Decisions are the one thing every business has in common. And in today’s volatile market, good decisions can mean the difference between success and failure.
Decision Intelligence is the commercial application of AI to the decision making process. It is helping early adopters to maximize their operational efficiency; predict demand, allocate stock, route delivery vehicles, optimize pricing and more.
Decision Intelligence company Peak is a pioneer of the category, it is used by leading brands including KFC, PepsiCo, Nike and ASOS to build Decision Intelligence applications. With features to support both technical and line-of-business users, Peak makes these apps widely accessible to everyone within a business, simplifying and accelerating adoption of AI. Mr.Atul Sharma, Co-founder & CTO, PEAK in a discussion with CXOToday shared more insights on the same.
What are decision intelligence and its correlation with AI?
Decision Intelligence (DI) is the commercial application of AI to the decision-making process. It is result-oriented and must meet commercial objectives.
It is a new way of thinking about AI for business, it turns the traditional approach to data and AI projects on its head. Instead of starting with the data and working out the achievable outcome, Decision Intelligence starts with a commercial objective and works back to deliver an outcome that needs to be achieved.
What are the market size and growth prospects for DI in India and how is it helping businesses?
Indian businesses have shown a strong appetite and ambition to implement artificial intelligence, and are investing heavily in AI applications and data strategy.
Globally, only around a quarter of the businesses that are investing in AI are deploying it, and even fewer are leveraging it to deliver tangible value to their business. This is down to a number of factors – complicated tech stacks, isolation between technical teams and the users they build solutions for, and a tendency to see what can be done with the data available. Since it is outcome focused, Decision Intelligence addresses many of the problems facing businesses in deploying AI. It reduces the cost of ownership and decreases time to value for businesses leveraging DI. As such, Decision Intelligence is how the majority of businesses will adopt AI.
What methodologies does Peak use and how does the DI platform of Peak works?
Peak is a platform for building Decision Intelligence solutions, customers can use Peak’s platform to create and integrate AI-powered solutions that guide decision-making across numerous business processes. The Peak platform unifies technical and line-of-business personnel on one platform, making AI solutions widely accessible within a firm.
The platform has three core products – Dock, Factory and Work – that allow users to:
- Combine data from across their organization and make it AI-ready.
- Build and train a centralized intelligence that uses AI models to provide a predictive view of their organization.
- Provide an interface for line-of-business users to interact with models that guide decision making across multiple functions.
What all sectors and companies are you catering to in India and across what business functions are these companies using your platform?
Peak is used by leading brands including Nike, ASOS, PepsiCo, KFC and Sika. We are growing our Indian customer base significantly this year and building out a commercial team to support that growth, they will be based in our newest Clubhouse in Mumbai.
What do you think is the future of this technology in India?
Decision Intelligence is how the bulk of organizations – both globally and in India – will adopt AI. It will alter the way we work, much like the internet and electricity did.
DI was named by Gartner as one of 12 top strategic technology trends for 2022. Gartner predicts that one third of analysts in big business will be using it by 2023.
What are your expansion plans as a company?
Peak is investing into research and development to expand the platform’s applications. We’ll focus our R&D efforts in 2022 on developing new AI applications in customer, demand, and supply intelligence.
Moreover, we’re expanding in India in terms of physical presence and increasing workforce. We will be opening up a new Clubhouse in Mumbai, our third in India after Jaipur and Pune. We’re also opening a Clubhouse in New York, our first in the US.