May 29, 2024 - Blog

The Power of AI Across Industries (Part 3)

Brad Mallard, Chief Technology Officer, Version 1

Part 2 of this series delved into AI’s impact on financial services and the public sector. In this final instalment, we explore the critical elements that ensure the successful implementation and transformation of AI across various industries.

Ensuring Successful Industry AI Solutions and Transformation

The journey towards successful AI implementation is not without its challenges. To navigate this complex terrain, four critical pillars must be addressed: prioritisation, data, productionisation, and governance. Each of these elements plays a vital role in ensuring that AI solutions are not only effective but also sustainable and compliant with industry standards.

Prioritisation

Determining where you should focus your AI efforts requires a careful balance (depending on maturity and understanding of the technology) of cost and time as well as skill. There are very significant value creation opportunities in AI, many in growth, but even more for cost reduction and efficiency gains. This is when the ability to understand and prioritise business cases for the numerous solutions you are able to create using AI is paramount.

Data

The availability, integration, and quality of the data sources are crucial to the success of any AI project. This is true whether you are training a new model based on your own statistical data for machine learning, Traditional AI use cases, or for Generative AI use cases. The latter could be used for ingesting documents, organising these into manageable contextualised sections and ensuring appropriate tagging to maximise accuracy. The data aspect cannot be overlooked – it is critical and often the timeliest aspect of the project initially and in ongoing phases.

Productionisation

Quality productionisation is key. It is the process by which engineers and data scientists deploy machine learning models into real-world production systems, and smoothly integrating them with existing applications and operating systems. This includes considerations such as cost, quality and reliability are easily assumed but much harder to get to in reality when you start to build AI solutions that are used daily by thousands or more people. Many tend to overlook this as the solutions are easy to build and are only being made easier with solutions like the Gen-AI Studio apps from Microsoft and AWS.

It’s essential when you’re at scale to ensure you have the right deployment options. By testing the output, reliability, and consistency of responses -whilst maintaining security, privacy, cost, performance, and resilience – is far from easy. The key aspect of this is making sure you have the business and technology skills and experience working as one. Initial development also requires a mindset of prototyping or experimentation which paves the way as confidence grows in the output from fine-tuning models and prompts. Experimentation ultimately gives way to robust testing to finalise quality.

Ensuring that the output is measured and tested for accuracy by experts is critical, and even then, ensuring you consider elements such as whether the risk of hallucination is still too much even if it is at a low less than single percentage figure. For example, should your architecture need a human in-the-loop intervention or deciding whether to deliver the output directly to your consumer can be critical to your reputation.

Governance

Governance is key to ensuring that the extensive number of use cases are managed through their lifecycle and that they consider regulations and compliance throughout. This could be in managing and maintaining compliance with your regulations, security policies, new laws, or interpretations, or introducing or adapting ethical guidance. It could equally be in ensuring that you have a mechanism to process and run the business case factory to drive the swiftest benefit cases and manage the benefit and communication across the business.

The transformative power of AI across industries is undeniable, as explored through financial services, and the public sector, in this series, but of course, there are many more sectors such as Pharmaceuticals, Healthcare, and Education amongst others. However, the journey to harnessing this power effectively is complex and multifaceted. Successful AI implementation hinges on navigating the 4 critical pillars discussed in this article.

By addressing these pillars, organisations can unlock the full potential of AI, driving innovation and maintaining a competitive edge. As globally we continue to explore and implement AI solutions, a strategic and holistic approach will be crucial in navigating the challenges and reaping the benefits of this transformative technology.

If you’re interested in learning more from Brad about the transformative power of AI in the financial and public sectors, be sure to check out Version 1’s AI Webinar Series. Brad will be hosting two dedicated sessions focusing on the impact of AI in Financial Services and the Public Sector.