Artificial intelligence the best tool for data analysis
WTS Business Services' Daren Mudaly says AI is a game changer in data management.
“Artificial Intelligence (AI) is the future of technology and a game-changer in financial software and data management,” chief data architect and engineer at WTS Business Services, Daren Mudaly, told his audience at the Finance Indaba held at the Sandton Convention Centre on 3 and 4 October.
Daren told a room full of finance professionals that he started a tech company a year ago that specifically deals with digital transformation. His team has created its own data warehouse, Cerebro, which gives businesses access to information from all sorts of sources, from social media data down to a business’s data. The platform allows businesses to check stock prices, live exchange rates, cryptocurrency data, human resources data and financial data.
“The platform structures your data upfront which will save you a lot of money and time,” said Daren.
Cerebro can also look at visual content, scan it upfront and process the data for businesses. In addition, it has a natural language processing functionality which does translations and can convert speech to text or text to speech.
Cerebro is already being used by a number of small businesses in Europe and the US.
“We are starting to do more work with SMMEs, helping them with budgeting and managing their cashflow. We’ve built them an ecosystem that has all sorts of information including personal information, education, a calendar, individual management and projects. We’re giving SMMEs an opportunity to run their operations in a more efficient way.”
The platform is a work in progress that is constantly being improved from end-to-end by analysing and modelling how it works in different scenarios.