Raven AI: Leading Business Transformation

The Chilean Company Redefining Innovation with Artificial Intelligence and Positioning Itself Among the Finalists of the AI World Series Awards 2024.

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Since our inception, Raven's focus has always been on challenging established norms through disruption to create unique and robust value propositions. Utilizing a combination of design, technology, and data to break the status quo, forging and capturing new market value for our clients.

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We know that innovation and technology are at the heart of transformation in today's environment. That's why we recently launched a new product called Raven AI. An offering that led us to become the only Latin American company among the finalists of the AI World Series Awards 2024. A renowned international award that celebrates companies excelling in the field of artificial intelligence.

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In the words of Raven's CEO, JJ de la Torre, "This recognition is extremely important, not only because we are the only Latin American company, and, of course, the only one from Chile, participating in this nomination, but also because it is evidence of the work we have been doing and of an approach perhaps different from that adopted by other organizations in relation to AI".

What is the initiative about and why did we decide to launch this product?

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Nowadays, many organizations are taking their first steps in using artificial intelligence to improve their business outcomes and are launching their initial pilots with enthusiasm and high expectations. However, at Raven, we realized that many of these organizations lack a minimum level of governance of AI activities to progress and achieve an efficient and real AI organization.

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"This is why we are not seeking to equip organizations with GPT or generate AI strategies for the boardroom, the board of directors, or the general managers. Instead, we aspire to a disruptive approach that transforms business models, modifies how organizations present themselves to the market, innovates in value propositions, and enhances them, where AI is undoubtedly a tool that contributes to this disruptive approach that Raven is introducing to the market," says JJ de la Torre.

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This is how at Raven we create an efficient and comprehensive framework for AI governance and strategy for our clients. Our Raven AI Governance and Strategy platform is comprehensive and inclusive, and can be explained in three main building blocks:

1. Organization and IA Capabilities

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We define the best organization for the AI team within the company to achieve optimal performance and milestones. We identify the capabilities and talent needed to become an AI-driven organization.

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Every company and organization is unique, with its own culture and structure. Our framework analyzes the context of each company, as well as its operating model and processes, to provide a fully tailored strategic approach that ensures the successful integration of AI capabilities into its operational processes and products.

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The best approach depends on the hierarchy or flatness of the organization, communication culture, level of maturity in departmental collaboration, and geographic reality.

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2. AI Governance

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When addressing data and AI governance, companies can leverage their resources to the fullest and stay up-to-date with constantly evolving regulations.

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One key element of this point is having an inventory of all AI models and solutions used by the company in its processes and products. This allows for consistent application of construction and deployment policies, thereby ensuring maximization of AI value throughout the organization.

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AI co-creation is also essential, as it enables prioritization and channeling of efforts through an innovation funnel, driving both disruptive and evolutionary innovation.

This adapted governance model enables risk assessments, anticipating key approaches of AI legislation in the EU and future AI regulations in the US and the UK.

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Each model should include key information such as its description, definition of business use case, risk level according to each regulation, transparency level, equity level, and explainability level. Additionally, it should cover regulatory compliance, sustainability, social responsibility, privacy by design, security by design, and ethics by design. Each dimension also has a key performance indicator (KPI) or a set of KPIs.

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We define the entities, processes, and governance tools required to govern the AI initiative in your company.

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• For data as the primary ingredient of AI.
• For AI, including methodologies, coordination, and risk management.

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Despite differences between companies, certain aspects are shared regarding AI Governance and information management. Some of these key aspects include creating the inventory, facilitating exchange, and promoting collaboration. It's essential to have a model that integrates both AI and information, as they are inherently related. AI adds value to data and makes it more insightful.

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3. Prioritization of AI Effort and AI Innovation Funnel

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We created an AI Innovation Funnel, identifying priority focus areas and formulating a systematic process to identify, evaluate, and prioritize initiatives of this technology.

The focus areas stem from strategic needs, technological and business gaps, and bottom-up requirements and to achieve this, we have over 40 members of Raven AI involved, led by our Digital Strategy & Innovation Lead, Alfonso Cabas.

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Impact

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Our Raven AI framework enables a 30% reduction in risks and adverse effects for companies that have implemented our solution. Being among the distinguished finalists of the AI World Series Award validates our commitment and dedication to driving innovation in the field of artificial intelligence, providing momentum to continue leading the way in AI and delivering innovative solutions that transform our clients' businesses.

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This is an award that has been celebrated for over a decade, with more than 2,500 companies and 400 judges from around the world participating since its inception. Being among so many inspiring firms in the final stages of the event allows us the opportunity to position ourselves as thought leaders in AI on a global scale. By networking with industry leaders in various sectors, we promote the level of influence and generate awareness among thousands of internationally renowned companies.