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Artificial Intelligence: Economic Uncertainty Boosts Priority of AI and Automation Projects

By Dick Weisinger

COVIS-19 has convinced a majority of enterprise IT leaders that Artificial Intelligence and Machine Learning have taken on greater importance and more than half say that they plan to increase spending in those areas, according to a new report by Algorithmia. A similar report from Deloitte recommended enterprises invest in automation and remote work access.

The Algorithmia report found that “there is an urgent need to show results from AI [and] ML projects in a time of economic uncertainty.”

Deloitte identified a three-stage plan that enterprises will pass through as part of their response to the crisis: “Respond, Recover and Thrive. These three stages are interspersed with two additional interim stages, and culminate in a long-term operating environment we call the ‘next normal’.”

The Deloitte report found that “Decisions that companies make today to cope with the COVID-19 crisis can help or hinder their positioning for the future. By using cost reduction and performance improvement strategically to transform the enterprise and improve competitiveness — which includes investing in key capabilities such as automation and remote work that align with the new realities of a post-crisis business environment — companies can leverage their cost savings and improvement efforts to not only transform how they operate, but to position themselves to thrive in the next normal.”

Diego Oppenheimer, CEO at Algorithmia, said that “when we come through the pandemic, the companies that will emerge the strongest will be those that invested in tools, people and processes that enable them to scale delivery of AI and ML-based applications to production. These past several months have been difficult for most companies, but we believe investments in AI/ML operations now will pay off for companies sooner than later.”

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