So, what is smart AI, and why is it so important?
Smart AI works with your data, your way. From the get-go. In a flexible and intuitive way, smart AI uses data to de-risk your operations. Intelligently analyzing large transaction volumes. Identifying and highlighting instances of misuse and malpractice enables you to eliminate them. You should approach data sets comprehensively, gaining knowledge as you go. This approach enables your team to concentrate on investigating and eliminating significant threats.
Not all AI is created equal.
It’s tempting to automatically assume that all artificial intelligence must be smart. Not so. There is ‘Dumb AI’ out there. To avoid it, you need to know what it looks like and how it underperforms.
What exactly is “Dumb AI”?
Dumb AI, also known as "narrow" or "weak," refers to AI systems that are limited to specific tasks or functions. Examples include voice assistants such as Alexa. They can answer simple queries or perform basic actions based on predefined commands. That’s good for ordering pizza or playing your favorite song. But the LAST thing you want from game-changing technology in a complex work environment is for it to turn out dumb!
Here are five critical restrictions that make dumb AI a bad move:
- Limited Domain Knowledge: The programming of Dumb AI restricts its knowledge to specific tasks or functions. It has no ability to comprehend information outside its defined scope. Dumb is narrow.
- Lack of Adaptability: Dumb AI systems have a difficult time adapting to new situations or learning from experience. To accommodate changes, they require manual updates or reprogramming. Dumb is needy, relying on human intervention and taking up, rather than saving, time.
- Rule-Based Decision-Making: Dumb AI follows predefined rules and algorithms, lacking the ability to reason or make complex decisions independently. It's inflexible.
- Lack of Contextual Understanding: Dumb AI doesn’t understand human language context or nuances, limiting its ability to engage in natural language processing or meaningful conversations. Dumb doesn’t ‘get it’.
- Single-Task Focus: Dumb AI systems are good for specific tasks but struggle to transfer knowledge or skills to different domains. Dumb AI systems "struggle to juggle" in a world of multi-tasking demands.
Narrow, needy, inflexible, struggling to juggle in a multi-tasking world, and just not getting it: these are the very opposites of the attributes and capabilities you want from AI.
What does a Smart AI choice look like?
For finance professionals, Smart AI refers to solutions that immediately generate value. These solutions utilize the knowledge and experience gained from years of integrating real intelligence into AI.
Measurable impacts include the following: The system enables high-precision intelligent processing and auditing of vast transaction volumes. The system eliminates the need for manager approval for T&E reports, allowing managers to concentrate on tasks that contribute more value. Reducing the need to retain external recovery audit resources could potentially result in significant cost savings. And positively changed employee behavior around T&E practice, as questionable—and quickly identified—claims are processed.
It's time to choose AI with Real Intelligence
Oversight has more than two decades’ proven track record developing and implementing solutions that meet and exceed the needs of finance teams. This experience directly benefits our customers. It underpins smart AI solutions that act as true enablers, not additional demands on team time. It adapts flexibly and responsively to changing business requirements.
Oversight’s Core AI is powered by machine learning (ML) models that can quickly be trained to distinguish risk from routine across hundreds of thousands of transactions. These models work with your real-world data to deliver real benefits. And Oversight’s smart AI is always learning, leveraging a constantly growing data pool to train and improve.
Dumb AI is ‘one and done’. To adjust it to your needs, you must intervene. Smart AI is “a million and one and still not done." With more data, it learns and evolves better. So, start your journey toward smart AI enablement even before the B of the bang.
Don't Settle for Dumb AI.
Trust the experts. Trust Oversight.
