AI / ML
This proactive approach is akin to a chess grandmaster planning several moves ahead , making it easier to navigate the complexities of the market and stay ahead of the curve .”
Predictive analytics for compliance According to Wood , predictive analytics doesn ’ t just offer a crystal ball for market trends ; it ’ s a powerful tool for ensuring compliance . “ Regulatory landscapes are constantly evolving , and the cost of non-compliance can be crippling ,” he says . “ When I advise emerging companies at Outlier Ventures accelerator , compliance is often a major hurdle they need to clear for sustainable growth .
“ Predictive analytics can identify patterns and flag potential areas of concern before they escalate into significant issues . By doing so , companies can adjust policies and practices in real-time , effectively sidestepping legal pitfalls and the financial repercussions they carry .”
Compliance is becoming more exhaustive as regulators expect businesses to comply with more complex requirements and provide proof of this compliance , describes Martin Butler , Professor of Management Practice at Vlerick Business School . “ With increased digitisation in internal processes and customer and business partner interaction , the surface area for compliance breaches has increased substantially . Predictive analytic data models and algorithms enable quicker and more accurate identification and monitoring of the processes and data movements to quickly identify potential non-compliance and create immediate responses .”
AI and the data quality challenge When it comes to building any AI , data quality is paramount . As Tushaus describes ,
130 February 2024