Dr. Bimal Roy Bhanu and his team at AuditXPRT are all too aware of the danger of labelling products or services as being ‘AI Powered’. With the phrase often being wrongly overused now by businesses wishing to convince customers of their cutting edge evolution, Durtti wants to understand how the technology AuditXPRT implement really is keeping them ahead of the game in the multi billion dollar global regulatory and compliance sector.
AuditXPRT offer amongst other software platforms, a low cost, easy to use AI powered platform called iXPRT, which provides the global pharma, financial, legal, HR and Oil and Gas service sectors with automated compliance and regulatory solutions. Can iXPRT handle unstructured data, and if so, what types of data can it deal with, Bim?
The iXPRT platform has been designed and configured to accept all types of data regardless of format or file type. It has the ability to read and understand both numerical and alphabet based data.
Where can readers see a working demo of iXPRT?
What is ‘Cognitive RPA’ (Robot Process Automation) and how does it differ from ‘Traditional RPA’ that is commonly used today?
The iXPRT platform is more advanced than existing cognitive RPA. We classify ourselves as true AI technology solutions. Now, there are countless companies proclaiming to deliver Artificial Intelligence (AI) and Machine Learning Solutions but only a very few have proven use cases of their solutions being delivered and used.
AuditXPRT with its world leading iXPRT Platform is a leader, having worked with companies, particularly in the financial services sector to use Machine Learning and Natural Language Processing in the automation of hitherto largely manual auditing and compliance of client accounts and information against a plethora of national, regional and global financial regulations.
iXPRT harnesses the power of AI, Natural Language Processing and Machine Learning to automate compliance and audit assurance that previously required expensive subject matter experience and deep learning.
The AI disruption, however, will do much more than merely reduce the need for manpower. It will rewrite the rules of business competition as well. The biggest change is not that new “learning machines” will replace human workers. It is that they can, and will, outperform them.
How easy is it for iXPRT to integrate and extend a user’s Traditional RPA to become a Cognitive RPA?
The AuditXPRT platform can integrate to any existing RPA or non RPA software being used by clients through APIs or direct integration.
As you said, there is a lot of hype when companies talk of ‘AI based solutions’. Do you have a real world case study of an organisation that has implemented AuditXPRT solutions with measurable success?
Absolutely! Please see a real world case study here.
You are also able to automate the process of identifying and verifying clients customers with your AuditXPRT’s GRADA platform. How easy is it for a customer to learn this KYC (Know Your Customer) and AML (Anti Money Laundering) solution you offer?
If you view our demo videos, you will see that our software solutions are designed to be operated by a lay person without having to have deep computing experience. The UI is designed to the spec of the client, but with the underlying principle that the KYC software is intuitive and straightforward to navigate, understand and use. One of our drivers was to reduce any training time or change management required to use our KYC solutions.
Compliance regulations vary widely for industry sectors from region to region, all over the world, and they are changing all the time. How do AuditXPRT’s AI powered automated solutions overcome this huge challenge?
Our iXPRT platform and AI engine is not a static, hard coded off the shelf software. By using our unique AI, machine learning and natural language algorithms, the system can be trained to understand any regulation regardless of geography. Also, once the system has learned a regulation, it is very simple (using a straight forward text input interface) to teach the engine to understand any differences or changes in regulation.
You have to view the system as you would a person, but instead of it taking perhaps weeks for a human to understand and be trained to changing regulations, this can be done in a matter of hours.
How do AuditXPRT charge for the services you provide?
This depends on how the software is accessed, ie either on the cloud or onsite within the client’s environment. We have a SAS model, but what clients seem to prefer is to pay per document processed.
How does the accuracy of AuditXPRT’s automated solutions compare to the 60-70% accuracy of manual input, and what is a typical timeline for your machine learning solutions to reach that optimal level of accuracy?
The accuracy of our solutions is on average 90+% and this is achieved after only a few weeks of subject matter training and a small amount of training data. Because a client can directly view the evidence from a document that the system has used to validate a result, any mistakes can be quickly identified and through a simple text interface, teach the system as to why its decision was right or wrong. This automatically amends or adjust the algorithms used so that our system learns and adapts.
Finally, Bim, as CEO of AuditXPRT, you and your team must have encountered some extraordinary obstacles in order to bring your groundbreaking AI powered platforms to market. How do you, as a human(!), try to deal with work related challenges, when they occur?
I have been on this journey since 2013 and what I will say is that the current market and understanding of AI is very different to that in 2013. There is a keenness and less fear to explore the use of AI to automate work that was commonly done by white collar skilled employees, particularly within the financial services sector. That’s not to say that too many senior buyers within IT or operations in particular don’t view this technology with trepidation and fear (‘selling Christmas to turkey’s scenario!’).
The problem as articulated in a recent survey from PwC commented that the level of lack of knowledge on AI within business, even among CEOs and CTOs is bewildering. There seems to be very little planning or thought about what the impact of AI might be internally on business processes and more powerfully on customer products and services.
Executives urgently need to understand the impact AI will have on their markets, their customers’ needs and the changing nature of business competition. Understanding the coming impact of AI on business is already critical in the development of company strategies.
As a small business, you not only have to compete with a plethora of companies purporting to use AI, but in fact are using RPA or Big Data analytics such as Watson, but also prove very quickly that you can add real value by transforming a business process or issue.
Running a business such as this is all consuming, but it’s the excitement of the technology and knowing that you are invoved in a business that is transforming the wider world, which keeps you going!
More at www.auditxprt.com
Bim is a member of The Artificial Intelligence Group on LinkedIn.