Driving innovation and competitiveness using AI and Blockchain technology

Current figures show that 91% of leading companies want to invest more in artificial intelligence (AI). Overall, four out of five companies believe that AI gives them a competitive advantage over the competition. As reported in the broadcast, only 35 percent of large companies actually use AI. In the case of small and medium-sized businesses, the number is even lower: only 25 percent use AI applications in at least one line of business.

The most important reason why 83 percent of companies view AI as a related but used technology less often is a lack of skills. Only seven percent of all companies reported having employees with knowledge of AI.

“Artificial intelligence is concerned with creating systems that can perform tasks that would normally require human intelligence. These include, for example, speech recognition and decision-making,” explains Hannes Loesch, founder and CEO of South Tyrol software company Limendo. Artificial intelligence provides companies with various opportunities to improve their operations and gain a competitive advantage. One common application is the use of AI algorithms to analyze large amounts of data, such as customer data and sales figures, and identify patterns and trends that can guide operating decisions. In South Tyrol, companies have already dared to rely on new technology. For example, we now know that we can predict sales with a probability of 95-98% accuracy. We have yet to evaluate what this means in terms of savings,” Loesch says.

Hannes Loesch (Photo: Business School)

An important area of ​​application of artificial intelligence is to increase efficiency. “Artificial intelligence provides companies with the opportunity to improve their operational processes and make them more efficient. Automation of tasks that used to be performed manually saves time and resources. In addition, automation of work processes reduces exposure to errors and increases the quality of the results achieved. South Tyrol is not famous for its long traditions Not only that, but it is especially famous for its innovative companies. In the meantime, progressive digitization has gained a foothold in all sectors. In this context, artificial intelligence represents the next logical and essential step to maintain or expand competitive advantages at the regional level and in international comparison, “says Max Benjamin Fox. The business IT specialist from Berlin worked for the American IT group IBM from 2014 to 2021 and now works for Limpet, a Berlin-based consulting firm specializing in artificial intelligence and data science.

Incidentally, the oft-expressed concern that AI will lead to job losses is largely unfounded, as new technologies tend to create more jobs than they destroy. According to a study by Gartner, by 2025, artificial intelligence and automation will create more jobs worldwide than will be lost.

Max Benjamin Fox (Photo: Business School)

“The employees who operate the systems or interpret the data are essential to the success of AI in the company,” stresses Johannes Bettel, who also works in Berlin. As Senior Director of Innovation in the Digital Division of Deutsche Bahn (DB Systel), he specializes in managing early-stage innovation projects. “When employees understand the underlying technology, they can, for example, better understand how AI systems make decisions, recognize simple errors and use data sensibly. It also helps to involve employees in development and train them more intensively. This increases acceptance and increases The likelihood that employees will actually use the new systems,” explains Bittle.

Johannes Bettel (Photo: Business School)

The Competence Center for Blockchain and Artificial Intelligence in South Tyrol has set itself the task of supporting local businesses in these challenges in the best possible way. From feasibility studies to implementation and skill transfer, support is provided for all steps to successfully implement AI projects.

In addition to AI experts, specialists in the field of blockchain technology also gather in the Bolzano Center. One of them is Paolo Coletti, a mathematician and university researcher in the field of computational finance. “Most people still think of Bitcoin first when they think of blockchain. Although cryptocurrencies are an important area of ​​application, both businesses and public institutions can use blockchain in many different ways,” Coletti asserts. “Even for a medium-sized company, smart contracts on the blockchain make it possible to process automated and secure contracts with suppliers or customers. This makes it easier to manage contracts and agreements and increases the efficiency of business processes,” says the expert.

Paolo Coletti (Photo: Business School)

South Tyrolean Max Oberperfler explains how hospitals can also use blockchain: “Hospitals can use blockchain technology in various ways, for example to improve patient data management and increase efficiency in the pharmaceutical supply chain. By using blockchain, hospitals can ensure that patient data is stored securely and privately and that authorized persons Only them can access it.In the pharmaceutical supply chain, the use of blockchain helps improve transparency and traceability of medicines, which helps reduce counterfeit medicines and improve patient safety.”

Max Oberberfler (Photo: Business School)

Thus AI and blockchain technology can be used both in the private sector and in public institutions such as schools, hospitals or public administration. The objectives are, for example, to increase efficiency and a better understanding of customer requests or – as far as the public sector is concerned – shorter waiting times for citizens through automated processing of applications or to increase transparency in the publication and award of public tenders.