Harnessing AI and Data for Business Innovation: Interview with Devkit.agency CEO Bogdan Ivanov

The world of business is a journey that requires constant decision-making. Every decision, from strategic planning to daily operations, shapes the future of your business. Unfortunately, many businesses make the mistake of using a generic data-driven approach without considering their unique needs. With AI/ML, the decision-making process has fundamentally changed.

By incorporating AI/ML, businesses can gain valuable insights, automate tasks, and make more informed decisions. However, successful adoption requires a strategic approach and a deep understanding of the technology. To gain expert insights, U.Today sat down with Bogdan Ivanov, CEO of DevKit, whose extensive experience helps us reveal the challenges and opportunities of AI/ML adoption in today's business world.

U.Today: What are the biggest challenges businesses face today in decision-making, and how do these challenges impact their operations?

Bogdan Ivanov: Success in today’s business environment goes beyond having an innovative idea or solving a particular problem. It’s a complex process, ultimately shaped by the decisions that leaders make. We’ve reached a point where the sheer volume of available information can be overwhelming, making it difficult to pinpoint what’s truly important. Instead of enabling better decisions, this flood of data often clouds judgment. Additionally, the demand for real-time insights has never been more critical. Businesses must interpret and act on data swiftly to stay competitive, yet this information overload frequently slows down decision-making instead of accelerating it.

Image by DevKit

U.Today: How can AI and ML technologies address these challenges and enhance the decision-making process?

Bogdan Ivanov: AI/ML technologies have evolved far beyond simple automation tasks. They now have the capability to "understand" complex information and detect patterns within large, disordered data sets. This allows businesses to anticipate problems before they arise. By analyzing vast amounts of data, AI/ML can reveal hidden insights and provide real-time, crucial information, significantly reducing the risk of costly errors. This makes the decision-making process not only faster but also more accurate. For instance, in one of our finance sector projects, DevKit's AI/ML models enable the organization to analyze a borrower's credit history and financial behavior more accurately. This allows the company to create a more accurate risk profile, leading to more informed lending decisions and reducing the risk of non-payment.

U.Today: Could you share some real-world examples of how DevKit.agency has implemented AI/ML to improve business decision-making?

Bogdan Ivanov: Absolutely. Let me share a couple of examples. First, we developed an AI-driven platform that tackles the challenge of securing large, complex codebases. Traditional methods are often slow and error-prone when identifying and fixing vulnerabilities. With DevKit’s AI solution, the company enhanced decision-making in several key areas:

1. The AI solution replaces intuitive decision-making with data-driven insights that help the company prioritize vulnerabilities based on severity, focusing on critical issues first.
2. By reducing false positives, the AI platform eliminates unnecessary investigations, saving time and effort for the security team, which allows them to make better decisions on where to invest resources.
3. The platform's ability to identify more real vulnerabilities improves the company's security posture, contributing to more informed and effective decision-making in risk management.

The second example is an AI/ML solution that streamlines invoice processing in a FinTech company. The lack of clarity and manual data entry of invoices increases the risk of errors and limits visibility into the status of invoices. After adopting an AI/ML invoice processing platform, the company improved its decision-making processes, including:

1. The platform automatically extracts data from invoices more accurately, providing decision-makers with more reliable data and enabling them to make confident, informed choices about financial obligations.
2. With real-time tracking and visibility into invoice status, decision-makers can monitor cash flow more effectively and make proactive decisions to avoid potential financial bottlenecks or delays.
3. By matching invoice data against purchase orders and contracts, the platform speeds up the approval process, allowing decision-makers to rely on AI's automated verification to approve payments faster.
4. Faster processing times lead to quicker payments, improving cash flow and allowing decision-makers to manage working capital, plan spending, and negotiate better deals.

These examples demonstrate how our AI/ML solutions deliver visible results, enabling businesses to make more informed decisions and achieve greater success.

U.Today:What are some common challenges businesses face when adopting AI/ML, and how does DevKit help them overcome these?

Bogdan Ivanov: Incorporating AI/ML in business still poses significant challenges, which often stem from integration issues, skill gaps, and ethical concerns. There's a lot of potential, but the journey involves more than just adopting new technologies; it requires strong leadership and a clear vision for AI/ML investments to achieve maximum ROI. At DevKit, we offer seamless integration of AI/ML solutions with existing business systems, providing a smooth transition. Our AI/ML experts not only support clients throughout the implementation process—from development to deployment—but also adhere to strict ethical guidelines. At DevKit, we aim to help organizations overcome these challenges and maximize the benefits of AI/ML.

U.Today: What trends do you see emerging in AI/ML that will further influence business decision-making?

Bogdan Ivanov: As AI and ML technologies continue to advance, we're on track to see remarkable innovations that will change how businesses make decisions. Quantum computing, with its potential to analyze data quickly, and neural networks, especially in deep learning and generative AI, are enabling AI models to learn from vast datasets, recognize patterns, and perform complex tasks like natural language processing, image recognition, and predictive analytics. Together, these technologies will open up new possibilities for businesses, allowing them to make quicker and smarter decisions that drive growth.

U.Today: What advice would you give to businesses looking to leverage AI/ML for smarter decision-making?

Bogdan Ivanov: AI/ML technology can provide invaluable insights, but it's essential for business leaders and managers to regularly evaluate the quality and relevance of AI-generated data. By asking questions like "Does this information aid in decision-making, can it be improved, or should it be eliminated?" businesses can ensure that AI/ML is used strategically and efficiently to drive positive outcomes. This proactive approach helps them avoid information overload and guarantees that AI/ML focuses on delivering actionable insights aligned with business goals.

U.Today: How can businesses work with Devkit.agency?

Bogdan Ivanov: At DevKit, we offer a collaborative approach to AI/ML implementation. We start with an initial consultation to understand your business goals and conduct a thorough assessment. Based on this, we develop an AI/ML-powered solution and integrate it with your existing systems. Our team provides ongoing support and transparent communication, with a focus on shared goals. To get a personal offer, contact us via the form on our website.