Navigating the AI Revolution for Businesses without Technology Teams
By Suma Chander, Partner
Artificial Intelligence (AI) has emerged as a force in reshaping investment strategies, risk management, customer engagement, quantitative strategies and many other matters. The journey toward AI adoption is not without challenges. But the risks of standing still are far greater.
For investment funds and companies, particularly those without in-house technology staff, AI presents immense opportunities and significant challenges. Many of these organizations rely on external IT providers for desktop and managed services. These companies do not possess the in-house specialized expertise or in-depth knowledge of cutting-edge innovations in AI. This gap can lead to missed opportunities or misguided implementation strategies that may result in even bigger issues.
How can such companies navigate this new terrain without in-house technology teams?
Recognizing this as a challenge is the first step. External IT providers may excel in ensuring that day-to-day operations run smoothly and that there are safe firewalls and security. While they specialize in these areas, their traditional focus is not on strategic, innovative technologies. Resources for specialized advice on how to leverage AI for competitive advantage safely and ethically should be directed to advisors who are entrenched in the technology and have industry-specific knowledge in this field. The solution lies in engaging such advisors who can offer nuanced insights and guidance.
AI, data science, Fintech and deeper cyber security advancements are moving at an extremely rapid pace. A well-rounded perspective on the adoption of these technologies and managing risks around these complexities to ensure compliance and regulatory requirements requires special guidance from firms working in this field.
Not adopting this rapid growth to automate routine tasks or not using AI solutions to improve outcomes and optimize operations will leave organizations behind. The speed and power of large language models to collate research is tremendous. Not using this computing capability can leave investment strategies lagging.
Collaborating with technology providers and AI specialists can offer cutting-edge tools and knowledge to implement strategies robustly and effectively. These partnerships can also address security risks and concerns and help educate the teams and businesses. Embracing this culture of innovation is critical as businesses move toward transformation into a new digital age. The path forward involves educating teams and fostering strategic partnerships to promote and embrace innovation in navigating the complexities and efficiencies of the AI age.
The future belongs to those who are prepared to embrace AI safely and strategically, strengthen the right resources within the organization and engage with the right partners/advisors to leverage the right technology and unlock the full potential safely. The future of the industry is undeniably digital and technology driven.
Contact Us
At PKF O’Connor Davies, we engage with many clients and advise them on AI and other emerging technological trends. If you need assistance in how to best leverage these arising technologies and align them with your operational needs, we can be your sounding board. Contact your PKF O’Connor Davies client service team or:
Suma Chander
Partner
schander@pkfod.com | 212.286.2600