Mbabane – Organisations could soon rely more on their own data than industry trends when making strategic decisions, with an artificial intelligence-powered governance, risk, performance and compliance (GPRC) system seeking to change how businesses use information.
The system, known as GPRC Synapse One, was presented by Johannesburg-based ICT company Wire Speed Systems during a three-day conference being held at Hilton Garden Inn, Mbabane, from September 15 to 17.
The conference has brought together business leaders and technology experts to discuss the theme, “Driving sustainable value creation through integrated and AI-powered GPRC Systems.”
Johnston, the company’s GRC SME Lead, said Synapse One was developed to help organisations turn information generated through their daily operations into insights that could support strategic decision-making.
He said the system’s AI was different from general artificial intelligence tools because it worked with an organisation’s own accumulated data and knowledge base.
This, he said, allowed the system to identify patterns and relationships within an organisation’s information which might otherwise be overlooked.
Johnston said businesses operating in the same sector often adopted similar strategies because they based their decisions on common assumptions about their markets.
He said Synapse One offered organisations an opportunity to make decisions based on what was happening within their own operations rather than simply copying approaches used by competitors.
“Other than following the herd, be guided by your own data in your organisation,” Johnston said.
He said the technology could also change the way businesses conducted strategic exercises such as SWOT analysis.
According to Johnston, SWOT analysis was often reduced to compiling lists of strengths, weaknesses, opportunities and threats, without examining the relationships between those factors.
He said AI could help organisations go beyond simply listing information by analysing the connections between different pieces of data.
GPRC Synapse One brings governance, strategy, performance, risk and compliance functions together on one platform, while incorporating AI, data science and data engineering capabilities.
The integrated approach is intended to give management a broader view of an organisation’s operations and provide information that can be used when making business decisions.
Wire Speed Systems has been operating in the ICT sector since 2012 and said its experience working with different organisations and GPRC systems had informed the development of Synapse One.
The company also operates an ICT academy offering technology-related courses as part of its skills development initiatives.
The Mbabane conference comes as organisations increasingly grapple with rapid changes in artificial intelligence and the need to understand how the technology can be incorporated into existing business systems.
The discussions are focused on how AI-powered GPRC systems can be used to improve organisational management while enabling businesses to extract greater value from information already available within their operations.
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