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Risk and impact of artificial intelligence use in businesses

Economic Times

Economic Times · 1y ago

Risk and impact of artificial intelligence use in businesses

Two recent reports on the impact of artificial intelligence (AI) on Indian enterprises highlight the significance of process automation and generative AI as key investment catalysts. The Automation Now & Next report by Automation Anywhere and Foundry analyzed actions and experiences of decision-makers, underscoring AI, productivity improvements, and scalability. The AI Raising the Bar report by Experian India and Forrester Consulting surveyed business leaders in financial services and telcos, emphasizing India's leadership in the cloud, AI, and ML ecosystem. It further highlighted the commitment of Indian business leaders to integrating advanced analytics with AI capabilities.

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How AI-Powered Contracts Are Strengthening Financial Health In A Regulatory Shift

Inc42 · 8m ago

How AI-Powered Contracts Are Strengthening Financial Health In A Regulatory Shift

By 2028, a majority of governments worldwide are projected to adopt a risk management approach in shaping their policies around artificial intelligence (AI) and generative AI. This shift is driven by the potential negative impact of financial penalties, litigation, and reputational damage, which can harm a company's revenue and stability in the long run. Leveraging AI technology to analyze data from numerous contracts offers decision-makers valuable insights into business outcomes tied to revenue, savings, and risk.

Scrut Automation raises $10 million in funding round from existing investors

Economic Times

Economic Times · 1y ago

Scrut Automation raises $10 million in funding round from existing investors

GRC platform Scrut Automation has secured $10 million in growth capital from existing investors. The funds will be used to enhance the platform's capabilities, incorporate artificial intelligence, and expand to North American and European markets. Scrut Automation provides solutions for risk and compliance challenges faced by mid-market technology businesses in regulated industries. The platform helps consolidate compliance and risk management processes, automate control monitoring, and reduce duplication of effort. The company has raised a total of $20.5 million to date and derives 40% of its revenues from the US market.

How AI Is Empowering The Future Of ESG Data Management For Indian Businesses

Inc42 · 1y ago

How AI Is Empowering The Future Of ESG Data Management For Indian Businesses

The integration of artificial intelligence (AI) into ESG data management is transforming the landscape of sustainable businesses in India. As data volumes increase, AI enables seamless data management by integrating and analyzing big data, providing a coherent way of ESG reporting. AI algorithms can process vast amounts of data, identify risk factors, and detect sustainable opportunities, ensuring businesses stay compliant while generating valuable insights. AI tools, such as natural language processing and sentiment analysis, automate ESG report drafting, decipher organizations' commitment to sustainable growth, and help companies meet stakeholder expectations. AI is essential for future-proof, ethical businesses.

The intelligent enterprise is within our reach

Techradar

Techradar · 1y ago

The intelligent enterprise is within our reach

The article discusses the impact of artificial intelligence (AI) on businesses and how it is transforming various industries. The author highlights the value of AI in generating real business solutions and improving data-driven decision making. They also address the concerns regarding ethical use and biases in AI and mention the importance of regulations to ensure responsible implementation. The article then explores specific areas where AI can bring positive changes, such as supply chain management, finance, sales, and e-commerce. Overall, AI is seen as a tool that can enhance business operations and increase agility, while also emphasizing the need for a responsible and people-centric approach.

Sam Altman Says He Intends to Replace Normal People With AI

Futurism

Futurism · 1y ago

Sam Altman Says He Intends to Replace Normal People With AI

OpenAI CEO Sam Altman's frequent use of the term "median human" in discussing artificial general intelligence (AGI) raises concerns. Altman envisions AGI as having the intelligence of a "median human co-worker," leading to questions about replacing human workers with AGI. Critics find the terminology offensive and vague, highlighting the challenges of comparing AI performance to human intelligence. Altman's influential position in the industry makes his views significant, sparking debates about the role of AGI in society and its potential impact on jobs and humanity.

Cashfree launches risk management and fraud prevention tool RiskShield

Economic Times

Economic Times · 1y ago

Cashfree launches risk management and fraud prevention tool RiskShield

Bengaluru-based payment aggregator Cashfree Payments has launched a real-time risk management solution called 'RiskShield'. The solution aims to reduce fraudulent activities by up to 40%, allowing users to block transactions from specific mobile numbers, email addresses, IP addresses, and more. Cashfree Payments' CEO, Akash Sinha, stated that RiskShield is a result of extensive research and analysis, providing merchants with a complete risk management solution. The solution incorporates artificial intelligence and machine learning algorithms to detect fraudulent transaction patterns, minimizing chargebacks and disputes for businesses. Cashfree Payments saw a 75% rise in revenue in FY23, reaching Rs 614 crore.

Sprinto Raises $20 Mn From Accel, Others

Inc42 · 1y ago

Sprinto Raises $20 Mn From Accel, Others

RegTech startup Sprinto has raised $20 million in Series B funding led by Accel. The funding round also included participation from existing investors Elevation Capital and Blume Ventures. Sprinto, founded in 2020, provides enterprises with automation tools for risk and compliance requirements. The company plans to use the funding for research and development, focusing on intelligent automation and artificial intelligence, as well as expanding into new markets.

Pope Francis, victim of AI, warns against its 'perverse' dangers

Economic Times

Economic Times · 1y ago

Pope Francis, victim of AI, warns against its 'perverse' dangers

Pope Francis, speaking at a Vatican conference, expressed concerns about the dangers of artificial intelligence (AI) and its potential negative impact on society. He warned against the "perverse" uses of AI, highlighting the risk of AI being used to manipulate people's thoughts, emotions, and relationships. The Pope stressed the importance of developing AI technologies with a focus on promoting the common good and human dignity, rather than being driven by profit or power.

Mphasis Rolls Out AI-Powered Document Processing Platform

Inc42 · 1y ago

Mphasis Rolls Out AI-Powered Document Processing Platform

Bengaluru-based IT solutions provider, Mphasis, has introduced an AI-powered intelligence platform, DeepInsights Doc AI, for document processing. The platform uses artificial intelligence to extract text-specific information from various document formats and layouts. This information can then be integrated with other IT systems to generate actionable insights. Mphasis believes that this platform will significantly improve productivity, customer service, and risk management for enterprise clients. Founded in 1998, Mphasis leverages next-generation technology to assist businesses in digital transformation. The technology market is expected to generate $1,364 billion in revenue by 2024.

Weill Cornell, RIT, and SVB Highlight AI's Impact in Healthcare, Finance, and Venture Capital | DeepNewz VC

deepnewz

deepnewz · 1m ago

Weill Cornell, RIT, and SVB Highlight AI's Impact in Healthcare, Finance, and Venture Capital | DeepNewz VC

Artificial Intelligence is making significant strides in transforming healthcare, finance, and venture capital sectors. Leading institutions like Weill Cornell, RIT, and SVB highlight AI's growing impact, emphasizing its potential to revolutionize these fields by increasing efficiency and accuracy. The integration of AI technologies promises advancements in medical diagnostics, personalized treatments, financial analytics, and risk management, driving innovation and offering dynamic solutions across industries. As AI continues to evolve, its influence is set to reshape future landscapes.

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