this anticipated need in mind, while accounting for factors like panic buying and stockpiling, or temporary suspensions of production. These companies can find themselves in a better position to fulfill growing demands for any product, and will have insight into when to halt or limit production.

Engagement with customers

Customers enjoy personalized experiences, and with the help of AI data, companies can target content and product recommendations for them. The technology can help find out what interests customers, and how to draw their attention and in turn, attract sales.

Pricing

People will be much more cautious with their spending habits due to the economic upset caused by the pandemic. The dynamic pricing system will be essential to attract them from going forward. AI can suggest different prices for products and services.

E-commerce and direct to consumer sales

If supply is impacted, AI can help steer businesses towards e-commerce and push their traffic to online. Logistics pressures are vastly reduced due to this, and inventory levels can be maintained consistently.

Product competition

With the help of AI, businesses can continue to track prices, promotions, and a variety of product and service demands both locally and internationally. The ability to monitor these factors can help them to assess and tweak business practices and bring in more sales. During a global period where these factors are largely unknown, the ability to automatically gather insight and change business practices accordingly is simply invaluable, and all businesses should assess their potential uses for AI within their industries.

 

Feature Image by Pete Linforth from Pixabay