The recent events arising from the global COVID-19 pandemic are a reminder that change is the only constant in life and business. This disruption has turned our lives upside down. All of us have had to learn and rapidly adapt to this new reality, from figuring out how to work remotely to supporting our children with schoolwork. On the business front, enterprises that could adapt quickly to a changing business environment are in the best position to ensure business continuity and long-term profitability. Digital businesses and enterprises that are further along with their digital transformation journeys are better equipped to respond to this rapidly changing environment.
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Experts from China and abroad shared their ideas on how artificial intelligence can empower education at an online forum during the World Artificial Intelligence Conference on Friday. It attracted some 1 million viewers. Wang Ping, director of the Shanghai Education Commission, shared Shanghai's experience in organizing the largest-ever online education program during the COVID-19 pandemic at the forum venue, the Shanghai Education TV Station. He said Shanghai has been building infrastructure and developing teachers' capability in using modern technology. "More than 3 million teachers and students from Shanghai schools have taught or learnt at home," he said. "It was a test of Shanghai's information development and a precursor to the future online education featuring AI technology."
Every department in a company has its own challenges. In the case of Human Resources, recruitment and onboarding processes, employee orientations, process paperwork, and background checks is a handful and many a time painstaking – mostly because of the repetitive and manual nature of the work. The most challenging of all is engaging with employees on human grounds to understand their needs. As leaders today are observing the AI revolution across every process, Human resources is no exception: there has been a visible wave of AI disruption across HR functions. According to an IBM's survey from 2017, among 6000 executives, 66% of CEO's believe that cognitive computing can drive compelling value in HR while half of the HR personnel believe this may affect roles in the HR organization.
Since February 2020, there has been a dramatic shift in the operating environment of financial markets, with increased volatility, repricing of assets, and transitions of favored asset classes. Uncertainty abounds for investment managers. According to one hypothetical stress scenario, individual managers may have seen assets under management fluctuate by up to one-third in the United States as outflows and valuation changes have affected many during the pandemic.1 Even before the emergence of COVID-19, the situation for investment managers appeared ripe for change. In 2019, most US equity managers were unable to generate excess returns, net of fees, relative to their benchmarks.
WellAI data scientists Daniel Satchkov and Sergei Polevikov will present their most recent research entitled "Reading 25 Million Studies in Seconds: Implications for Fighting COVID-19 and Managing a Portfolio" at a free webinar on August 25, 2020. The webinar will take place from 12pm to 1pm EST, and is jointly organized by the Society of Quantitative Analysts (SQA) and WellAI. Discussion will be partly based on a study "Artificial Intelligence-powered search tools and resources in the fight against COVID-19″ published in the Journal of the International Federation of Clinical Chemistry and Laboratory Medicine in June 2020, and is currently available through the PubMed database of the National Institutes of Health (NIH). Sergei Polevikov, CEO of WellAI and a board director at SQA, explained: "We wanted to share our unique experience as we believe our work is relevant to both medical researchers and finance professionals. WellAI data scientists had built a free COVID-19 analytical tool for medical researchers around the world in early April 2020, to help fight the pandemic.
A coalition of AI groups is forming to produce a comprehensive data source on the coronavirus pandemic for policymakers and health care leaders. Why it matters: A torrent of data about COVID-19 is being produced, but unless it can be organized in an accessible format, it will do little good. The new initiative aims to use machine learning and human expertise to produce meaningful insights for an unprecedented situation. Driving the news: Members of the newly formed Collective and Augmented Intelligence Against COVID-19 (CAIAC) announced today include the Future Society, a non-profit think tank from the Harvard Kennedy School of Government, as well as the Stanford Institute for Human-Centered Artificial Intelligence and representatives from UN agencies. What they're saying: "With COVID-19 we realized there are tons of data available, but there was little global coordination on how to share it," says Cyrus Hodes, chair of the AI Initiative at the Future Society and a member of the CAIAC steering committee.
Nobody knows for sure what the post-COVID world will look like. But you can certainly bet it's going to be different. The pandemic has already pummeled the global economy and exposed weaknesses in supply chains and vintage software systems. But it has also accelerated automated delivery of goods and services, autonomous customer interactions and forced companies once skeptical of work-from-home culture to embrace it more than ever before. "And, yet, for many executives," says Muthulakshmi (Lakshmi) N, Global Head, Intelligent Process Automation and AI at Tata Consultancy Services (TCS), "a major roadblock to scaling automation is the misconception that aggressive, holistic automation will produce widespread job loss. But this view fails to imagine the new types of jobs that will be created when automation frees employees from work that can be done faster, better, and less expensively by artificial intelligence (AI)."
The Foxconn Technology Group is getting in the online education game. On Friday Foxconn launched the iAI Institute "an initiative focused on training the workforce of tomorrow and sharing Industrial AI knowledge across industries." The iAI Institute plans to help train people in industrial artificial intelligence. Individuals can watch online lectures or companies can purchase course packages using "points" although it is unclear as to how someone can collect points. It also allows people to access different data sets for "fault detection" on machines like wind turbines, train bogeys, gearboxes and other data sets.
Transportation "can also become truly contactless if needed," says James Peng, who is CEO of ... [ ] self-driving startup Pony.ai. The first few months of 2020 have radically reshaped the way we work and how the world gets things done. While the wide use of robotaxis or self-driving freight trucks isn't yet in place, the Covid-19 pandemic has hurried the introduction of artificial intelligence across all industries. Whether through outbreak tracing or contactless customer pay interactions, the impact has been immediate, but it also provides a window into what's to come. The second annual Forbes' AI 50, which highlights the most promising U.S.-based artificial intelligence companies, features a group of founders who are already pondering what their space will look like in the future, though all agree that Covid-19 has permanently accelerated or altered the spread of AI. "We have seen two years of digital transformation in the course of the last two months," Abnormal Security CEO Evan Reiser told Forbes in May.