Why AI matters in high risk industries
Artificial Intelligence (AI) has the architecture to reframe organisation risk postures, away from reactive, resource intensive to proactive and resource efficient.
Long the subject of anticipation and expectation, why will AI deliver its much hyped value this time?
More than Extraordinary data
The maturity of AI in consumer platforms and its success in the automotive, manufacturing and finance sectors together with ever expansive multi-source data sets and inexpensive processing power has promulgated AI to critical mass.
Those left behind in the consumer and automotive sectors will certify to early adopters having achieved multiplier value advantage, that has decimated rivals.
Kryptonite Like Advantage
In high risk industries where considerable resources are consumed in managing significant risks, opportunities to leverage automated system to identify, and quantify new and hidden risks at a scale, depth, accuracy and speed, humanly impossible to replicate at a fraction of the cost is transformational.
Combined with the ability self learn and self optimize means AI continually compounds the business benefits it generates helping organisations to adapt at speed, particularly in current environments of constant disruption.
While industry reports of efficiency gains of 70% are impressive, its the new intelligence gleaned from previously untapped, unstructured data is the new kryptonite.
Representing 85% of all available data, it’s the kind of data that doesn’t fit neatly into structured rows and columns. It documents our daily activities, experiences, perspectives and provides real context, growing exponentially as we email, text, interact with social media and transact business
It’s this raw data where incident precursors can most often be found. Just as applications learn and adapt based on our activities, patterns and preferences, advances in AI – Deep Learning can now interrogate and analyse unstructured data to identify significant risk precursors.
As many organisations struggle to manage risks and meet the increasing scope and complexity of compliance, others have used current challenges as an ongoing source of strategic competitive advantage. Exciting times.
