Global markets are responding to COVID-19. Oil and stock prices show increasing volatility, as supply and demand shocks reverberate across the country and world.
The disruption across travel and hospitality, technology, healthcare, energy, transportation and so many other sectors is likely to be more substantial than many suspect. And it’s important to remember that we’re only experiencing the beginning of economic responses to the spreading virus.
For example, when it was announced a few weeks ago that SXSW in Austin, Texas would be cancelled this year because of COVID-19, it was immediately obvious that the company behind SXSW and local hotels would be hit hard by the decision. What’s harder to predict is the extent to which this cancellation will impact local small businesses who rely on SXSW every year to make their annual figures. These impacts are harder to measure but are sure to take place. Local politicians are trying to soften the blow by encouraging Austinites to shop local.
On a national level, we are already seeing weaker organizations declare bankruptcy or stop operations. Executive teams and boards are in emergency planning sessions to stop the bleeding and use the market shift to find opportunities.
There are rumors of sector bailouts which sparks, for many of us, recollections of the 2008 financial crisis. Some leaders are predicting ongoing market impacts for several quarters in 2020 and even into early 2021.
Businesses are looking for ways to brace against the potential rocky market.
In times of market volatility, the best thing businesses can do is find their foundation, get down to the basics. Our mission at ElectrifAi is to help organizations change the way they work through practical machine learning products which drive performance improvement and risk reduction across many Fortune 500 companies today.
ElectrifAi focuses on Practical Ai for the C-Suite. We create artificial intelligence tools with pragmatic value for dialing up revenue and dialing down costs and risks. We deal in real products, not flashy science projects.
Similarly, our Customer Engagement prebuilt machine learning models allows you to precisely engage with your markets to simultaneously drive top line growth and improved customer experience.
Our clients have the advantage of being able to do post-contract analysis in seconds across their entire global enterprise, then connect that information with their spending to answer questions like:
There are hundreds more situations like these to consider. The point being: Market corrections are an opportunity to apply Ai solutions to the core, boring elements of business. We help these systems perform at their best.
Most— between 60% and 85%—Ai projects fail. In normal circumstances, many businesses wouldn’t even notice these failures. But market corrections force organizations to bring out the magnifying glass. As companies begin to notice the low ROI of many Ai solutions, they’ll be cut. Only the solutions driving clear, sustained positive ROI will remain.
Assuming leaders and analysts are right, this market shift will be with us throughout 2020. Companies with Practical Ai systems will have the market advantage of being smarter on costs and reducing their risks. During a crisis, a lean, practical approach to Ai will keep businesses afloat. After the crisis, these lean systems enable these same businesses to drive growth.
Practical Ai is engineered to be reliable and have a dramatic impact within a few weeks. Contact our team to learn how we can help.