COVID-19 caused unprecedented disruption to the international supply chain. “Business as usual” is no longer the status quo, as companies struggle to manage the groundswell of conflicting data in their systems.
“The pandemic has destroyed, and essentially made people question all of the demand features that were driving their forecast previously. They’re all wrong. Everything has changed,” explained Edward Scott, the CEO of machine learning company .
Businesses are increasingly cutting expenses to survive in 2023, but that isn’t the answer for the long term. According to experts like Edward Scott, data is the most powerful — and most challenging — asset that businesses own.
Companies are awash in data but struggle to see real value from it. shares why it’s important for organizations to harness the power of their data — as well as the process ElectrifAi follows to tap that power.
The Current Status Quo Isn’t Working, According to Edward Scott
C-suite leaders need to see results. “What they care about is: How do we drive revenue? How do we reduce costs, and how do we optimize operations?” Scott explained. “They have a sense that there’s real power and value in the data. But the question mark is how to unlock it — and how to unlock it without tens of millions of dollars of investment in the cloud and consulting services.”
C-suite leaders largely aren’t familiar with data, so it’s difficult for leaders to make the right investments. “It’s the data that encompasses all of the customer information, or product information, or reputational information or otherwise, that needs to be harnessed to drive value. That’s what the companies are struggling greatly to do,” Edward Scott said.
This issue is even more pressing for midsize companies that wrestle to find a foothold among better-funded competitors. “How are medium-size companies going to be able to compete if they do not embrace the power of their data?” Scott questioned.
While the cloud, storage, and elastic computing can provide the infrastructure for this data, it only solves half the problem. “How do you solve the business problem? How do you unlock the power of the data to drive revenue and optimize operations? That’s the key,” ElectrifAi’s CEO explained.
Cracking Open the Power of Data With ElectrifAi’s Prebuilt AI Models
Instead of continually investing in infrastructure that does little to glean value from data, to solve real problems.
“We at ElectrifAi believe that data will be the driver of enterprise value. The data about your customers, about who they are, who they deeply are, what they want, what they don’t want — it’s all in your systems,” Edward Scott said. “The data is there. You have to embrace it and then unleash the stored potential of the data you already have. That will be the key driver to enterprise value.”
ElectrifAi’s leverage data for companies across different industries and verticals. “We take our prebuilt machine learning solutions and show them how to deploy those prebuilt, containerized machine learning solutions very quickly, as in four to six weeks, to drive the economic and business outcomes they desire,” Scott explained.
But instead of embracing end-to-end digital transformation with AI, Edward Scott encourages companies to start small. “So many companies start big with a grandiose vision,” he stated. “By focusing on the grandiose schemes, clients and companies lose sight of the particulars that are required to actually execute and show the value. And when they don’t see that value quickly, they begin to lose faith in it.”
Instead of tackling every business issue at once, ElectrifAi unlocks the power of corporate data by starting small. In the beginning, Scott’s team identifies just one business problem to solve. “When you define that business problem very precisely, we will tell the client exactly the data sources that are needed to solve that specific problem,” he added.
After identifying a company’s data sources, the real work begins. “The problem is in order to eat the cake. You’ve got to eat your broccoli. And the broccoli is the data ingesting the data transformation,” Edward Scott explained.
ElectrifAi uses AI and to source, clean, and prepare a client’s data before plugging it into prebuilt machine learning models. “We use machine learning to identify inaccuracies, anomalies in the data, to cleanse that, to make suggestions, and get that data as quickly as possible in a position to get into the models,” he said.
Once ElectrifAi cleans the data, it adds this information to its prebuilt machine-learning solutions. Depending on the client’s needs, ElectrifAi’s models tackle everything from supply chain optimization to expense categorization.
After demonstrating initial success in the C-suite, ElectrifAi then offers to continue transforming and customizing AI models to the client’s needs. “Let’s get that data ingested and cleaned and transformed, put into the models, scored, and trained with the outcome being placed wherever the client wants it, and get an initial success,” Edward Scott shared. From there, ElectrifAi continues to unleash the power of its clients’ data, solving real business issues with the business’s internal data.
Demystifying the Power of Data
Businesses will continue to cope with pandemic-related data anomalies for years to come. Fortunately, like ElectrifAi can help businesses overcome these setbacks by cleaning, preparing, and mobilizing data to its highest potential.
Edward Scott believes solutions like ElectrifAi simplify the AI puzzle, making this technology more practical for businesses to embrace. “You’ve got to take the tech mumbo jumbo out of the equation. Otherwise, you’re going to lose the C-suite,” he shared. “I think data is tough. And I think that the tech world has made the entire discussion around data more complicated and more difficult. And we need to make this easy. We need to demystify this.”