From reactive to predictive: How AI and data analytics are redefining business risk management
By Ankita Drolia, Head Products and Operations, Rubix Data Sciences
Since the turn of the century, enterprise finance has undergone a remarkable transformation. It began with the digitisation of records and transactions, which evolved into connected banking through the Internet and mobile technologies, resulting in faster, more accessible, and increasingly integrated financial services. Then, in the last decade, we saw the power of data, with businesses harnessing advanced analytics to optimise decisions, improve operational efficiency, and better understand customers and markets.
Today, technology in finance is entering its next chapter, one defined by artificial intelligence (AI). A couple of years ago, it started out by aiding enterprises to process information faster. Increasingly, it is facilitating faster interpretation of vast volumes of structured and unstructured data, uncovering patterns that humans may overlook, and generating predictive insights in real time. The result is a shift from hindsight to foresight, shaping decisions based...
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