AI Innovation Lab: Accelerate your company’s AI capabilities

“AI is the new electricity. Just as 100 years ago electricity transformed industry after industry, AI will now do the same.” – Andrew Ng, Professor at Stanford, Founder of Google Brain, and Managing General Partner at AI Fund

The analogy above emphasizes the profound impact of artificial intelligence, much like the transformative power that electricity had a hundred years ago. Just as electricity has changed how the world operates – reforming every industry from transportation and manufacturing, to agriculture and healthcare – AI is poised to bring about a similar transformative effect. It will fundamentally reshape the operational landscape for companies, unlocking a multitude of untapped opportunities across various sectors and businesses.

Established companies are in a pole position to leverage AI

Established companies, with their vast repositories of both structured and unstructured data, have a unique advantage in the era of artificial intelligence. This advantage is especially notable in the context of Generative AI, where data is as valuable as gold. Leveraging data and other assets allows established companies not only to streamline and automate existing processes, but also to reimagine responsibilities and adapt functions that have remained static for years. Furthermore, harnessing AI can ignite new business ventures and create additional revenue streams for virtually any organization.

AI Roadblocks: Common challenges observed at companies venturing into AI

While artificial intelligence presents a wide range of benefits, established businesses may struggle to fully leverage this unique opportunity. Typically, there are a few common challenges that stand in the way of AI excellence.

One trap that many companies tend to fall into is conducting many small AI pilots and experiments, but having few actual AI solutions up and running. Essentially, these companies are stuck in the proof of concept stage. Others dive head-first into ambitious AI initiatives, but without a clearly defined problem to solve. The result is often a bespoke AI solution with no real application, or a ‘solution in search of a problem’. Furthermore, it can be difficult to assemble competent teams capable of driving AI adoption. Not only is AI talent scarce and difficult to attract, but AI ventures also require cross-functional teams that cover technical, commercial, and operational competencies.

Then there are some companies that feel bewildered, not knowing where to start. Either they are pressured to adopt AI overnight, or they may be overwhelmed by the many possibilities and potential risks, or both. This intense pressure and myriad of decisions can easily give rise to a paradox of choice, leaving companies in a state of inaction.

Three key factors preventing companies from innovating with AI

The AI-related challenges a company may face are not limited to the ones mentioned above. Nonetheless, the key to overcoming any obstacle is to identify the underlying cause, and in terms of AI development, the root to most challenges comes down to three key attributes defining the field of AI.

To begin with, AI is depicted by high uncertainty. Similarly to any emerging and untested technology, there is a high level of uncertainty concerning the true potential and desirability of AI. What do customers, employees, and other potential users of AI actually want to use the technology for?

Secondly, the technology advances quickly (particularly in the domain of Generative AI), driven by constant breakthroughs in basic research and the fast development of foundational models. It becomes increasingly challenging for companies to keep up with the latest technological developments, and makes it difficult to develop long-term strategies and plans for how AI should be utilized.

Lastly, AI offers an exceptionally wide scope of applications. Its impact extends across all facets of businesses, spanning from sales and marketing to operations and human resources. While this extensive applicability is undoubtedly beneficial, it also poses significant challenges, leaving organizations wondering where to begin and whether the AI solutions being developed creates real value.

Successful AI development requires the right approach, expertise, and team

To treat the root cause and achieve success in their AI initiatives, organizations must have the right approach, expertise and team.

As the current state of AI is highly unpredictable, it is important to approach AI development just like any other deeply exploratory and uncertain project – by adopting an innovation approach. Companies need a problem-first, explorative and agile way of working, and they must embrace portfolio thinking, recognizing that many AI projects are likely to fail.

Furthermore, a rapidly evolving technology requires a profound understanding of its ecosystem. To work with AI, one needs to have deep understanding and intuition of AI models, as well as extensive experience in developing AI models themselves. Equally important, is having broad knowledge of key players within the AI ecosystem and valuable connections.

Finally, to ensure AI development creates real business value, companies must assemble multidisciplinary teams that capture diverse perspectives and domains within the organization. This includes individuals with expertise in machine learning, front-end and back-end development, domain specific knowledge, business acumen, ethics, and more.

AI Innovation Lab by Desifer + Codon

Since 2016, Desifer has been at the forefront of driving innovation and running venture studios for established businesses, helping some of Europe’s largest companies accelerate growth. Codon is a leading AI consultancy in Sweden made up by a group of PhD data scientists and machine learning experts with experience from over 40 AI projects across various domains, including computer vision, natural language processing, fraud detection, and recommendation systems.

In a joint effort, Desifer and Codon operate the AI Innovation Lab as a platform to help businesses strengthen their AI capabilities and fuel company-wide innovation and growth. We observed how companies struggled to align the technical and business aspects of AI development, and felt the need for deep integration of the two in order to maximize value from AI. With the AI Innovation Lab, we are able to incorporate both aspects, with Desifer acting as the innovation and business arm, while Codon contributes with technical development and AI expertise.

Through the AI Innovation Lab, we assist clients in establishing an AI approach that leverages proven innovation frameworks and building and scaling processes. Furthermore, we have forged connections with the most pertinent AI suppliers and partners, as well as an extensive ecosystem knowledge, and the essential AI infrastructure already in place. Last but not least, the AI Innovation Lab brings together expert teams with the necessary competence, an established way of working and a unique combination of perspectives. Ultimately, we ensure our clients are well-equipped for the next era of artificial intelligence – whatever it might be.

Contact us to learn more about the AI Innovation Lab by Desifer+Codon.