SEB's robot makes enterprises grow
Growby is a solution based on artificial intelligence and machine learning, which learns from the experiences of enterprises and knows how to transmit the gathered knowledge to other enterprises. By means of machine learning, the robot brings together the most innovative and fastest growing experiences of enterprises, as well experiences which have been acquired during the SEB Growth Programme in which 36 Estonian enterprises from different areas took part.
In the digital programme organised as a pilot, SEB specialists tried to figure out how it would be possible to extend the Growth Programme directed towards Estonian enterprises in a way that it would reach ten times more users than in its current form. Many ideas were tested and as a final result, a unique solution in the world was created – digital business mentor Growby.
"SEB Growth Programme was created with the purpose to support ambitious enterprises who wish to develop and extend their business. The digital version of the growth programme allows SEB to share its experience and lessons, not with tens but with hundreds of enterprises at the same time,” said the Chairman of the Management Board of SEB Allan Parik. According to Parik, the use of artificial intelligence for the development of new solutions is not just a phrase anymore, but a technology implemented in real life.
Growby advises enterprises in a safe web environment by communicating with entrepreneurs through Facebook Messenger, which is used to transmit study materials and reminders about homework. "Solutions based on artificial intelligence help to make smart decisions, whether you are an entrepreneur or a consumer. An example of these widely known applications is chatbots, which provide consumers with personalised recommendations, pick music to your liking or support you in a digital service process with recommendations and answers. Growby is similar in the way it works – it simply supports enterprises in their development and expansion,” Parik explains.
Growby's capabilities were tested by a dozen enterprises who participated in the SEB Growth Programme in the past couple of months, from which half participated in the programme only with the support of Growby, and others received support from mentors as well.
When comparing the test results, it appeared that both test groups reached enthusiastic ambitions and distinctive ideas. Growby provided teams with ideas, it brought clarity to the set of target groups, tested new markets and referred to the weaknesses of the project. Growby's activeness was appreciated by all entrepreneurs since it reminded them of deadlines in their busy schedule and directed them towards next missions. During the three-month pilot project, all entrepreneurs felt the need to speak to a mentor, especially in the case where the teams had opposing views.
The next group to use the digital growth programme begins at SEB in the autumn.
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