Element AI has launched its latest product, called Knowledge Scout, which organizes and manages data sets for manufacturers in industries like pharmaceuticals, automotive, and aerospace.
“A simple query with Element AI Knowledge Scout is all it takes to unlock the power of AI and find answers to complex issues.”
The software is designed to turn untapped data into insights, arranging and administering information to help companies navigate knowledge stored within their organization. Using AI, Knowledge Scout is meant to open up “unparalleled access to knowledge” for industries tackling complex, data-intensive problems. The product will be rolled out to clients in early 2020 and is aimed to help specialists to draw faster insights from existing institutional data and optimize operational responsiveness.
“We created Element AI Knowledge Scout as part of our AI software solutions to help organizations realize the power of AI and navigate the repository of institutional knowledge which was previously held by employees and manual processes,” said Anand Medepalli, head of products at Element AI. “Now a simple query with Element AI Knowledge Scout is all it takes to unlock the power of AI and find answers to complex issues such as quality management in manufacturing in a matter of seconds.”
Knowledge Scout is Element AI’s lastest product since the much-lauded AI startup officially came out of ‘stealth phase’ earlier this year, launching a product to help improve cybersecurity for National Bank. In September, Element AI closed a $200 million CAD Series B, but its year has also been plagued by concerns around commerciaizing AI.
At Elevate earlier this year, JF Gagné, CEO of Element AI told BetaKit the company has faced “incredible resistance” from the market, restricting its ability to develop a generic AI model that would then be shared and productized. Gagné noted that one of the challenges is working with partners that were not using their data efficiently, and tailoring the tool according to their needs.
Following its $200 million Series B, Element AI launched its first standalone product, a software product for the insurance market. The Knowledge Scout marks the second announcement of a standalone product, whereas Element has previously worked directly with corporate partners to create specific AI-powered software.
The startup noted that in an organizational setting, data is abundant, but insights can be difficult hard to capture, which makes retaining information extremely challenging when an expert isn’t present or leaves a company.
“When a problem arises, employees often don’t have the experience-based information needed to solve the problem because this knowledge has yet to be collected and centralized, which ultimately costs the organization time and resources,” Element AI said in a statement.
Knowledge Scout is intended to alleviate this knowledge gap across multiple industries. The solution was built as a decision-support AI product facilitated by Element AI’s research. The product offers an interface for users to ask questions, then, the product’s algorithms articulate a response by drawing information from similar contexts through both structured and unstructured data sources.
Structured data, in this context, refers to highly-organized, formatted, and easily searchable data, while unstructured data has no format or organization, making it much more challenging to collect, process, and analyze. With Knowledge Scout, users can bookmark results, which would strengthen the algorithms’ ability to learn and ensure better results in the future.
Image courtesy Linebox Studio.