SIIA recently took its Deciphering Finance event series to Austin, TX. The event brought together senior finance executives, CEOs and investors to discuss strategic planning, forecasting, risk management, revenue recognition, audit preparations, technology challenges and solutions, and more. I thought I would take a moment to share some key comments that came out of the discussion, some of which (if you really listen to) could impact your future growth and expansion.
You probably have gotten a call or email from your credit card issuer asking if you made a particular transaction. Ever wonder what triggered it? Turns out it is a form of artificial intelligence called a neural network. Instead of creating general rules about what transactions are likely to be fraudulent, a neural network just looks at all your transactions and figures out your very own individual pattern of usage. If a new transaction is significantly out of pattern, that’s when you get the call or the email.