(US and Canada) Ed Scott, CEO, ElectrifAi, speaks with Mark Johnson, Fusion Alliance Regional VP and Editorial Board Chair, CDO Magazine, in a video interview about critical success factors for prebuilt models, tapping data as an asset, and using it to drive decisions.

When discussing the success factors for ensuring data can flow into prebuilt models and lead to insights, Scott advises starting small. The business problem must be precisely defined, and the data sources needed to solve it must be identified. Next, the data will be ingested, cleaned, transformed, put into models, and trained. The initial success can be used to showcase the power of the data.

Scott also mentions that machine learning is used to identify inaccuracies and anomalies in the data, cleanse it, make suggestions, and get the data ready to go into the models.

Continuing, Scott notes that the financial services industry is sophisticated, but people approach data differently than other aspects of their business. He further explains that organizations already have the data required for serving customers better and optimizing operations. Still, they must change their mentality to embrace data and unlock its power. Data is an untapped asset, he says. The team at ElectrifAi believes that data will be the driver of enterprise value.

When it comes to deploying containerized machine learning solutions to produce insights and drive decision-making, Scott says that the entity closer to the customer that solves the business problem has more value. He elaborates that mid-sized and even Fortune 500 companies need access to data engineers and data scientists.

He stresses the need to take the “tech mumbo-jumbo” out of the equations and show up with results quickly — in six to eight weeks.

CDO Magazine appreciates Ed Scott for sharing his insights and data success stories with our global community.

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