300 minutes of work replaced with only 1 second of DoAI - Interview with Dimitris Panagio, CEO Seavus Stockholm

“300 minutes of work replaced with only 1 second of DoAI. Think of all you can do with the remaining 299 minutes and 59 seconds!”

The CEO of Seavus Stockholm, Dimitris Panagio, is an AI fanatic and one of the speakers of the 2^nd Nordic Finance Forum that will take place on 15^th and 16^th of May. He will be talking about AI in the financial industry and the process of AI solution implementation. In this interview, we get a glimpse into AI maturity, digitalization, and the challenges companies face during the process. As he says: It is all about transforming businesses and boosting productivity.

‘Explainable AI’ is a global hot topic in almost all industries. What is it, and how does the process of AI maturity look like?

We have already witnessed how AI has transformed the healthcare industry and has developed driverless vehicles, and it is yet to influence our lives and work in ways we cannot even imagine. One thing is certain: our future at work will be much more productive.

‘Explainable AI’ is transparent and able to describe and define what it does at any point in the process. This is what the AI maturity scale looks like: 

As you can see, it is a process of constant learning from previous appraisals that perform pattern analysis to amplify machine learning. It a complex process that began in 2016, matured in 2017, reached the standard in 2018 and it will cause disruption of processes no later than 2019.

Automating – Informing – Discovering – Transforming: these are the stages of disruptive innovation that will revalue the global market.

Seavus has launched its AI solution – DoAI: it is a true business paradigm shift that revolutionized all operational and business activities. How does it work and where can be implemented?

DoAI is a completely transparent software that allows the customer retain full control over their data. We would like everyone to understand how AI works. DoAI is unique because it is not an outsourced system and it will radically modify the working methods.

We know how sensitive it is to share business data. That is why all customers retain data in their own ecosystems and under their control. What makes DoAI revolutionary is that it can: classify and evaluate data, completely (or partially) process unstructured data, match unknown and puzzling data, do complete repetitive and time-consuming operations that often have many contact areas.

300 minutes of work replaced with only 1 second of DoAI. Think of all you can do with the remaining 299 minutes and 59 seconds!

As for its implementation: it fits its purpose in the Finance & Accounting sector, Insurance Management, GDPR Monitoring, and Procurement, to name a few. It can be applied in both public and private sector.

Adopting AI will drastically change the whole workflow and management. What changes in the managerial structure will the implementation of DoAI entail?

I must say that the management vision is crucial for the implementation of an AI solution. What is important is to make these changes in a strategic way that will go along the lines of the company’s vision and accompany all future thinking.

To deal with this kind of disruption in the business processes, you must have highly-motivated employees that are willing to push the limits of their working model. A possible indirect concern might be the inevitability of handling communication, expectations and drive forces during the whole process.

What challenges can a company face during their digitalization journey?

Well, digitalization is ongoing at high speed and it is not easy to keep track with all the technological advancements. The process of digitalization brings many challenges, for example – it is still not fast enough and it is expensive but definitely worthwhile.

Plus, AI is still much dependent on us, and it is our job to work on its development and constant improvement. It is still considered as a new idea that needs time to advance and mature. Another perspective is that companies are skeptical with whom will they share their data, but with DoAI this would not be an issue since the system is transparent and provides autonomy.

Be it as it may, we cannot use yesterday’s thinking to solve tomorrow’s challenges and problems! That is why I believe we should embrace digitalization with open hands because of it the key factor that will decide which companies will flourish and which not.

And, finally, what will be the process and organizational consequences from implementing DoAI, if any?

Of course there will be changes, but they would not be consequences but rather opportunities for even further development and professional growth. Think of your ecosystem and all the data that will be at the touch of your fingertips. This might stimulate bigger investments in new services and offers. The greatest upshot from all this will be the establishment of new playing fields on the global market.

As for the organizational consequences, I am aware that the super-disruptive changes in the managerial structure will be a shock at the beginning, but with a clear vision and proper strategic planning you will know exactly where to start. Having a map, a specific plan of the implementation process is one of the most important factors in the process of DoAI implementation.

Together towards a persistent AI future!