Empowering people & transforming business through AI
Violet is on a mission to bring artificial intelligence (AI) to business operations, opening new possibilities and creating value. AI is a major driver in transforming how we will work in the future, touching every part of business from automating document management to empowering recruitment. At Violet, we believe:
- AI’s advanced capabilities are already changing the way we work
- AI can and will be used to make more and more complex decisions at a rapid pace, shattering norms of how we operationalize and optimize business
- This change can be a positive force for business, empowering people and unleashing creativity >
Violet strives to be a leader in anticipating shifting business needs, developing the right AI solutions, and utilizing them to empower people and drive success. We will help create the AI-driven future. Are you ready to join us?
The AI Opportunity
The fourth industrial revolution is pushing the world to the precipice of great change as entire systems of production and management are being re-developed. Sitting at the center of all this change is artificial intelligence. AI is by definition autonomous (working on complex tasks without human oversight) and adaptive (learning from experience and improving performance over time).
For businesses, adopting AI will mean increased automation, digitization and insight to save the most precious resource of all – time – to allow humans to create, innovate and be inspired. AI simplifies and speeds up activities, personalizes solutions and allows people to focus on more complex tasks.
This is not about robots taking over the world of work. In fact, it is the opposite. The AI opportunity creates a world of work in which people are set free to improve and innovate while AI tools handle the redundant tasks. A company’s attention will be on collecting and analyzing the right data with AI so people can optimize output to create greater value.
The AI revolution is moving fast and will have significant impact in every industry in the immediate future. We expect the digital revolution of today to catalyze a new way of doing business in 10 years’ time. The next generation of employees is going to think it is natural to have a digital assistant, or to work with an algorithm, or to run data-driven businesses. Having grown up with artificial intelligence as a part of everyday life, it will be easy for future employees to utilize these tools. What will continue to be a revolution is the need for human agility and creative thinking to optimize AI solutions and pivot to new ideas.
Violet understands new AI tools, and can support businesses in this journey of continued improvement, greater agility and value creation.
In this exciting AI landscape, challenges remain. The speed at which business and AI is progressing is extreme and driving a “land-grab” for the best talent, the best ideas, and the best systems. Companies risk losing their competitive edge without AI, but two major challenges exist to truly enacting AI-focused strategies: a lack of understanding of AI and a war for limited available talent.
Lack of understanding
Many companies have AI and digitalization in their strategies, but very few have a vision for how AI can transform their business. Only 16 percent of Nordic CXOs believe that they have a very good understanding of how AI will impact their business model, according to a recent report by McKinsey. Early adopters of AI can, according to McKinsey’s estimate, double their cash flow by 2030, compared to nonadopters.
There is a critical pipeline concern. While funding is pouring into educational programs, there is a crunch for talent now with leading tech companies snapping up much of the top talent. Demand is growing for data scientists, robotics and AI engineers, and workers with experience in deep neural networks, big data and analytics, among other tech specialists.
As all companies become more and more data driven and all algorithms become more and more demanding in terms of data, there is a larger need for enriched data every day. The companies that know how to store, enrich and continuously update their data today will sit on the goldmines of tomorrow.
Bridging the gap
There are several potential solutions for businesses to get started on an exciting AI journey and fully realize the potential of AI:
Violet's companies are dedicated to understanding the most critically needed AI tools in business and helping to enact AI-driven solutions for business automation. A partnership between companies with AI expertise and those seeking to innovate is a powerful combination. Developing business value with AI is an iterative, ongoing process. The most important step is to start with the right expertise for support.
Focus on value creation
AI can be applied in a wide variety of functions to free up time and change the way business value is created. Every company has defined ways of working, and AI is affecting most business processes including service operations, customer analytics, logistics optimization, document management, and talent management. Companies and organizations should not be trying to solve every problem with the most advanced AI possible but rather clearly define a problem that can be helped with AI. The most common kind of AI requires data and a lot of it to help train the algorithm over time. Once an algorithm is developed it continually learns and improves from data gathered from user interaction. The power of then owning the algorithm is that you have the power to automate significant processes in your business. If the algorithm is better than the competitors’ algorithm, your company will capture a leading market position. We work with companies to understand value creation and areas of focus to have the greatest positive impact.
Ethics and security
AI is a powerful tool, and a community is rapidly evolving to advocate and legislate for trustworthy AI. This includes respecting all data protection rules and understanding cyber security challenges. This is an issue for countries, institutions, and companies, and requires a thoughtful conversation and clear guidelines, which Violet's portfolio companies can support.
The potential is tremendous. The AI revolution will change how we work for the better, removing demanding, iterative, dull work and allowing for greater innovation and humanity. Violet is in the business of empowering people and delivering the tools of the future. We are actively looking for visionary leaders & thinkers to join us in this journey.