Last Updated on Monday, 4 November, 2019 at 2:05 pm by Christian Keszthelyi
Business Leaders Malta has partnered up with data science company Lobeslab on business intelligence (BI), artificial intelligence (AI) and machine learning (ML) solutions to help companies revolutionise their operations by making data a core part of their future activities, according to a press statement sent to Business Malta.
The new partnership between Lobeslab and Business Leaders Malta aspires to offer top-of-the-line support through various BI and AI solutions to companies as they embark on their quest to leverage complex data.
“Big data may be a worn phrase, but the data boom is on a spurt and it’s not stopping. One look at companies such as Amazon and Google, and there’s no denying that companies on the leading edge of the BI and AI revolution are feeding off of it to augment existing services, maximise operations and lead the way in their respective industries”, said BLM CEO Morgan Parnis.
“In a business landscape as dynamic and ever-evolving as this one, the need for businesses to tap into their data and harness it to its utmost potential has become excruciatingly important. Not using your data is a bit like piloting a ship without following your navigation equipment. You may still cruise around from point to point, but you’re doing so blindly and that’s not going to end well. Tapping into your data gives you the direction you so need to streamline this process,” Mr Parnis added.
Internationally, 97.2% of organisations are reported to be investing in either big data or artificial intelligence initiatives, according to the findings of the Big Data and AI Executive survey by New Vantage Venture Partners in 2018. Furthermore, proper utilisation of big data has shown to improve decision making, decrease expenses and improve customer service.
Europe, however, appears to lag behind. Out of 28 European Union countries, only 12% of businesses reported having analysed big data in 2018, according to Eurostat data. Of the EU member states, Malta ranked highest with 24% of Malta-based businesses reporting to have undergone some type of big data analysis, an increase of 5% since 2016.
“Whilst this shows potential and a certain willingness by companies to tackle big data, it’s pretty clear that data is still an untapped resource by the large majority of Maltese and European companies,” said Lobeslab Co-Founder and CEO Alan Gatt. “Data is literally everywhere. It’s a ‘super commodity’ which modern-day companies naturally possess and can leverage to revolutionise operations, boost profitability, increase visibility, and propel their businesses forward – and we can help make that happen,” he added.
BLM CEO Parnis added that his organisation has always been at the forefront of the data revolution so “introducing BI and AI solutions to our agenda introduce a whole new game which we’re super proud to be pushing forward alongside Lobeslab,” the BLM CEO added.
Startup Lobeslab works to help organisations “drive real business value by empowering businesses to create maximum value out of data.” The business intelligence services the startup offer include data gathering, data cleaning, data management, data warehousing, data analysis, data visualisation, system automation (machine learning) and tailored training.
Business Leaders Malta is comprised of three main brands: event management and business consultancy BLM itself; market research company Esprimi; and educational institution Academy of Business Leaders. BLM offers services such as business consultancy; conference management; the delivery of accredited courses; and market, employee and media research solutions.