Manchester AI platform provider Peak has launched an AI performance guarantee for its AI stock inventory tool.
A 2024 survey by research and analysis company GlobalData found that around 27% of businesses already had a high adoption rate of AI.
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Despite this, over 30% of businesses also stated that they were not overly confident about integrating generative AI tools.
Current generative AI tools are not yet 100% accurate and can suffer from hallucinations, which are responses that are fabricated by the AI.
In its executive briefing on AI, GlobalData forecasts that AI may achieve around 99% accuracy in the next 10 to 50 years.
Until then, guarantees on AI products may help businesses adopt AI more confidently.
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By GlobalDataToronto based startup Armilla AI is another example of a company focused on providing AI warranties and risk assessments for businesses wanting to adopt AI and AI vendors. In February 2024, the company raised $4.5m in seed funding to scale its risk assurance product for AI models.
As AI becomes widespread across industries like healthcare, finance and the legal system, more AI vendors may need to provide a guarantee or warranty scheme to ensure a confident deployment.
Peak’s Dynamic Inventory AI can be used to forecast and order stock levels, reducing the risk of inventory distortion.
Peak touted its AI guarantee as a safety net for businesses looking to integrate AI into their workflows while managing the risk that the new technology could pose.
In the circumstance that its Dynamic Inventory tool is consistently wrong in its forecasting and ordering, Peak has promised to reimburse its customers with the full price of its tool.
Peak stated that its AI guarantee had been developed alongside cooperation with a reinsurance company and tested by external AI scientists.
Peak’s CEO and co-founder Richard Potter told Verdict that its guarantee could open the door to more businesses adopting de-risked AI innovation.
“Macroeconomic trends and business-specific challenges have shown the only thing certain for businesses is uncertainty. So, it’s critical to remove risk for business leaders looking to invest in the technology that’s going to power commercial success,” he stated.
