Several business transactions and activities have been halted since the onset of the Coronavirus. Companies all over the globe were forced to rethink their business model and how to cope with the demands of market crippled by lockdowns. Several of them have adopted new policies and have even considered integrating Artificial Intelligence [AI] into their business model. Automation tools have been present since the past sixty years or so but only recently have they gained so much popularity in the market.
In this context, data became the biggest commodity for the open market. Unfortunately, this meant that several companies involved in the data business have faced data theft and restrictions associated with handling huge amount of data. Integration of AI into handling data would allow several companies to redirect its manpower to other fields such as, decision making, supervision, etc. Slowdowns in processes due to limited manpower and human speed performance can all be avoided with the help of artificial intelligence support.
AI powered systems are being used in healthcare, education, manufacturing, aeronautics, and the like for a long time now. These systems are capable of doing all statistical functions, learn from the data fed into the system and help in decision making. It will also be a very useful tool to monitor company performance, competitor performance, and large market conditions in real time. With several restrictions being imposed during the pandemic AI became a popular tool to overcome these barriers. It has proved to be very efficient for due diligence as well.
Adapting to the new technologies available in the market and making the best of them is part of every business plan. Several companies have chosen the path of merger or acquisition and have acquired start-ups offering new and innovative AI to combat their data issues. For example, LiveRamp, a San Francisco based company offering data connectivity platform acquired DataFleets offering platform to harness large amount of encrypted information without the risk or restrictions of decrypting or transferring it[1].
Deloitte has even launched an M&A analytics platform names iDeal which is AI enabled. The platform can learn and organise massive amount of data which would have been very time consuming otherwise.
The pandemic period has witnessed several mergers and acquisitions in the healthcare sector all over the world. A few were done for the specific purpose of integrating AI into their systems; such as, MindMed gained HealthMode which offers AI-enable digital measurement in order to elevate clinical examination and patient observation. Mergers have become very common amidst the pandemic as businesses struggle to survive the devastating downfall of the economy. It is predicted that certain sectors would witness a large amount of merger and acquisitions in the post-pandemic world.
The method of doing business is going through an evolution with the help of advancing technology. The question is how smoothly the market will transition to the new technology and how will it affect the economies of the world.
[1] https://www.analyticsinsight.net/top-artificial-intelligence-mergers-and-acquisitions-in-2021/
Originally posted on www.kpalegal.com on 6th June 2021
