23/10/2020 Credit management
Christian Steiner

Creating the conditions today for artificial intelligence in tomorrow’s credit management

While Big Data was the big hype a short time ago, it is now artificial intelligence (AI) – or rather a form of AI, machine learning. It is supposed to tame and evaluate this mass of accumulated data – and to do so in a particularly adaptive and intelligent way. In the past five years, there has been more progress in the field of artificial intelligence (AI) than in the 50 years before. In many areas that previously seemed reserved for humans, machines are already surpassing us. No wonder, then, that the world of work is also devoting more attention to AI. Companies see the potential of this technology and expect faster, more efficient processes, more turnover and better risk assessment. Experts agree that critical business processes should be optimised with AI today rather than tomorrow. The earlier the algorithms are fed with “exercise data”, the faster companies will achieve better results and be able to exploit the potential of the technology.

It is important to show speed in this process, because experts are warning: English-speaking countries and Asia in particular are already much further along in their development. Germany is lagging behind, especially small and medium-sized enterprises. Fear often plays a role in this. Fear of being replaced by artificial intelligence. But even if, like any technological innovation, AI will probably end up costing jobs, it would be the wrong way to reject it for that reason. Anyone who does not invest in AI technology today could soon lose touch and thus also risk losing jobs – to a competitor which, thanks to AI, is faster, cheaper and more optimised.