Using Artificial Intelligence, corporations can see new patterns in their data and maintain a competitive edge. Blending these AI technologies into business strategy and operations is the subject of a newly published book.
Deploying Artificial Intelligence (AI) in a corporate business can be a costly endeavor. The payback period may be slightly longer. But longer-term, the benefits of implementing these technologies would by far exceed the initial investment, says Prof Tankiso Moloi.
Getting ready for AI
“Artificial Intelligence technology makes machines intelligent. In some applications AIs are more intelligent than human beings,” says Prof Tshilidzi Marwala.
Marwala is a globally recognized researcher in Artificial Intelligence at the University of Johannesburg. He is the author of a series of books.
“Many AI’s are now used in industry. For example, technologies producing goods and services, or working in call centers. Some call this the ‘industrialization of decision-making’,” he says.
“Because of this, the very nature of a firm is changing. The very nature of markets is changing as well. AI technology makes markets much more efficient. Also, suppliers and customers have more similar information. For these reasons, AI’s impact on the industry will keep on increasing,”
Why AI can supercharge fraud detection
Detecting fraud is a classic example of sooner is better, and where AI can make a big difference, says Moloi.
Let’s say you’re in a corporate business and some transactions don’t pass the smell test. You may have to wait quite long for a traditional internal control system/internal audit to take place and uncover that fraud.
When the auditors arrive, they sample the financial records. Usually, there isn’t enough capacity to look at all the records, so they take a scientific sample, and base the audit on that. The thing is, the sample may or may not contain the traces of fraud to be successfully recognized as a
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