On the Atlantic side, AI development spawns new industrial innovations every week, many of which, unfortunately, go unreported here in the Nordics. In the European Union's headquarters, Brussels, there's a buzz about the new EU AI Act, which critics fear will lead to technological stagnation in Europe.
Founded in 2018, Smartbi was born to tackle the challenges faced by Nordic industrial companies: limited data resources and the inability to utilize existing data. According to a recently published article in Finnish HS Vision, many Finnish company leaders lack a clear vision for using AI in their businesses. The 2023 Accenture report found that only 6% of Nordic companies can be categorised as AI achievers, in contrast to 12% of other European companies.
Over the past six years, we have witnessed how intelligently designed data solutions can enable companies to achieve significant industry results. For example, an application we developed for Caruna, a Finnish electricity network company, reduced the number of images its employees had to process manually by up to 50%.
Nordic industrial companies have a bright future—if they embrace AI as rapidly as the US and China. Nordic AI players stand out on an international level. We have a very high level of education, with universities and colleges offering top-quality AI education. For instance, Finland's AI research in machine learning is among the best in Europe. Here, governments also contribute to AI initiatives: the Finnish Ministry of Education and Culture has granted 255 million euros to pilot a new type of doctoral training specialized in AI between 2024 and 2027.
In addition to a technological lead and top-level experts, we have ambition. Nordic AI actors are committed to the principles of sustainable development and develop AI solutions that help solve global challenges.
Nordic industrial companies are on the threshold of a new era. Companies have realised the immense potential of new technology and have started considering investments in AI. Next, it's crucial to understand how AI solutions can be strategically utilised and where to invest. Smartbi's vision is to pioneer this change and help industrial companies harness the full potential of AI.
Are you eager to learn more about the latest AI news? Listen to our podcast, Dataset by AaltoAI & Smartbi. Ready to go beyond and experiment with AI? Read about our two-week AI sprint, designed with the special needs of industrial companies in mind.
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