We interview Luka Crnkovic-Friis, co-founder and CEO of AI platform provider Peltarion, about where AI is today, common misconceptions about the technology and what management teams should think about organisationally and technologically to keep up to speed.
He explains how the Peltarion platform is able to put the power of machine learning in the hands of non-experts to build operational AI systems that have been used for everything from cancer diagnosis and house price prediction to music categorisation and optimised pulp production. He also discusses Peltarion’s ambition to educate both managers and citizens in general about AI.
Where is AI today and what are the challenges?
During the industrial revolution, we automated physical power. Now we are automating intellectual power; ie we are in a cognitive revolution. This will likely affect sectors across the board. We have never seen such fast adoption of new technology as we are seeing now.
Challenges come from transformation and depend on where in the digitalisation process companies are. A data-enabled company (see picture below) has data at its core, around which it builds layers of first algorithms and then processes – encompassed by the people of the organisation. However, a more traditional company usually puts people at the core, tries to build a layer of culture and values and then tools around that, while data is an object that is distant from the thoughts of the organisation.
The first type of business, the “Googles” and “Amazons” of this world, should be able to utilise AI and machine learning (ML) quite easily, as data is at their core. For the more traditional type of company, it quickly becomes difficult to utilise data-driven processes. Most companies are somewhere in between these two extremes, and the closer to a traditional organisation that a company is, the more challenging it will be to succeed in an emerging AI/ML environment.
An understanding of data quality is naturally important, but data quality is usually quite misunderstood among management teams. When we meet board-level management, we usually hear that they have the best data in the industry. As we trickle down in the organisation, the promised data quickly becomes of lower quality, and then not current. Many times, it turns out that it is not even possible to get the data at all.
The information provided within this website is intended for background information only. The views and other information provided herein are the current views of Nordea Markets as of the date of publication and are subject to change without notice. The information provided within this website is not an exhaustive description of the described product or the risks related to it, and it should not be relied on as such, nor is it a substitute for the judgement of the recipient.
The information provided within this website is not intended to constitute and does not constitute investment advice nor is the information intended as an offer or solicitation for the purchase or sale of any financial instrument. The information provided within this website has no regard to the specific investment objectives, the financial situation or particular needs of any particular recipient. Relevant and specific professional advice should always be obtained before making any investment or credit decision. It is important to note that past performance is not indicative of future results.
Nordea Markets is not and does not purport to be an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction.
The information provided within this website may not be reproduced, distributed or published for any purpose without the prior written consent from Nordea Markets.