[WEBINAR]: Robot overlords, AI… and a cup of tea: Automation in collections – [FULL INTERVIEW]

That was a lot of fun.. final results of the biscuit survey and a good discussion on Automation, getting the fundamentals of your processes right, as an enabler for AI implementation.

Also great, relevant discussion on security in the cloud too.

Register to watch the full video on the CSA site -> here


Summary:

Cloud-based systems and artificial intelligence (AI) are shaping the future of business operations, providing opportunities for scalability, flexibility, and cost management. In a discussion among industry experts, the importance of establishing a solid foundation with robust infrastructure and data was emphasized. Cloud platforms as a service (PaaS) enable quick and affordable implementation, allowing companies to focus on leveraging new technologies like AI. The integration of AI into cloud-based systems presents a game-changing opportunity, offering enhanced automation and efficiency. However, careful consideration must be given to the selection and implementation of AI models to ensure they align with business needs and avoid biases. Security is also a crucial aspect, with cloud services provided by trusted vendors offering robust infrastructure and continuous monitoring.

Key Points:

  • Cloud-based systems and AI are essential for digital transformation and addressing current business challenges.
  • Scalability, flexibility, and cost management are key advantages of cloud-based platforms.
  • Establishing a solid foundation with robust infrastructure and data is crucial before implementing AI.
  • Platform as a Service (PaaS) models enable quick and affordable implementation of cloud services.
  • AI-as-a-Service is an emerging trend that allows companies to leverage pre-built AI models from major providers.
  • Legacy systems pose limitations in leveraging new automation technologies and cloud-based solutions.
  • The customer journey and experience are central to the adoption of new technologies and process optimization.
  • AI should be implemented with caution, focusing on the right fit for the industry and avoiding biases in datasets.
  • Cloud services offered by trusted vendors provide advanced security measures and continuous monitoring.
  • Outdated technologies and systems hinder progress and make it difficult to keep up with evolving fraud techniques.
  • Automation of infrastructure management enhances security, allowing for rapid response and patching.
  • The future will witness AI-as-a-Service becoming more accessible, empowering smaller businesses with advanced capabilities.
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Key Statistics:

  • The increased cost of living has led to a rise in direct debit defaults on mortgage payments by 33%.
  • Microsoft Azure, AWS, and Google Cloud are among the core providers of AI-as-a-Service.
  • Progress database, a non-cloud-native system, faced a security flaw due to inadequate patching and updates.
  • Microsoft Azure spends billions of dollars annually on security and holds numerous certifications.

Key Takeaways:

  1. Embrace cloud-based systems and AI to drive digital transformation and overcome business challenges.
  2. Build a strong foundation with robust infrastructure and data before integrating AI into operations.
  3. Leverage Platform as a Service (PaaS) models for quick and affordable cloud implementation.
  4. Consider AI-as-a-Service to access pre-built AI models from trusted providers and reduce development costs.
  5. Prioritize the customer journey and experience when adopting new technologies and optimizing processes.
  6. Implement AI with caution, focusing on the right fit for the industry and addressing potential biases.
  7. Choose cloud services from reputable vendors to benefit from advanced security measures and continuous monitoring.
  8. Avoid reliance on outdated technologies and systems to keep pace with evolving fraud techniques.
  9. Automate infrastructure management to enhance security, enabling rapid response and patching.
  10. Expect AI-as-a-Service to become more accessible, empowering smaller businesses with advanced capabilities.
  11. Regularly update and patch systems to mitigate security risks and stay ahead of potential vulnerabilities.
  12. Continuously assess and adapt to emerging trends and technologies to maintain competitiveness in the market.

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