According to International Data Corporation (IDC), COVID-19, followed by lockdowns and social distancing norms, have forced companies to invest more in cloud computing and artificial intelligence. The survey that assessed the impact of COVID-19 across 181 European companies reported 16% of participants are willing to invest in AI to combat the effects of the pandemic.
Microsoft has always advocated the power of AI Intelligence to transform the way business works. Satya Nadella, CEO, Microsoft, has always stressed the importance for companies to pursue democratizing AI. With business taking a remote working culture, he observed the world embracing a two-year digital transformation worth in just two months.
In his words, this is important because:
AI is going to be one of the trends that are going to be the next big shift in technology. It is not enough to sort of have AI capability that we can exercise – you also need the ability to democratize it so that every business can truly benefit from it.
The idea of inbuilt human-like thinking in machines dates back to 1956 when AI was just a mere concept. The massive data availability and powerful computing technologies have now made AI a reality. Now, companies are foreseeing the power of AI to enable their business, especially in the post-pandemic time.
Therefore, the businesses are about to embrace the dawn of the age of intelligence in the coming years. In PwC’s Global Artificial Intelligence Study report, the potential contribution of AI to the global economy would be around $15.7 Trillion by 2030.
Given this digital shift, there are apprehensions of machines taking over human jobs. However, this may not be the case, as the need for skilled AI professionals will increase. Rohini Srivastava, NTO, Microsoft points out that more companies will now be inclusive of these technologies in their economic growth in the post-pandemic period.
Microsoft recently joined hands with NASSCOM FutureSkills to train students ready for the new digital era. About the need for such a collaboration that is an extension of the skill development initiative by Microsoft, Rohini Srivastava said:
Technologies like AI are becoming enablers for every business today, making the need for creating an AI-ready ecosystem vital for India’s economic and social value creation.
The partnership aims to imbibe AI and cloud computing technologies into new and young talents. It comes across as a great initiative to fill the AI skills gaps and open gates for more job opportunities.
As the world copes with economic shock, Artificial Intelligence seems to be the ray of hope. Therefore, more businesses are focusing on digital innovation and investing their resources in making the best of it. It comes across as a positive change in terms of generating new employment opportunities and efficient business models.