AI Change Management Success: Pre and Post COVID-19

Featuring: Debbie Rothe, Senior Leader for the Environmental Analytical Global Capability within the Environmental Technology Center at Dow and Prateek Joshi, Founder & CEO of Plutoshift

See article here:

Plutoshift_DebbieRotheArticle

The Stream Podcast

Prateek Joshi, Founder and CEO of Plutoshift joins Will Sarni and Tom Freyberg on The Stream to talk all things Artificial Intelligence (AI)

 

Plutoshift Secures Funding From Akron Fusion Ventures, Strengthening Presence In Northeast Ohio

Investor commits funding to Performance Monitoring Platform For Industrial Processes, Providing Manufacturers With A Unified View To Reduce Resource Consumption And Drive ROI.

 

PALO ALTO, Calif. — May 18, 2020 — Plutoshift, the leader in data intelligence for industrial processes announced it has secured funding from Akron Fusion Ventures, a venture capital fund in Akron, OH with an investment strategy to connect coastal ecosystems with Northeast Ohio.

Plutoshift has developed a specialized view of process performance for industrial companies, offering a unified window into manufacturing operations through highly sophisticated software that leverages Artificial Intelligence to drive proactive insights. 

By unlocking insights from existing data sources in real-time, Plutoshift enables industrial companies to have a holistic view of key cost drivers and resources that impact their business. This approach allows operators, managers and remote workers to stay better informed and take proactive action. The company works with a variety of industries including Food & Beverage, Manufacturing, Oil & Gas, Chemical, Power & Renewables, and related industrial verticals. 

The new investment and partnership will be used to help Plutoshift expand and strengthen its presence in Northeast Ohio where Akron Fusion Ventures has deep roots and a proven track record for bringing Silicon Valley startups to the region. 

“We are very excited to be partnering with Bill Manby and the entire team at Akron Fusion Ventures. The Northeast Ohio region represents a large opportunity for Plutoshift given the number of manufacturing and consumer goods businesses” said Prateek Joshi, Founder and CEO of Plutoshift.

“We work with companies out of Silicon Valley and bring their innovative solutions to the heartland of America. Northeast Ohio is home to hundreds of successful manufacturing enterprises and a growing startup environment. We are excited to partner with Plutoshift and bring their GROUNDED AITM solution to companies in our area” said Bill Manby, Founding Partner of Akron Fusion Ventures. 

Plutoshift was founded in 2017 by Joshi with the vision of connecting the constantly changing realities of the physical world with the monitoring power of intelligent software. This effort resulted in helping industrial operators and remote workers harness the power of existing plant data related to operations, finances, and maintenance spread across different systems. By providing a fundamentally different way of looking at processes that drive their businesses, Plutoshift aims to provide an unprecedented level of information access to operators and managers.

Joshi is an Artificial Intelligence researcher, an author of 13 books, and a TEDx speaker. He has been featured in Forbes 30 Under 30, CNBC, TechCrunch, Silicon Valley Business Journal, and many more publications. He graduated from the University of Southern California with a Master’s degree specializing in Artificial Intelligence. He has previously worked at NVIDIA and Microsoft Research.

 

About Plutoshift: 

Prateek Joshi launched Plutoshift in late 2017 with the vision of connecting the constantly changing realities of the physical world with the monitoring power of intelligent software. This effort resulted in helping industrial operators harness the power of existing plant data related to operations, finances, and maintenance spread across different systems. Plutoshift is the leader in data intelligence for industrial processes. 

 

Their cloud-based solution monitors the performance of industrial processes in an automated way for manufacturing businesses. Plutoshift’s GROUNDED AI™ technology transforms passive legacy monitoring systems to active performance monitoring in industries like water, food, beverage, brewing, chemicals, and energy. This enables operators to automatically monitor critical processes and have access to actionable information in real-time. Plutoshift has offices in Palo Alto and Denver.

 

Contact:

Melissa Dunn

Director of Marketing, Plutoshift

melissa.dunn@plutoshift.com 

 

Business Water: The Value of Artificial Intelligence in Achieving Sustainable and Resilient Corporate Water Strategies

By:

Will Sarni, Founder and CEO, Water Foundry and Prateek Joshi, Founder and CEO, Plutoshift

Introduction:

Access to water is one of the greatest challenges to business continuity and growth. A key component of this challenge is the effective operational management of water, which plays a critical role in how much of this resource is utilized. Businesses across a range of sectors such as agriculture, energy, food and beverage, and manufacturing are discovering the value of investing in access to water supplies, water use across their value chain (e.g., supply chain, operations and product use) and improvements in the efficiency and effectiveness of infrastructure and assets to manage water (e.g., treatment systems). Businesses also have a critical role to play in ensuring access to water for their customers, workforce, and communities. Increasingly, consumers, customers, investors, non-governmental organizations (NGOs), and civil society favor “brands with purpose” which includes consideration of how businesses are stewards of water.

Download the White Paper here:

Whitepaper_ Business Water_FINAL

Bridging The Gap Between AI Promise and Results: 3 Actionable Steps

By Prateek Joshi:

Analyst firms like Gartner and Forrester have been advising their clients and the industry at large for several years about the dramatic changes automation and AI will bring to the global economy. According to Gartner’s 2019 CIO survey, the number of enterprises implementing AI grew 270% in the past four years. Companies ranging from the manufacturing sector to finance and energy are feeling the rush to identify and implement AI applications that can help them become more data-savvy and profitable in the modern economy.

But in this modern-day data gold rush, few companies are experiencing as smooth or efficient an implementation process as they would like, and even fewer are seeing the focused results they were hoping for with their AI projects.

Challenge 1: Getting up and running

 In our recent survey report of 250 manufacturing professionals with insight into their companies’ AI projects, we found that 72% said they had taken far more time than anticipated to implement the necessary data collection processes for implementing AI. This lack of mature data-collection infrastructure, as well as other factors, has continued to stall companies’ efforts to fully digitize.

When you take into consideration the challenges of laying the groundwork for an efficient AI implementation, it’s not surprising that only 17% of respondents said they were actually at the full implementation stage of using AI at their company. On the other end of the scale, 20% said their company was still assessing the internal resources needed to implement an AI project. In the middle, about 24% said their company was still getting familiar with AI and assessing the potential business and financial value AI could bring.

Solution: Ditch the one-size-fits-all mindset

Companies should find tailor-made technologies that cater to their specific wants and needs. When partnering with an AI firm that can take all of your company’s unique data-collection and business circumstances into consideration, you can more clearly define and develop an implementation strategy that works for your specific business outcomes and can start to provide returns on the bottom-line sooner.

Challenge 2: Dealing with overwhelming scope

 As the analyst community rightfully points out, AI is capable of taking on many different business tasks: usually, ones that are repetitive, data-intensive or need to be performed around the clock. Because of its utility, many companies are finding it challenging to choose clear goals and business objectives for their AI projects. Only 57% said their company implemented AI projects with a clear goal while almost 20% implemented AI initiatives due to industry or peer pressure to utilize the technology.

Given the immense promise and wide range of applications of AI, respondents naturally had diverse goals for their projects:

  • Overall cost savings (54%)
  • Automating tasks (49%)
  • Achieving a more productive workforce (49%)
  • Improving efficiency in business processes (49%)
  • Improving the quality of their products or customer experience (49%)

Solution: Identify crystal-clear outcomes for your AI projects

A vital step in implementing successful AI projects is identifying specific business outcomes and goals. When companies are on the same page about how they define success with AI, they are better positioned to achieve their objectives.

The right AI partner can help your company select appropriate business goals and define a successful ROI. They can also keep the project transparent by measuring performance in real-time and make adjustments as needed.

Challenge 3: Lacking internal support

As with any period of transition, many companies are facing challenges aligning their internal resources in order to fully support an AI project. 34% said their company has struggled to keep its AI projects in scope because there was a lack of expert guidance at the planning phase of the project.

Additionally, 62% said their company took more time than anticipated to acquire internal buy-in and commitment in implementing AI projects; 60% also said their company struggled to come to a consensus on a focused, practical strategy for implementing AI.

When companies are not aligned behind the goals and the strategy of AI project, the entire process can suffer as a result: 34% said their company experienced an internal lack of engagement with AI projects due to a lack of confidence in the technology.

Solution: Create a data-driven culture

An AI initiative cannot be passed down from the board room without internal buy-in from the rest of the company. The right AI system can empower individual operators to take action on data and improve their overall job performance and experience. With an AI system that is accessible and centralized, no matter who the stakeholder is, they have the chance to see their own opportunities for ROI — whether it is financial or organizational.

Set your company up for success

By taking a thoughtful and intentional approach to implementation, companies of any size can quickly achieve positive business outcomes with AI through three steps: ensure your data collection infrastructure is adequate, define clear business objectives, and reinforce a company-wide commitment to AI.