The enterprise C-suite is always looking for value drivers. While capital access, new customers, economies of scale, and countless other factors can improve a company’s financial performance, many CEOs unknowingly leave value on the table.
They already have an untapped asset in their business: their data.
According to ElectrifAi CEO Edward Scott, many businesses go to the trouble of collecting data but often don’t understand its true worth — or how to glean value from it at all. Here, he shares why data is so crucial to enterprise companies, as well as how enterprises can glean more value from this data.
The True Value of Enterprise Data
Businesses can’t afford to overlook the power of data. However, not all data is created equally. Organizations are operating in a post-COVID-19 environment where historical data just isn’t accurate anymore. Ongoing disruption broke old prediction models, which makes forecasting a treacherous and inaccurate task.
In this environment, businesses are contending with new threats and challenges. “Over the past 14 years, most businesses have gotten a subsidy from cheap labor, cheap capital, and cheap goods. Well, we’re on the other side of that trade. The interest rates are rising. Labor is very expensive and goods are expensive,” Edward Scott explained.
In light of rising costs, supply chain issues, and countless other challenges, enterprises need to look within their own organizations to spot value drivers. That’s where data comes in. ElectrifAi’s Edward Scott sees data as an underutilized tool for enterprise value. “Data is the last untapped asset on the corporate balance sheet,” he stated.
C-suite leaders know they need solutions, but their lack of familiarity with data makes it difficult to invest in the right initiatives. “The C-suite has a problem. They need the problem solved quickly,” Edward Scott said. “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 tens of millions of dollars of investment in consulting services. How to get at that value quickly.
“So, how are enterprise customers going to drive value?” Scott continued. “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.”
Data drives value for enterprises in several ways. It helps them overcome pricing increases. “The release of the stranded working capital is significant,” Edward Scott explained. Actionable data also streamlines processes at a time when companies struggle to make sense of their data. “This unstructured data is crushing companies. It’s like a tsunami,” ElectrifAi’s CEO added.
With solutions like ElectrifAi, businesses can take as few as seven data points and plug them into prebuilt machine learning models to deliver unprecedented value.
How ElectrifAi Drives Enterprise Value
ElectrifAi provides domain-specific business solutions powered by prebuilt machine learning. “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 consequential economic and business outcomes they desire,” Edward Scott said.
Scott’s team frequently works with C-suite enterprise leaders who need to solve expensive, companywide issues.
ElectrifAi’s SpendAi product takes all corporate spend data, categorizes it, and classifies it. “It shows you exactly where you’re spending all your money at a very deep level,” Scott explained. The system fixes supplier misspellings and duplicate entries to clarify where enterprises spend their money, leading to improved accounting insights.
ElectrifAi’s solutions also help companies across different verticals optimize their supply chain, inventory, demand, and more. For example, restaurant brands are ditching inefficient Excel sheets in favor of ElectrifAi’s machine learning solutions to optimize routes and loads. Edward Scott’s team optimizes stock to help their clients free up financial resources, too.
Enterprises can also drive more value from their data by mobilizing it with dynamic pricing models. “Dynamic pricing gives the ability for the enterprise to assess in real time how they change the prices as per the business conditions or the business objective. Do I want to maximize profit? Do I want to maximize market share? Do I want to maximize revenue?” Edward Scott said. This allows consumer packaged goods, e-commerce, and other product-focused brands to adjust their pricing in real time based on market conditions and demand.
While data is necessary to create accurate AI models, Edward Scott believes that data alone can’t deliver value — enterprise leaders have to mobilize clean, organized data to see more value.
Driving Enterprise Value Through Data-Powered AI
Enterprises are awash in data. They don’t have a data-sourcing problem; they need to drive value with their existing data. “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 Edward Scott explained.
There are so many value drivers that enterprises can leverage to optimize expenses and revenue. However, these organizations have already invested millions of dollars in their data. Solutions like ElectrifAi enable organizations to free up capital invested in data to generate return on investment. In this way, ElectrifAi acts as an accelerator for enterprise data, assisting enterprises to leverage value from their existing assets.
“We have created something here that does not exist, which is the ability to help clients turn their data into a strategic weapon to drive their business, and to drive their business quickly, with what we call consequential AI,” Edward Scott explained. “The solutions that we’re talking about today drive your top-line revenue, optimize your operations, and reduce costs. That’s what consequential AI really is.”
