(NEW YORK)--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.
Our society is about to under go fundamental change in both how way we work and interact. The companies who are smart and position themselves now to prepare for this upcoming change may succeed while others fall by the way side.
Company IT Spending
While many companies slash budgets across the board to cut costs the smarter ones will be focusing precious 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 Mobile Tracking
- Cloud Based Services
These are just a few examples of technologies companies who want to thrive in the new economy must implement in order to compete.
Major Shift in Technology within Economy
Some say the change we are about to embark on may be equivalent to that of the Internet in the late 1990s or mobile transformation in 2009. While many of these changes were probably going to happen regardless the COVID-19 outbreak has only helped speed up that time line much faster. But make no mistake it's coming.
Outsourcing IT Developers
As this things kick off companies will still be some what 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 without the high overhead costs of retaining these individuals 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 a few months ago 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 implementing some of these new technologies into their business models 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.
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 rest assured as the economy begins to reopen the ones who prepare themselves now for the upcoming changes will not only survive, but thrive in the new normal.
AI VentureTech specializes in integrating technology solutions in the areas of A.I, Automation, and IoT, and we have been advising our clients on how best to implement these new technologies to position themselves for the coming transformation.
Contact Us if you would like to learn how our team of developers in both US and India can assist your company in developing new data and IoT applications.
Founder & CEO
AI VentureTech, Inc.
Phone: (347) 483-0121
Email: [email protected]
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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
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