(NEW YORK)–We entering a great change in our society in not only the way we work but interact and the companies who position themselves now for the coming ‘new normal’ will succeed in the future while others fall by the way side.
The COVID-19-caused recession will likely lead to a spike in Automation and Artificial Intelligence (A.I.), meaning some of the jobs lost to the virus will never return as companies restructure their operations to rely more on machines than people.
Company IT Spending
While many companies slash budgets across the board to cut costs the smarter ones will be focusing IT spending to position themselves to take advantage of coming new normal once the coronavirus outbreak has passed.
Areas where IT spending may increase:
– Automation and Robotics
– Artificial Intelligence
– IoT and 5G Device Monitoring
– Telecommuting and Telemedicine
– GPS Based Mobile Services
– Cloud Based Services
These are just a few areas companies who want to thrive in the new economy must implement in order to compete with the coming change in the economy.
Major Shift in Technology within Economy
This change we are about to embark on is equivalent to that of the Internet in the late 1990s or mobile transformation in 2009. While many of these changes were probably going to come regardless the COVID-19 outbreak but this may now have speed up that time line much faster.
Outsourcing IT Developers
As this revolution kicks off companies will still be cautious about laying out large expenditures in the immediate term. Instead, what we may see is companies retaining IT firms to outsource development teams they can turn to when projects need developing or maintaining without the high overhead costs doing this in-house.
Adapt or Fade Away
The key aspect to take away is that the world is changing due to the coronavirus and what once was even in January 2020 will never be again. Companies who want to not only survive but thrive on the other side of this health crisis will have to quickly work in implemented some of these new technologies into their business operations or they may find themselves heading the way of the fax machine in 1990s.
Every so often society goes through great changes and you either adapt to the new reality, or get left behind.
As the founder of AI VentureTech we have been seeing this trend developing and been advising our clients on how to best implement these new technologies that will position them best for the coming transformation.
Of course in the immediate term it’s all about cutting costs and survival as the virus has shutdown large swaths of our economy and revenue. But make no mistake this outbreak will end eventually and the ones who prepare themselves now for the coming changes will be the ones who not only survive but thrive in the new normal.
About AI VentureTech
AI VentureTech is an AI research lab and development company that leverages cutting-edge technologies to deliver data-related products and solutions that empower enterprise customers and partners through improving their business eﬃciency, enhancing their value and realizing their digital transformation. Located in New York City, our team of data scientists and engineers can customize AI-powered software and technical solutions for both companies and institutions looking to leverage data and machine learning for greater business value. The Company seeks growth through both collaboration and acquisition of dynamic new start-ups in the areas of business analytics, machine learning, natural language processing (NLP), visualization tools, predictive modeling, and cloud advanced analysis. www.aiventuretech.com
Phone: (347) 483-0121
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