Displaying items by tag: predictive analytics

AI’s predictive analytics offer significant business opportunity to assess Scope 3 risks, forecast future energy consumption and lower an organisation’s carbon footprint

GUEST RESEARCH: IT infrastructure services provider Kyndryl in collaboration with Microsoft today released the Australian findings of the Global Sustainability Barometer study.

Given ongoing uncertainty within the tech sector, most decision makers are choosing technologies that offer more noticeable, near-term benefits, and with the drive towards operational efficiency, AI and generative AI are the “top two priorities for organisations”, a study has found.

GUEST OPINION: Today’s constantly changing economy has created an uncertain business and financial environment for organisations to navigate. However, this uncertainty does not mean that security, fraud, and money laundering risks are completely out of businesses’ control. In fact, with the latest technology and solutions, businesses can have greater foresight and visibility over the risks to their organisations before criminals have a chance to carry out their plans.

Matching financial criminals’ relentless approaches

Boards and executives could not be blamed for feeling somewhat exasperated by the ongoing and broad range of threats to their businesses, particularly in light of the various high-profile data breaches and attacks of 2022. Unfortunately, this mindset is exactly what bad actors are hoping for, so that organisations remain vulnerable to further attacks rather than responding quickly to prevent further threats.

When it comes to financial crime prevention, the best offence is a strong defence. Financial criminals around the world are continuously investing in new methods, technologies, and resources to carry out their crimes, including financial fraud and money laundering. Artificial intelligence (AI) is also being commonly used to automate their methods of illegally finding, accessing, and using data.

To combat these levels of threats and approaches, businesses need to fight fire with fire. AI and machine learning (ML), while being used by criminals, can also be used by organisations to prevent crime. This could include detecting suspicious patterns of behaviour, automatically carrying out actions to mitigate the risk or impact of bad actors, and then further improving the organisation’s understanding of financial crime threats to continue to keep the organisation secure.

With an ever improving and automated approach to fraud prevention, businesses can confidently mitigate the risks of attacks and the impacts of criminal behaviour. Without this approach, it is impossible for businesses to keep up with the pace and resources of financial criminals, as research shows they are only becoming better financed and more technologically savvy with time.

Strengthening your first line of defence

Every layer of an organisation that a financial criminal breaks through exponentially increases their threat to the organisation and its customers. All it can take is for one ‘open door’ to be found within an organisation to get enough information to illegally open other doors to obtain further information and private data. Consequently, the first line of defence will always be the most important for any organisation.

This starts with the onboarding process. As bad actors are becoming increasingly experienced, machine learning and predictive models can help organisations identify new patterns of behaviour when criminals are applying new tactics. Intelligent fraud detection analytics and AI can then be used on an ongoing basis to help businesses automate learning and stay on top of evolving fraudulent behaviour patterns. For good customers, this means the onboarding process is faster and smoother as their secure behaviours are identified quickly. For risky customers, the process for identifying and managing their risk is faster and more accurate every time, even as the criminals’ changing tactics and patterns evolve.

As boards and leadership teams are exploring ways to stay ahead of financial criminals and their methods, relying solely on scaled human resources will not be enough. To match the level of sophistication and the relentlessness of criminals’ attacks, predictive analytics, powered by AI and ML, is critical.

Carol Chris is Regional General Manager for Australia and New Zealand, GBG

GUEST INTERVIEW: Digital transformation is often touted as new, but FICO began life in 1956 by introducing analytic solutions such as credit scoring, and pioneered the development and application of decision management, so how has FICO evolved over the decades to today? Corey Smith joins iTWireTV to explain it all.

GUEST INTERVIEW: Digital transformation is often touted as new, but FICO began life in 1956 by introducing analytic solutions such as credit scoring, and pioneered the development and application of decision management, so how has FICO evolved over the decades to today? Corey Smith joins iTWireTV to explain it all.

Open source solutions provider Red Hat has announced several enhancements to Red Hat Insights, its predictive analytics offering, including integrations for ServiceNow and Slack as well as expanded monitoring capabilities to identify known threats in Red Hat OpenShift and Red Hat Enterprise Linux.

Microsoft announced today it is supporting Lifeline, Australia's leading suicide prevention service, to securely analyse and share curated, anonymised data with mental health researchers. The solution was implemented by Microsoft partner, Data Addiction.

Global technology sector veteran Darren Needham-Walker has been appointed Chief Marketing Officer of Brisbane tech startup Advanced Mobility Analytics Group AMAG.

What is Data Science?

GUEST OPINION by Chris Tucker, Vice President – Australia and New Zealand, HCL Technologies:  Data science is an interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data and apply knowledge and actionable insights from data across a broad range of domains. It’s certainly a lot more than reports and analysis and it’s moving from the back room to the forefront of many businesses as it gives meaning to the numbers.

Victoria University researchers wanted to predict domestic violence incidents by analysing social media data and turned to Oracle Cloud to provide the sheer computational grunt needed to support its deep learning models.

STRATEGIC ALLIANCE ANNOUNCEMENT: ANATAS, an FTS Group company and award-winning software integrations provider for the APAC region, has today announced that it has combined forces with Runecast, maker of Runecast Analyzer, a patented, predictive analytics for VMware and AWS environments.

STRATEGIC ALLIANCE ANNOUNCEMENT: ANATAS, an FTS Group company and award-winning software integrations provider for the APAC region, has today announced that it has combined forces with Runecast, maker of Runecast Analyzer, a patented, predictive analytics for VMware and AWS environments.

By Guy Danskine, Managing Director, Equinix Australia

Melbourne is ranked as Australia’s most advanced smart city and one of the world’s top ten most connected smart cities, according to a recent report by Oracle and ESI ThoughtLab. 1 It’s exceptional not just because it uses data or technology, as most cities do, but because it extracts value from data in ways that enhance livability, experience, sustainability and economic growth.

GUEST OPINION: Melbourne is ranked as Australia’s most advanced smart city and one of the world’s top ten most connected smart cities, according to a recent report by Oracle and ESI ThoughtLab. 1 It’s exceptional not just because it uses data or technology, as most cities do, but because it extracts value from data in ways that enhance livability, experience, sustainability and economic growth.

Two global firms have combined their specialties to provide what they describe as the most comprehensive, open-compatible artificial intelligence framework for the Internet of Things.

Talend is a data-cleaning company with a billion-dollar market value. Chief executive Mike Tuchen says many companies are missing out on extracting the maximum value out of their data.

Global market intelligence advisory service IDC has released its findings on the worldwide big data and analytics software market share for 2017, revealing the number one vendor beats the market with more than twice the share of its nearest competitor.

Global research firm Forrester has said, “Machine learning is an elemental core competency that every enterprise must have” and released its findings around the 13 top companies in this space.

Accounting software provider Jazoodle has been busy, with lots of exciting enhancements promised in an email update to its customers, from simplified pricing, to pending MYOB and Quickbooks compatibility.

Martech business Rokt, pronounced “rocked” with a ’t’, not “rocket”, says Splunk has given it predictable and scalable IT management and security.