ABSTRACT
During the evolution of the COVID-19 outbreak, the necessity for companies to re-evaluate and restructure themselves is still not greater. It will make sense for things to change in the business operations. Most companies redesigned current existing ways of running business operations and capacity to make choices to benefit. The present condition sees Artificial Intelligence as a significant facilitator for companies to make their existing situation better (recover from their economic crisis), reconsider (prepare for a long-term change) and reinvent (completely re-engineer) their business model for long-term gain. Automated bots that could identify items and carry out duties that were previously reserved for people would make companies and other infrastructures operational around the clock, through more significant numbers, and at a lower cost. Simulated actual working conditions, including labour forces, would be created by using Artificial intelligence platforms. Businesses would use machine learning and sophisticated business intelligence to use artificial intelligence to explore better market dynamics and provide consumers with "hyper-personalized" goods. Some of the most compelling case studies can have human intelligence and expertise mixed with AI. Many firms should revamp current business processes and capacity to benefit the company in the near future. In this research paper, we have showcased how artificial intelligence would benefit businesses as they adopt with these current developments and during a condition of pandemic without inhibiting their activities. The research is carried in a descriptive way, choosing the diverse sectors in the economy like Banking & Finance, Manufacturing, Education, Retail, Telecommunications, Entertainment and media to make the research more robust and reliable. © 2022 American Institute of Physics Inc.. All rights reserved.
ABSTRACT
COVID-19 pandemic has affected thousands of people worldwide;with significant economic changes in the past and to the changes to be made for future. Many organisations especially;The Intergovernmental economic organisation (OECD - The Organisation for Economic Co-operation and Development) warned the companies and industries on the global economic cut, the corona virus will be boarding. The global economy and international markets pitched down with the spread of corona virus spreading from China which is the world's second largest economy to other countries including Asia;Europe;Australia;Europe;America and the Middle East. Many economies came up with many policies to prevent the further spread of this virus;including restrictions on travel and quarantines;which has disrupted international supply chains affecting a lot of business operations and dwindle revenues. About 75 percent of business including Wholesale;Manufacturing;Retail and Services in China and about 51,000 companies have this impact at a global level according to data from Dun and Bradstreet. The success or failure of every Business depends on how well they manage their supply chain management activities. The impact of corona virus on supply chain activities is twofold. One is;Upstream Supply chain management where companies should monitor the backward integrated activities in procuring the inventory;which has accommodated a loss in the production because of closure of factories and a slowdown in the economy. Second is;Downstream Supply chain management where the intermediaries and middlemen face a lot of problems because of scarcity in inventory and many quarantine measures taken by many economies. Many disruptions in both Upstream and Downstream Supply chains lead to severe scarcity of inventory which was experienced globally by all the economies. This situation has made many economies to think of the inter connectivity and inter dependency among global nations in terms of supply chain. This article is aimed to highlight the effects and changes COVID-19 pandemic has brought in the supply chain industry from both Upstream and Downstream perspective. © 2022 Author(s).