How AI can influence the automotive industry post Covid-19-Humaci.com

1. How AI can influence the automotive industry post Covid-19-Humaci.com The spread of covid-19 pandemic has caused a huge uproar across industries. The practice of social distancing has stagnated the growth of every field of work and currently, the most efficient solutions to tackle these stagnations post covid-19 are the technological solutions specifically the artificial intelligence solutions. The very reason why artificial intelligence has taken the technological world by storm is because it brings to us the idea that machines, when appropriately trained, can be given the cognitive ability to carry out processes without human help. One of the industries heavily affected due to the covid-19 pandemic is the automotive industry and while we are currently taking measures to save ourselves from the pandemic by virtue of social distancing, what we also need to focus on is the revival of our industries with solutions based on the concepts of artificial intelligence, machine learning, deep learning etc. Currently, the problems of the automotive industry have been broadly classified into four categories. These are profit predicaments, supply dilemma, sales reinforcement issues and demand uncertainties. The production lines in the automotive industry due to quarantining have almost completely shut down. It is not unimaginable that the vulnerability of dealers and suppliers in the automotive industry can result in bankruptcies and job losses. Ways to curb the impact of these issues can be to manage and mitigate risks across all functional areas. By using artificial intelligence, specifically deep learning algorithms, efficient measures such as identification of potential risks and fraud detection can be achieved. For example, Neural networks, Support Vector Models and Random Forest classifiers are the most applied algorithms in the credit risk management area. Identifying trapped value especially in operating costs to prevent a liquidity crunch is also extremely necessary to provide a quicker method for bringing the automotive industry back to its original state. This issue, again, can be very efficiently solved by the application of machine learning algorithms. The price optimization for any product or service can very successfully be achieved by means of machine learning techniques. Using machine learning, the retailers can frequently alter the product prices based on current market demand. In the fields of competitive pricing too, the corporations in automotive industry can evaluate the optimum price with respect to the prices of other competing brands using machine learning solutions. The supply chain management, which has been severely affected due to covid-19 can be reassessed and put to optimal use by applying artificial intelligence solutions. These artificial intelligence solutions can help in collecting vast amounts of data and finding the most relevant pool of buyers. After the successful identification, marketing can be prioritized for this pool. Efficient warehousing can also be achieved using artificial intelligence and machine learning algorithms.

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