November 17, 2020 - 650 views|
As we launch our Pandemic Response Challenge with XPRIZE, we’re certain everything we’ve learned about AI will help mitigate COVID impacts.
COVID-19 has turned our professional and personal lives upside down. But it’s also giving us a crash course in using artificial intelligence (AI) to predict and navigate an uncertain future. While there’s still a lot to learn, we believe so strongly in the potential for AI to lessen the social and economic impacts of COVID-19 that we’ve partnered with The XPRIZE Foundation to launch the Pandemic Response Challenge.
During this four-month challenge, participants will use the latest in AI to develop models that accurately predict local outbreaks and produce prescriptive intervention and mitigation approaches that minimize infection cases and economic costs.
The competition will produce evidence-based, actionable plans to be shared as a public resource, so that communities around the world can learn from each other to safely reopen their societies and economies. Two winning teams will produce prediction models that estimate future numbers of daily COVID-19 cases with the greatest accuracy and the best prescription models for intervention plans.
Keeping Up with Continuous Change
A key challenge for these types of endeavors is the unrelenting change in everything from infection rates to data quality. What we’re learning from both our clients and our own work is the need to more frequently and carefully update both our data and the models used to analyze it.
Our recent study of 600 North American executives, reinforces this. Roughly three-quarters of respondents changed their data management processes and analytic models in the wake of the pandemic. The most common issues faced were analytics and models that were inflexible, out of date or overly weighted toward pre-COVID data.
As a result, about two-thirds of respondents said they are developing new analytics and models, refreshing their models and data, and integrating new data types such as geo-location and social media more often than before.
These efforts are paying off. Almost 60% of respondents said they were more confident in the accuracy of the projections of their analytics/models than before, and 68% said their companies were relying on the projections from their analytics/models more than before.
Fine-Tuning Data and Analytics
In our ongoing work to leverage AI to navigate not just the pandemic but also any complex business challenge, we’ve learned five valuable lessons about using data and AI models:
For the last century, analytics activities have relied on static mathematical formulas sifting through static data. Today, the foundation of analytics is data, analyzed by ever-improving and evolving models. In this new world, organizations can make the most complex and important decisions of our day, such as how to balance reopening economies while protecting human health. Agile analytics enabled by AI can tell us how to reach those goals – but only if we give the underlying data and models the care they need.
Learn more about our Pandemic Response Challenge with XPRIZE, a $550k, four-month challenge that focuses on the development of data-driven AI systems to predict COVID-19 infection rates and to prescribe intervention plans.