Smart Data is a ten-person software company based in Reykjavik, founded in 2018. Smart Data develops software solutions that enable workplaces of all sizes and types to leverage artificial intelligence and data science to enhance sales, service, and daily operations, while driving transformation and innovation. Here, we speak with three of the company's founders: Stefán Baxter, CEO, Ingi Freyr Atlason, CMO, and Óli Páll Geirsson, leader of the data science team. The title of the conversation is humorous, but in the house's usual style: A serial entrepreneur, physicist, and data scientist walk into a bar...

The serial entrepreneur

Stefán Baxter is a data expert and serial entrepreneur with 35 years of experience in software development and information technology. Since 2013, he has focused on leveraging data and artificial intelligence to improve the daily operations of businesses.

THE RED THREAD

"Smart Data's flagship product is the comprehensive AI system Context Suite, which includes, among other things, Support Intelligence, Demand Intelligence, and the smart assistant Mími. These are diverse and versatile solutions, and Smart Data’s clients include Arctic Adventures, Bónus, Nova, and RARIK. The workplaces are very different from each other, and the projects we work on vary, but they all share a common thread of AI solutions and data science," says Stefán.

EXPERT GUIDES

"I would go so far as to claim that artificial intelligence will bring about more change in the next decade than we've seen in the past hundred years, and I’m including the internet and possibly even electricity in that statement. Our role is to position ourselves as trusted guides for executives and workplaces, helping them apply AI and all its benefits in the right and most profitable way," Stefán adds.

The Physicist

Ingi Freyr Atlason is a physicist and designer by education. Ingi Freyr is deeply involved in the operations at Smart Data, as he has over a decade of experience in brand management and marketing both domestically and internationally. He also has a background in research and data analysis. Ingi Freyr leads the marketing efforts at Smart Data while also being actively involved in interface design and the development of the company's solution portfolio.

HIGH ROI

"In our projects, we take technology that is not always very accessible and make it extremely user-friendly by integrating it with other technological solutions and the working environments of workplaces. The return on investment in AI for businesses is very high, and more and more are seeing the light and jumping on the bandwagon," says Ingi Freyr.

SITUATIONAL AWARENESS

"Our clients use Context Suite to develop highly accurate predictive models and find effective ways to increase sales, strengthen service, reduce costs, and improve daily operations. By enhancing sales forecasts with various external factors that impact demand, we create something we call situational awareness. This type of foresight prevents lost sales due to stockouts, uncovers hidden sales opportunities, reduces inventory costs, and fine-tunes purchasing. Thus, situational awareness improves operational efficiency, opens up possibilities for demand-driven pricing, enhances decision-making on purchasing and inventory management, and supports sustainability efforts by reducing waste."

DEVELOPMENT PARTNERSHIP

"Access to a carefully selected set of AI solutions, extensive data collections, and our easy-to-understand real-time dashboards is already improving the analytical capabilities of many companies, and we are extremely proud of these partnerships. We often refer to our joint projects as development collaborations," concludes Ingi Freyr.

The Data Scientist

Óli Páll Geirsson is the leader of Smart Data's data science team, responsible for both the development and operation of artificial intelligence solutions as well as building the company’s data science team. He holds a PhD in statistics from the University of Iceland and a B.Sc. in mathematics from the same university, with extensive experience in assembling and managing data teams in the business sector.

THE BIGGEST CHALLENGE

"Of course, the main challenge in the operation of Smart Data at the moment is keeping up with the lightning-fast pace of technological development in artificial intelligence and ensuring that we are constantly using the latest technologies and methods in data science to maximize the value of data for our clients. Therefore, we always start our projects by ensuring that the data infrastructure is equipped to support AI solutions," says Óli Páll.

RELIABLE DATA INFRASTRUCTURE

"Businesses are now facing the reality that artificial intelligence has transformed the landscape and opened doors to countless new opportunities in data-driven operations; opportunities that have the potential to create paradigm shifts in most workplaces. We are working hard with our clients to fully leverage these opportunities. In this regard, the most important thing is to build robust data infrastructure within companies, if it isn't already in place. Good AI is only as powerful as the data it works with."

EXCEEDING EXPECTATIONS

"Smart Data's practical AI solutions aim to improve service quality and increase operational efficiency, but they also have the ability to exceed expectations by identifying hidden growth opportunities, suggesting improvements and transformations in operations, and fostering innovation. This is especially true for public workplaces, which can easily use AI to enhance their services to the public and be a driving force for improvements in public administration," concludes Óli Páll.