Now AI is being used to boost the East Midlands economy
EXPERTS plan to use AI to help boost the economic profile and profitability of the East Midlands region.
East Midlands Chamber and De Montfort University Leicester have joined forces to launch a Regional Business Intelligence Unit, which will work on highlighting things such as business strengths and weaknesses and investment opportunities.
Academics and researchers will work alongside business leaders within the new unit, which has been backed by £121,000 of Government funding from Innovate UK and the
Economic and Social Research Council.
De Montfort University experts will bring their knowledge from enterprise, economics, business intelligence and AI to help the chamber create a data powerhouse that will raise the profile of the region as somewhere to do business.
The data, much of it around the digital economy, will be used to lobby and inform bodies such as Government agencies, local enterprise partnerships, the All-Party Parliamentary Group of East Midlands MPs, councils and the
East Midlands Development Corporation, as well as individual businesses and communities.
Professor David Rae, director of De Montfort’s Centre for Enterprise and Innovation, said: “This will give us better data, better intelligence and lead to better decision-making for the region as a whole.
“We know the East Midlands voice is less strong than other regions. Having the chamber as the business partner in this, with its networks across the three counties of Derbyshire, Leicestershire and Nottinghamshire, will ensure we can work together at a regional level and create a comprehensive business intelligence unit. This should help revitalise the region’s economy after the shock from the pandemic and possible impact of Brexit.”
The university and chamber hope the business intelligence unit will allow the region to challenge areas such as Manchester and Leeds, which have strong, clear reputations, attracting investment and support from major funders.
It will also work with the West Midlands through the Midlands Engine Research Observatory.
AI and machine learning will be used to analyse data to spot patterns, look for opportunities and suggest improvements – such as making supply chains more effective, boosting environmental performance or optimising business competitiveness.
Scott Knowles, chief executive of East Midlands Chamber, said the region needed a more united approach. “This is a very exciting project to be involved with and we believe the insights it will produce could be extremely useful for informing those making decisions.”