AI may be one of the most misunderstood concepts in financial services at the moment. Not only is the technology complex, it also suffers from hype, bias, lack of transparency, lack of standardization, regulatory ambiguity, and it is constantly evolving. Accenture’s AI report helps demystify a bit of the AI enigma.
The firm spent multiple years surveying executives in a range of industries to compile a report detailing how to harness the power of AI. The firm surveyed more than 3,000 executives across 19 industries and 10 countries from November 2022 to November 2023 to compare how organizations leveraged AI.
Reinventing the enterprise
The main emphasis of Accenture’s AI report centered around reinvention. Accenture highlighted that reinvention is the key to unlocking the potential of AI for firms. Companies need to embrace reinvention as a deliberate strategy to fully leverage the powers of both AI and generative AI.
What it means to reinvent
Reinvention is more than just a buzz word. It involves firms transforming their entire organization by involving the whole C-suite in a collective decision-making process. Instead of simply adopting new technologies that fit into a bank’s existing approach, the entire firm must adopt a holistic approach that takes on four main attributes:
- Encompass talent strategy
Organizations must invest in training their entire workforce to understand and effectively use AI technologies. They must also attract new AI-skilled talent into their workforce by creating an attractive working environment and offering opportunities for growth and development. Additionally, firms must develop their leaders to understand AI’s potential and how to strategically implement it. - Break down organizational silos
Because AI initiatives often require collaboration among different departments, breaking down silos ensures that all teams work together effectively. This also means that each silo needs to offer transparent access to its data (in a secure way, of course). By making data accessible across the entire organization, AI systems can leverage more comprehensive datasets for more accurate and helpful outputs. And, perhaps most importantly, aligning AI projects with broader business objectives helps ensure that the entire organization is working towards that same goal. - Embrace new ways of working
To reinvent their current way of working, organizations need to embrace new ways of working and be open to change. Specifically, firms must adopt agile practices that allow them to iterate quickly, respond to changing markets, and continuously improve their AI systems. They also must create a culture of innovation that encourages experimentation, and offer flexible working arrangements that can improve employees’ productivity as well as their job satisfaction. - Continuously seek reinvention
The final piece of the puzzle is that organizations must not stand still. Even after taking initial steps, firms must regularly evaluate and refine their AI strategy to keep pace with advancements in technology as well as changing business needs and shifting consumer demand. Additionally, organizations must continuously invest in research and development to explore not only new AI technologies, but also new applications of existing technology.
Benefits of reinventing
Those willing to reinvent their enterprise stand to reap multiple benefits. In addition to driving growth, productivity, and outperforming their competitors, firms that reinvent their enterprise to unlock the key to leveraging AI will enhance the user experience for their end customers, tap into data-driven decision making, accelerate innovation, manage risk, scale their business, empower their employees, and optimize resources.
By integrating these benefits into their reinvention strategy, firms can fully exploit the transformative potential of AI and generative AI, ensuring long-term success and resilience.
To learn more about what it means to reinvent your enterprise, including the seven components of the digital core outlined in Accenture’s AI findings, check out the free report.