Businesses unite with university to boost region

ACADEMICS WILL USE ARTIFICIAL INTELLIGENCE TO HELP FIRMS

EXPERTS plan to use artificial intelligence (AI) to help boost the economic profile and profitability of the region.

East Midlands Chamber and De Montfort University have launched a Regional Business Intelligence Unit, which will highlight strengths and weaknesses and identify investment opportunities.

Academics and researchers will work alongside business leaders in the new unit, which has been backed by £121,000 of government funding.

Data generated, much of it around the digital economy, will be used to lobby and inform bodies such as government agencies, enterprise partnerships, the All-Party Parliamentary Group of East Midlands MPs, councils and 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.

“We know the East Midlands voice is less strong than other regions.

“Having the chamber as the business partner in this will ensure we can work together at a regional level and create a comprehensive business intelligence unit.

“This should contribute to revitalising the region’s economy after the shock from the pandemic and the possible impact of Brexit.”

The university and chamber hope the unit will allow the region to punch above its weight and challenge areas such as Manchester and Leeds, which have strong, clear reputations, attracting investment and support from major funders, government and multinationals.

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.

An example could be in analysing traffic congestion to plan better delivery routes. The results could be shared with delivery businesses.

Scott Knowles, chief executive of East Midlands Chamber, said: “The Midlands needs to develop its own capacity for business intelligence which can inform policymakers.

“This is a very exciting project to be involved with and we believe the insights it will produce could be extremely useful.”