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 a battleplan for action 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 海角视频 and the Economic and Social Research Council.
De Montfort University experts will bring their knowledge from areas such as 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.
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“This should contribute to revitalising the region’s economy after the shock from the pandemic and the possible business impact of Brexit.”
The university and chamber hope the business intelligence 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 ministers and multinationals.
It will also work with the West Midlands through the Midlands Engine Research Observatory.
The De Montfort team is made up of Prof Rae and Professor Ed Cartwright, of Leicester Castle Business School, and artificial intelligence expert Dr Mario Gongora, of the university’s Institute of Intelligence.
A postgraduate research associate will be appointed to work on project based at the chamber’s offices.
AI and machine learning will 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.
De Montfort University said an example of how the unit might help, could be in analysing traffic congestion to plan better delivery routes. The results could be shared with delivery businesses.
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Scott Knowles, chief executive of East Midlands Chamber, said the region needed a more united approach.
He said: “While the East Midlands is a partner in the Midlands Engine Research Observatory, it also 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 for informing those making decisions at the highest levels.”
The partnership follows the launch of the first-ever East Midlands Top 500 Companies Index, which was compiled by Prof Rae and colleagues from Nottingham Trent University and University of Derby, and created in partnership with BusinessLive and LeicestershireLive.
It showed for the first time the depth, range and contribution that the region makes to 海角视频 plc, breaking down businesses by sector, size and more.
The index will be developed as a source of intelligence for the project.