Paper explores combining dark data with artificial intelligence to improve decision-making
Tamarack Technology has introduced the second in its series of whitepapers on the application of artificial intelligence (AI) in the equipment finance industry. Entitled “Prediction: The next stage in equipment finance automation,” the piece is available for free download at tamarack.ai/whitepapers/prediction-automation/.
Building upon the foundation set forth in the “Dark Data” paper, the second paper explores how combining dark data with AI enables companies to enter the next phase of automation. Specifically, through the use of prediction tools, equipment finance companies can focus on predicting outcomes to enhance opportunities across payment delinquency, tier pricing, funding, lender partners, profit and loss, yield, residual value, legal action, sales and analysis.
“AI-based prediction automation is one of those technologies that is surprising in how disruptive it can be,” said whitepaper author Scott Nelson, president and chief digital officer at Tamarack Technology. “Early adopters of our AI suite have experienced increased productivity and rapid growth using access to aggregated data, creating purpose-built business intelligence frameworks, and automating routine manual tasks.”
Tamarack’s new suite of AI products was developed to enhance productivity and revenue capabilities by leveraging both financial and operational data. The products use data from across an organization's digital systems – past and present – to speed up operational workflows and automate decisions like approval, syndication and funding. Tamarack enables customers to use their own generated data in conjunction with other commercial data sources to differentiate their business and elevate competitive advantages that drive more value.
According to Nelson, “Traditional small-ticket, mid-ticket ‘look-to-book’ processes can take days to weeks to complete. With the use of Tamarack’s AI-driven predictors, the process is accelerated to minutes with automated measured-risk policies.” In fact, Tamarack customers using prediction automation have seen productivity increase more than 30 percent while decreasing workflow times from multiple weeks to just nine days.