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While the growth of the internet has benefited the world in numerous ways, it has also made way for an increasing amount of cybercrime where fraudsters across the world often go uncaught in stealing billions of dollars. In particular, invoice fraud comprises a set of illicit activities where criminals pose as real vendors in hopes that company representatives will fall victim to paying false invoices. The Association of Certified Fraud Examiners estimates that invoice fraud cost companies $7 billion in 2018 alone. All companies, ranging from tech firms to hedge funds, are susceptible to invoice fraud. Criminals can be difficult to apprehend when they are successful in deceiving companies with fake invoices, and often proceed to launder the money – making apprehension even more difficult.
Through the use of AI, a business can take the necessary steps to protect themself from cybercrime by predicting the likelihood that each incoming invoice may be fraudulent. By learning from historical data and examples where accountants have successfully identified hazardous invoices, AI is able leverage these wide ranging variables to identify patterns in your invoices that act as a signal for fraud. In doing so, a business is able to automatically detect high risk invoices and alert the accounting team accordingly to ensure additional precautionary measures are conducted to evaluate the invoice. Preventing fraudulent vendor invoices can often mean saving millions of dollars that can be invested to serve customers and not to the wallets of criminals.
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Retailers deliver better demand forecasting, marketing efficiency, transparency in the supply chain, and profitability through advanced AI applications and a myriad of AI use cases throughout the value chain: from store-level demand and out-of-stock (OOS) predictions to marketing channel modeling and customer LTV predictions. With the abundance of consumer data, changing consumption patterns, global supply chain shakeups, and increased pressure to drive better forecasting, retail businesses can no longer ignore the potential of AI in their industry.