Imagine calling an insurance company and having a full conversation with a lady advising you on your best options on insurance. Only to find out afterwards, that the lady you were talking to was in fact an AI. An artificial voice with a machine intelligence, programed to interact with you and meet your individual needs.
AI, also referred to by its full name Artificial Intelligence or machine intelligence, is a rapidly growing market.
Bigger companies are already working with such implementations in the US, but there is still some way to go for Danish businesses wishing to do the same, according to Tim Daniel Hansen co-founder of the new Droids Agency in Copenhagen, Denmark.
Revenues from the AI market, worldwide, are expected to be 59 748.54 million dollars by 2025 and these numbers are likely to escalate further as AI gets closer to taking over normal job functions.
The new Droids Agency have chosen to locate themselves in the newly formed Danish Centre for Applied Artificial Intelligence at Alexandra Instituttet in Copenhagen, Denmark. “Our expectations are that this place will become a mini Silicon Valley”. With professors and highly qualified developers and scientist at hand Tim Daniel Hansen from Droids Agency expresses an appreciation for the possibilities this place brings them. Besides paying the rent Droids Agency also commits to using an additional 12 500 DKK a month on freelance work collaborations within the institute.
“The upside (to having our office here) is that, if we wanted to find and hire people who could do everything within the field of AI, such as speech recognition, picture recognition, or big data where we need to find patterns in behaviour. We would need to hire a lot of people, who we would not be able to use in every project. And here (at Alexandra Instituttet) we can tap into peoples talents and collaborate with them according to the task at hand” Hansen says.
With big customers such as PFA, Nordea and many more, there is a great interest on how to improve and optimise through automation, in the businesses of our customers, Hansen explains.
“So the question is now, how can we use artificial intelligence to do some of these things we do today. How can we find the ones who are cheating on their taxes, how can we find the ones exploiting the system, if that’s the focus of a case” Hansen says. And they do this by creating specified AI algorithms, which evaluates each problem their customers are facing.
Despite the new company being on a roll Hansen finds that AI is rather hyped at the moment, which can lead to people outside of the field having a misperception of what AI is and can do for them. “Sometimes the technology is not quite as developed as we need it to be, and sometimes there is simply not enough data” Hansen says.
Less than 10% of Danish businesses use AI in their core businesses today. Plenty of these technologies can create value in companies, but very few have been fully developed and are ready for markets as small as the Scandinavian ones. Hansen expresses that there is still some way to go before AI is on the same level as in America.
We believe that information should be free and will therefore never put up a paywall.
If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.