One week ago, on November 30th, OpenAI released it’s latest large language model chat bot, called ChatGPT. As a general chat-bot, this system allows users to enter prompts to which the system replies. While it is not always correct, ChatGPT is in many instances able to provide very detailed answers to a wide range of …
The rise of large language models & coming business applications Read More »
Imagine such a scenario: you have a production line that has thousands of milling machines, and you notice that you are losing money every time a machine breaks down and lower the production rate. What can you do to solve the problem? You asked your engineers to regularly check every machine and either repair or …
Knowing and understanding your customers is an important key to a company’s success. By understanding patterns of how customers work, how they use provided products or services, act on pricing and so on, a company can effectively meet customers’ needs and preferences and thus improve delivery to customers. However, obtaining an understanding of every customer …
The importance of using artificial intelligence and machine learning to create more advanced analytics and predictive decision support to drive business outcomes to the next level is growing. And as AI/ML becomes more commonplace to increase competitiveness, it will also create strong incentives for all companies to use it. The main benefits of using AI/ML …
In the business world, classical financial auditing serves the important purpose of providing an external opinion as to whether financial statements are correct and have been created in accordance with relevant international and national standards and regulations. As such, financial auditing ensures both external compliance and correctness, so that internal operational decisions can be made …
Towards Auditing Modern Data-Driven Decision Making Read More »
Analyzing data to make informed and insightful business decisions is not a new concept. However, making such decisions is more complex, as data is being generated and collected on an ever-increasing scale. As a result, data analysis using more advanced techniques such as artificial intelligence becomes a necessity. At Decision Labs, we implement advanced decision-making …
Combine Business Strategy with Artificial Intelligence to Increasing Business Efficiency Read More »
A commonly discussed issue with machine learning and artificial intelligence solutions is the lack of trust from the users. This originates from the fact that it is often not understandable to the users why methods provide a particular output, and therefore machine learning solutions are not used to the extent that they could. This has …
Challenges with Machine Learning Transparency and how they can be Handled Read More »
Your team has bought a new deep learning-based machine learning solution to predict when any one of the 10 000 machines needed in your product production line will fail. The team is excited by the new predictive maintenance AI model that reports “prediction accuracy is 98%” in predicting if a given machine will fail in …
Explore how Accuracy Measures can Impact your Decision Making Read More »
Pitfalls when Communicating Data-Driven Insights to Decision Makers Machine learning-based predictive models are increasingly being adopted by decision makers across small and large organizations. These automated models can produce predictions to assist in problems ranging from predictive machine maintenance to customer churn prediction. However, with the ever-increasing adoption of these methods, product owners often focus …
How to lie with statistics is the name of a famous book by Darrell Huff in 1954 explaining how easy it is to lie with statistics. The book is almost 70 years old, but the topic is still relevant. Why is that? “Lies, damned lies, and statistics” describes the persuasive power of statistics. Statistics can …