Options available to convert spreadsheetsThere are 3 options available to do this:Option 1: Recoding the system into another languageThis requires a full system build to replicate the underlying logic in the spreadsheet. This will require the developer to work alongside the model builder to explain the spreadsheet logic and check the results.+ Internal developer team can do it without requiring external systems– Cost is prohibitive (developer and pricing expertise required)– large volumes of models to convert which takes too much time– modelling errors are common– resources are unavailable– systems are hard and expensive to update when models changeOption 2: Use an existing commercial pricing platform to recode the spreadsheetThere are a number of software platforms that provide standard tools to help developers create pricing systems. These often have their own internal language and structures to reduce the time taken for the build, with experts on these systems needed to create and maintain the pricing system.+ commercial pricing platforms have tools that reduce the time required to recode the spreadsheet+ these tools have methods of checking for errors– Recoding spreadsheets remains difficult in these systems– The cost of the platform can be high– identifying developers who know the pricing system can be trickier than finding standard developersOption 3: Use an Excel converterAn Excel converter is new technology that allows the user to upload an Excel model and instantly convert it into a hosted system. This reduces the cost of the build and removes the need for developer involvement except for the integration to the core system.+ there is a significant reduction in the conversion time required per model (minutes rather than months per model)+ updates to the models can be done in Excel and automatically update in the system+ testing and debugging can be done against the spreadsheet while the Excel developer continues to maintain their own models– Integrating with other systems can be cumbersome as some Excel converters don’t work with all Excel models– There may be a system requirement to design screens for data inputs if not provided by the tool
What Industries Could AI Impact the Most?
From virtual health care assistants to driverless taxis, AI is transforming the way the world operates, making processes more productive and efficient. Read more.
How AI Is Used in Our Everyday Lives
AI permeates several aspects of our everyday lives, from our from smart phones to shopping and much more. Learn more about the impact of AI here.
How Is AI is Changing The World?
Artificial Intelligence (AI) has the power to change the world across multiple sectors including business, healthcare, transport and education. Learn more here.
How Could AI Change Future Workplaces
AI has the power to change the future of working globally. Read more about how AI can assist with staff collaboration, hiring employees, and remote working here.
How Can Machine Learning Help My Business?
Machine learning can help your business thrive by processes such as automating decisions, mundane tasks, and security. Find out more here.
Hot Models
During Covid-19, AI or non-human solutions were being used to model potential outcomes and solutions. Read how this was done and the findings that came from AI.
Optalitix selected to participate in Lloyds Lab
The Optalitix team are delighted to have been selected to participate in cohort 4 of the Lloyds Lab. Read more about their application and success in this guide.
How do machine learning models work?
There are a variety of regression and classification models within both the supervised and unsupervised categories of machine learning, a type of AI.
Will machine learning replace humans?
Machine learning technology has already started to replace humans, yet it has potential to create many opportunities and enable people to do their job better.
Is AI taking jobs?
Developments in AI led to machines taking predominantly unskilled jobs, and this looks set to continue. Learn more about how AI is impacting the workforce here.
How is AI being used in healthcare?
New AI technology from Microsoft and Google is able to detect diseases such as prostate cancer and diabetic retinopathy. Learn more the NHS's use of AI.
How is AI used in financial services?
The financial services industry is being transformed by AI. Learn how AI is used as robo-advisory services, chatbots, and algorithmic trading in finance.
What is the AI industry worth?
The AI industry is estimated to be worth somewhere in the region of $5 trillion dollars, and this number is only set to increase in the future. Learn more here.
How does machine learning work?
Machine learning algorithms are a type of AI that can learn patterns and processes with minimal to no human intervention. Discover more about how they work here.
How is machine learning used in finance?
The financial sector is increasingly using machine learning in order to be more accessible, efficient and provide a better customer experience overall.