AI Will Change How We Work And Run Businesses: Richard Potter

In conversation with Richard Potter, co-founder and CEO, Peak.

Excerpts:

For our readers, please tell us how Decision Intelligence benefits businesses?

Decision Intelligence is the application of AI to the commercial decision-making process. It helps businesses to enhance decision-making across the organisation by using all available data to deliver predictive insights, optimising for efficiency. It can be applied to a huge variety of use cases, in any business, in any sector; and Gartner estimates that by 2023 one-third of analysts in large organisations will be using it. 

At the moment, only around a quarter of AI models built commercially are ever deployed, and even fewer generate meaningful value for a business. This is down to a number of factors; legacy tech stacks, siloed data and divides between technical and commercial teams are just some of the current blockers to commercial AI adoption.

Decision Intelligence is outcome focused. It turns the current commercial approach to data and AI projects on its head. Instead of starting with the data and building models based on what is available, Decision Intelligence starts with a commercial objective and the decisions that underpin it, working backwards to deliver an outcome that needs to be achieved. As such, it is how the majority of businesses will adopt AI.

How can Decision Intelligence prepare businesses for the future in this rapidly advancing world?

AI will change the way we work and run our businesses in the same way that the introduction of the internet did. AI decision-making in particular has the potential to raise global economic output, and is projected to add a staggering USD 13 trillion to the global economy by 2030.

Decision Intelligence is already being used by early adopters to enhance operational efficiency across a wide range of use cases. Some are using Peak’s platform and applications to optimise distribution networks, saving on truck miles and logistics costs, while others are leveraging the technology to price in real time as a means of managing the soaring costs of raw materials. There are a number of businesses that use Peak to optimise marketing campaigns, and the platform is even being used by an Agritech company to maximise crop yields and reduce production costs.

How do solutions offered by Peak help businesses?

Peak is an AI platform that enables users to build and deploy Decision Intelligence applications. It can be used by businesses at every stage of their AI journey to deliver apps that meet a business need, fast. 

The platform has three core products – Dock, Factory and Work – and can be used by both technical and commercial teams. It also features a library of read-to-go applications that fit a variety of use cases across sectors including CPG, Retail and Manufacturing. These apps allow users to rapidly apply AI to deliver on commercial objectives, while giving them the tools they need to extend their use of Decision Intelligence over time.

What is the scope for Decision Intelligence in India?

We see huge ambitions from Indian companies when it comes to adopting Decision Intelligence, and they are heavily investing in AI applications and data strategy. Our recent survey, ‘State of AI 2022’, showed that India leads on nearly all AI readiness measures when compared to countries like the UK and US. There’s a very real potential that India could lead the world in Decision Intelligence.

Could you tell us a bit about your work with Indian businesses?

My co-founder and CTO Atul Sharma is based in Jaipur, and his team there has led much of the development of the platform over the years. We have worked with a few Indian businesses since we were founded in 2015, and started to build out our commercial teams in Pune and Mumbai earlier this year. We now have an increasing number of Indian customers using the platform.

Peak has been on a phenomenal growth trajectory. What are your plans for expansion?

In August 2021, we closed a USD 75 million Series C funding round led by SoftBank. We are investing heavily into research and development to expand the applications available on the platform, particularly in areas of Customer, Demand, and Supply Intelligence.

We are growing rapidly in India, we now have three Clubhouses in Mumbai, Pune and Jaipur. We also opened our first Clubhouse in the United States in New York at the start of the year. It is an exciting time at Peak.

In the coming decade, where do you think AI will have the deepest impact?

At Peak, we believe that the world of business is changing. Growth simply for the sake of it is no longer the end game, and winning for many businesses now means making decisions that have a positive impact; not just on the bottom line but also on the people around you. AI will be a great facilitator of this, freeing us up to be more creative.

What is your vision for Peak in the next five years?

Our vision is to put Decision Intelligence in the hands of everyone within a business. The next five years will be one of huge growth for Peak, as we expand into more countries and sectors, and the technology becomes more readily available to businesses around the world. 

And, as more and more customers adopt Peak and Decision Intelligence, the innovations will come thick and fast, and they won’t just be driven by us. Yes, we’ll add new features, tools and capabilities to the platform, but the real innovation will be driven by our users. And that’s going to be really exciting to see.