Very intriguing research from Avasant's tech innovators series which does a good job unveiling the potential of newer technology. The research write up below is about an AI platform that claims to cut the time to gain valuable insights from massive amounts of enterprise data including IoT generated.
The title “black box to easy answers” is interesting in that the process requires an initial eight week effort to analyze a company’s data to see if there is enough to solve stated problems. Actually the eight weeks is not too bad given years that it often takes to gain value in such situations.
Good case study of a water utility solving a mix of problems (understanding customer behavior, faulty meter detection, meter failure prediction, and service call optimization).
Other key concepts/ideas from the research:
Up to now, 70-80% of AI projects fail.
EDI (Enterprise Decision Intelligence) is a way to increase AI project success. (Note: the DI means using entity resolution to create a complete meaningful view of data across an enterprise. Entity resolution is task of finding every instance of an entity, e.g., customer, across all enterprise systems/applics/knowledge bases).
Natural language query tool used- deep learning/natural language processing (NLP) to break down data silos to obtain diverse format data (contracts/emails/presentations/sensor readings). Then knowledge graphs map data connections.
IoT gens billions of endpoints that need to be harnessed. Structured and unstructured data requires integration. Tap into tribal knowledge from internal reports, emails, evaluations, observations.
Huge problem with garbage data- so data needs massaging and cleaning before it can be useful.
Personal note: I sold for Aspect Development which made it’s mark with manufacturers identifying/cleaning/structuring part data across many databases and systems. The data was shaped up to enable a software platform to provide information for better decision-making which enabled millions of dollars in savings by cutting down part numbers, vendors, and sourcing spend. Truly a design and sourcing innovation at the time that was sold and priced based on value with an initial data assessment/road map project that identified savings potential. I2 acquired Aspect for $9.3B in 2002.
To say that AI is the scorching hot trend of 2024 is a huge understatement, and thus many companies have come to believe that AI projects can be the Holy Grail. But there are many problems that companies face in this regard. However, companies in a market dubbed enterprise decision intelligence (EDI) have emerged to fill this gap. One of the more interesting is App Orchid Inc.
🔗 Download the report: https://hubs.ly/Q02GKl0w0
Tom Dunlap #AI #EDI
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