Global auto major Rolls-Royce took a lead and initiated an alliance with leading data analytics companies to develop innovative ways to support governments and kick-start business through the regressive economic impact of Chinese coronavirus pandemic. The alliance is called Emer2gent. Several global data analytics majors including Google Cloud, IBM, Truata, ODI Leeds, The Data City and Leeds Institute for Data Analytics have pledged to join the new alliance.
The group of data analytics companies will collaborate and combine traditional economic, business, travel and retail data sets with behaviour and sentiment data to provide new insights and practical applications to support the global recovery from the Coronavirus pandemic.
According to the statement, the models they develop will identify lead indicators of economic recovery cycles, to get people and businesses back to work. Organizations and governments will be able to use the alliance’s insights to make decisions, such as investments or policies that could shorten or limit the recessionary impacts from the pandemic. For that the members will bring all the key elements of open innovation; data publication, licensing, privacy, security; data analytics capability; and collaborative infrastructure.
To jumpstart the effort, Emer2gent has launched a website for potential members to register their interest. “We want the global economy to get better as soon as possible so people can get back to work. Our data innovation community can help do this and is at its best when it comes together for the common good,” said Caroline Gorski, Global Director, R2 Data Labs, the Rolls-Royce data innovation catalyst which started the alliance.
“People, businesses and governments around the world have changed the way they spend, move, communicate and travel because of COVID-19 and we can use that insight, along with other data, to provide the basis for identifying what new insights and trends may emerge that signify the world’s adjustment to a ‘new normal’ after the pandemic,” Gorski added.
The global economy is reeling under a severe economic downturn worse than the Great Depression of the 1930s. According to the International Monetary Fund’s 2020 World Economic Outlook, the global economy will contract by 3 percentage points as a result of the coronavirus pandemic. This forecast is a steeper decline than the 2008 economic recession and cumulative losses to the total gross domestic product is being projected at around $9 trillion for 2020-2021.
(This article was written and published before an Apache AH-64E attack helicopter of the IAF making a precautionary landing at a village in Hoshiarpur, Punjab was reported)