Rapid AI Insights: Edition 19

Hello,

Welcome to a new edition of Rapid AI Insights! This week, we share some best practices for preparing your organization for #AI projects, track the advantages of combining #datascience with investment in #cloud tools and platforms, and dive into the state of #AI in #financialservices in the #UK. Lastly, we feature some exciting #RapidCanvas news!

Preparing your organization for AI

AI can be transformative for teams to streamline processes and improve efficiency. Teams that are proactive in understanding the emerging technologies and terminologies, and develop an AI strategy will reap the greatest benefits. Looking at internal processes and opportunities with the lens of preparing for AI adoption can give an organization a head start in the current era of AI.

In a recent article, TDWI laid out a few best practices to keep in mind while readying for AI projects:

• Only use high-quality data.?
• Be patient.?
• Educate your teams.?
• Pick the right partners.

Data science and the cloud: A great combination

Leveraging data science techniques for business efficiency is attractive for companies but first the question of infrastructure and data security and storage must be considered. Cloud-based tools and technologies can be used effectively to bridge the gap between intent and actual investment in data science projects.?

While using the cloud, two main advantages emerge:

• Scaling resources: Improved speed and collaboration between different stakeholders become possible while keeping costs manageable. Access to data and analytics is also democratized and improved across different organizations.
• Improving workforce agility: Parallel to the rise of remote work, the cloud enables?business efficiency and agility, and real-time insights and analytics?

The Harvard Business Review dives deeper into the correspondent growth in data science and cloud computing.?

“From startups to industry giants, the cloud has become a great equalizer where talent and creativity, not just financial resources, drive innovation.”

How are UK's financial institutions using AI?

In a recent survey of 23 financial institutions in the UK, the state of AI adoption, its applications and risks were studied. The enthusiasm for AI is manifest, with 90 percent of respondents already leveraging predictive AI in back-office functions, yielding tangible benefit, and more than 60 percent believed in the potential for generative AI for cost savings and increased effectiveness.?

The report dives into the ways in which the industry is leveraging both generative AI and predictive AI, and the value each of these offers users.?

• The most common Predictive AI use cases are within fraud detection, risk modeling, Know Your Customer (KYC) and document authentication.

• For generative AI, applications include assisting with translating code between languages, document search and response within internal policy and procedures, and generating marketing content.?

Access the entire report here.

Rapid News: RapidCanvas is now SOC 2 Type 2 compliant

In the era of AI and ML, the role of data security is more critical than ever before. With businesses turning to AI to improve efficiency and drive innovation, the continuous movement and storage of data in tremendous amounts is certain. Ensuring the protection of this data and sensitive information is paramount.

?RapidCanvas has taken a significant step forward in this direction by achieving SOC 2 Type 2 compliance. This achievement stands testament to RapidCanvas’s dedication to safeguarding customer data and maintaining the highest standards of security.

Learn more about SOC 2 and its role in the age of AI and ML here.

About RapidCanvas

RapidCanvas is a no-code AI platform for business users to go from idea to live enterprise AI solution within hours, reducing time to value by over 90%, when compared to traditional AI build-and-deploy processes. RapidCanvas creates out-of-the-box AI solutions tailored to your needs using our proprietary AutoAI technology. Our data science experts work with you to optimize the results to your satisfaction; we combine the efficiency of algorithms with the experience of human experts. RapidCanvas work with leaders in financial services, retail, renewable energy, and manufacturing.