For the latest podcast we are joined by David Kelnar, investment director and head of research at MMC Ventures, a UK VC firm. He is also the author of the UK AI landscape that plots the nearly 300 AI startups in the UK, the market they are in and the problems they are trying to solve.
The conversation ranges more widely than usual as we look at where AI is applied in many industries and not just fraud detection Regardless of the industry however, these insights are applicable and need to be considered seriously. Especially by those working in fraud detection.
Firstly, David observes that the only true, sustainable competitive advantage for any online business is how well it manages its data. So investing in products and approaches that optimise the use of that data is an imperative.
Secondly David considered how businesses can be the consumers of data science techniques without being the originators and still get this competitive advantage. For non-core functions, it is in fact recommended to buy and not build.
And finally David observed that there will be leaders, followers and laggards in the adoption of AI technologies. Which strategy is right for you business will depend on the circumstances but the advice is to choose that strategy consciously. Don’t discover you are a laggard and the world has passed you by.
You can read more from David on his blog: https:[email protected].