Connect with us

Politics

Simplifying AI Can Optimize Your Entire Business

Published

on

Simplifying AI Can Optimize Your Entire Business


Artificial intelligence is becoming less of a futuristic technology and a more integral aspect of today’s business landscape.

The usage of AI across the business universe is revolutionizing every industry, and Gartner reports that at least 75% of organizations use deep neural networks today.

In financial departments, AI is automating menial tasks and reducing errors in traditional manual workflows.

AI’s unfounded fears

There’s no doubt that businesses utilizing the right AI for the right reasons are seeing exponential benefits. Unfortunately, not every business unit is as excited about the available AI solutions that finance departments are gifted with. Change management is a significant component of failure when implementing any transformative technology.

Many humans still have unfounded fears about it gaining sentience or replacing them, and workers are wary of becoming obsolete once their daily tasks are automated.

But that’s never been the point of AI, machine learning, and automation because they augment human intelligence.

Humans are still very necessary

Take OpenAI’s GPT-3 and Dall-E 2 text- and image-generating models for example. Although they can generate a 1,000-word blog post with images within seconds, there could be a lot of legal liability issues if you were to publish raw content generated by one of these models directly on your website.

The content is never 100% accurate; human interaction is still essential to train, implement, and use AI across the business.

Simplifying AI for the average worker

AI data sets and outputs need to remain accessible, and making them accessible means tapping into everyone throughout the organization to apply their professional judgment to the data sets. This provides the machine’s velocity, variety, and veracity as it learns.

AI in financial departments

AI’s use in financial departments is so successful because payroll, compliance, accounting, taxes, etc., is complicated — especially when you’re a multinational corporation or utilizing the remote global workforce unlocked by the pandemic.

Expansive data sets

But you can import expansive data sets into AI to make it more useful. Streamlining all of this and optimizing processes not only reduces errors, but it frees up human workers to perform more advanced analytics that are closer to the reason they got into the industry in the first place.

How simplifying AI can open up usage possibilities

Simplifying AI for the average worker means they can focus on less menial, more innovative tasks and accomplish much more in less time.

GPT-3 and Dall-E 2 may not have flawless, production-ready outputs, but they utilize neural networks on large datasets of about 175 billion parameters across 45TB of text data. As a result, they’re perfect for ideation and conceptual work to get a firm visual image of the final product to work from.

Pass it around

Although their outputs seem wildly different (text versus images), both of OpenAI’s creations work similarly. While it seems like AI leads to faster advancements, what really happens is we discover one important concept that opens the door to new possibilities.

This is why getting the technology in as many hands as possible is important to see how others find use in the outputs it creates.

How AI brings more value to a business

As the quality of content-generating AI debate rages in the media and online forums, the technology’s uses for internal business functions are even more remarkable.

New ways of looking at things — skilled data scientists

AI across the business continues to open new ways of looking at things and allows skilled data scientists to develop complex models to predict anything you need to know — from machine health to possible market conditions and forecasting.

AI across the business can and will go beyond personal assistants, voice-to-text, and personalized recommendations to bring value to the roles of individual employees.

Better use of time

Leveraging specific AI technologies throughout the business keeps human workers at every level working only on tasks that cannot be automated. This includes processing exceptions to the rules (which there will always be), analyzing AI-generated outputs, and more.

Instead of spending our days manually putting together reports, we will be analyzing pre-generated reports and making advanced intelligent decisions.

Embracing artificial intelligence

When GPT-3 and Dall-E 2 were released, both writers and designers feared for their jobs. However, those fears were relieved as they tested the tools and got more comfortable with them. These tools can generate amazing work to assist writers and designers, but it still requires skill to understand how to prompt it for the desired results.

A professional can edit and polish it throughout the process in a variety of ways that will always require human instinct.

And an experienced photographer or graphic designer will get higher-quality outputs and know how to fix them in posts.

Focusing on higher priorities

Familiarizing yourself with these types of tools helps to better understand what they’re truly capable of and how they can be implemented into existing workflows while seeking better, faster, and more optimized ways to do things. That’s how finance departments leveraged AI to accomplish the most laborious and error-prone aspects of their jobs so they can focus on more important things.

And it won’t be long before AI transforms every aspect of every business.

Featured Image Credit: Sergey Zolkin; Unsplash; Provided by the Author; Thank you!

Melissa Chan

Director of Customer Success at MindBridge

Melissa Chan is Director of Customer Success at MindBridge. She has made it a mission to innovate accounting and auditing.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.