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345,246
2024-04-01 to 2025-03-31
Collaborative R&D
Diversity Economics (DE) is a UK-based EDI data tech SME with a core project team of Af Malhotra (CEO, Research/Product/Finance Lead), Denise Williams (Project Lead), Rajan Shegunshi (Technical Lead, CTO) Ashlyn Sehgal (Data Science and EDI Research Analyst), and Minal Patel (Research and Data). Business leaders have difficulty incorporating equity, diversity, and inclusion (EDI) data into their decision-making. To put this in context, only 12% of HR and EDI leaders make evidence-based decisions, compared to 70% of cross-functional leaders. This is a key reason why nearly half of global companies are failing on EDI. Contrast this with the handful of companies that are leading on EDI---research shows these companies also outperform their peers on financial returns, innovation, employee satisfaction, customer retention, productivity, and other areas. If nothing is done to attract and retain diverse talent, UK businesses could lose out on an estimated £175B/year. To empower UK and global business leaders in their EDI decision-making, DE is developing a dynamic EDI data, insights, peer benchmarking and company scoring platform (DEIP) that enables business leaders to make informed, data-led EDI decisions. We are building the first-ever EDI Large Language Model (LLM).DEIP utilises AI to supercharge the research process, uncovering key correlation and causation variables that drive EDI outcomes, and delivering 5X in researcher productivity and 80% cost/process efficiency. EDI and HR leaders will be able to quickly pre-empt and adapt to market dynamics because of these insights, as well as identify best practices, effectively allocate budgets, and track key performance indicators.