Artificial Intelligence is transforming the way we live and work on a phenomenal scale. Even before generative AI solutions like ChatGPT emerged into the workplace, companies were using AI to enhance efficiency, productivity, and business performance.
However, AI is more than just a valuable tool for streamlining tasks and workflows. It can also be a critical resource for companies struggling to comply with evolving industry regulations. In today’s world, organizations are generating huge volumes of data on a daily basis.
This data can pave the way for rapid innovation and growth. However, it also comes with challenges to overcome. In a data-driven environment, companies need to ensure they’re effectively capturing, storing, and securing their data to maintain compliance.
Here’s how companies can use AI classification tools to streamline, enhance, and optimize their compliance strategies.
What are AI Classification Solutions?
Every day, companies generate and collect huge volumes of data from video meetings, messaging conversations, phone calls, and countless other types of interaction. Each type of data has its own specific use case or value, as well as unique requirements for storage, preservation, and security.
Data classification, the art of organizing data according to its value, type, and sensitivity, is crucial not just for compliance purposes, but also for comprehensive data management.
Unfortunately, as the volumes of data created by companies increases, traditional data classification strategies are becoming less effective. Manually processing and classifying endless messages, emails, files, and recordings would be an extremely time-consuming and expensive process for many companies. That’s where AI classification solutions come in.
Intelligent classification tools provide companies with solutions to enhance storage optimization, regulatory compliance, eDiscovery, and data security, minimizing risk and complexity. With these solutions, businesses can make more intelligent decisions related to compliance and data security.
Plus, they can ensure their data is effectively stored and managed according to its value.
What to Look for in an AI Classification Solution
An effective AI classification solution combines automation, machine learning, natural language processing, and other intelligent features to transform your compliance strategy. The right toolkit will allow companies to identify relevant data from multiple sources, through a single console.
With the best technology, companies can define patterns and policies using a single console, access actionable intelligence about business data, and unlock opportunities for growth.
Some of the most valuable features to look for in an AI classification solution include:
- Pre-trained patterns: Pre-trained AI patterns in an AI classification solution make it easy to rapidly detect data types and behaviours, such as bribery, credit card numbers or social security numbers, helping to ensure data is stored correctly.
- Natural language processing: NLP solutions make it easy to detect sentiment and other factors in recordings, allowing for in-depth insights into crucial conversations.
- Preconfigured policies: Pre-configured policies aligned with regulatory standards like GDPR, HIPAA, and PCI ensure companies can adapt their compliance strategy to the specific needs of their organization.
- Confidence scoring: Proprietary confidence scoring helps to minimize false positives. Some vendors can even offer built-in testing tools to ensure classification accuracy.
- Extensibility: A flexible platform will allow companies to configure their solution to recognize custom data patterns based on keywords, nested condition logic, regular expressions, document matching and more.
Best Practices for AI Classification
AI Classification tools, when used correctly, provide companies with a unique way to identify, and safeguard data rapidly, and effectively. However, to make the most of your technology, it’s important to follow a few critical best practices, for instance:
1. Select a Solution for Universal Classification
The ideal AI classification solution will ensure you can collect, process, and classify data from numerous sources in a single, customizable console. Intelligent tools will ensure you can collect information from various channels, such as messaging channels like WhatsApp, social media platforms, email, phone calls, and collaboration tools.
Solutions like Veritas Alta Classification automatically identifies relevant data for companies through a single console at the source, during eDiscovery or within the archive. Using machine learning, it can target sensitive data instantly, and help companies rapidly determine where crucial information should be stored, and how it needs to be secured.
2. Prioritize Accurate Results
The success of any data classification strategy for compliance relies on how accurately your technology can identify various forms of information. A powerful AI solution will allow you to automate classification processes, without compromising on accuracy.
For instance, Veritas Alta Classification can identify more than 1,100 data types instantly, using expertly-trained patterns. Additionally, it allows companies to create their own classification strategies, implement custom policies, and adjust their workflows as needed.
With built-in AI and NLP solutions, the technology can also conduct sentiment analysis in real-time, detect keyword conditions, and offer various different solutions for data processing. Plus, you can test policies and review results with hit highlighting.
3. Leverage Intelligent Analytics
An AI classification solution should be able to do a lot more than simply capture and identify different forms of data. It should also help companies to analyze and understand the information they collect. Select a tool that includes pre-built templated policies that align with specific regulations relevant to your industry, such as SEC, FINRA, and HIPAA.
It’s also worth prioritizing technology that can use intelligent algorithms to automatically detect and remove noise that may lead to false positives (improving review processes). Plus, some solutions can also automatically surface compliance violations in seconds, making it easier to ensure you constantly minimize the risks associated with your data management strategy.
With intelligent analytics, you’ll be able to rapidly pinpoint your most sensitive data, prioritize certain files, visualize risks in seconds, and even optimize compliance with predictive analytics.
Unlocking the Power of AI Classification
Data classification is an important part of any data management and compliance strategy. However, classifying and organizing data is becoming more complex at a time when companies are generating larger volumes of information on a daily basis.
With AI classification tools, you can streamline your compliance processes, reduce risks, improve business efficiency, and generate more value from the data you collect.
To find out more information, visit Veritas.
