How AI Can Boost The Economy

How AI Can Boost The Economy

The German economy collapsed unprecedented in the Corona crisis. The consequences of the massive restrictions in the fight against the spread of the pandemic are dramatic: In the second quarter of the year, the gross domestic product shrank by around ten percent compared to the previous quarter. But slowly things are looking up again. There are now signs of recovery, particularly in industry, service providers and construction. While the economy minister Peter Altmaier has bottomed out, Claudia Bünte, professor for "International Business Administration" at the SRH in Berlin, sees great untapped potential in the field of artificial intelligence (AI) to boost economic performance in the crisis to support. "AI is a tool that can do many things better and more cost-effectively than humans - and that contactlessly," says AI expert Bünte ntv.de. AI can help companies to "analyze data faster and better, derive predictions from it and create offers". AI not only makes companies more effective, but also more efficient. Properties that can give you a decisive competitive advantage, especially in times of crisis. But the way back to old strength will be rocky. This is due, on the one hand, to the weak global economy, which is burdening German exports, and, on the other hand, to the fact that many industries are still generating significantly less sales than before the corona shock. According to Bünte, AI can help companies assert themselves against the competition. "Companies that use AI are significantly more successful than their competitors." Online retailing is doing particularly well. The demand is consistently high and Amazon and Co. are already collecting data in order to use AI applications to make customized offers for their customers. The pandemic did nothing to the shipping giant - not even in this country. On the contrary: Last year, Amazon rose to the top-selling US company in Germany for the first time. According to Bünte, the success of a company is now directly linked to the use of AI, because digitization and AI are the tools of the day.