Paving the way for Gen Al: Technology foundation and strategic sponsorship

One of the ways to win the race to adopt Generative AI (Gen AI) and turn it into a competitive advantage is to have strong support and endorsement from the highest levels of an organisation’s leadership.

- Dr Simon Lee

Major organisations across the financial industry are grappling with the opportunities, risks, and rapid development presented by Gen AI. Robust technology platforms and a market ripe for innovation play important roles in how well an organisation can integrate Gen AI, but the key factor to leading this race is placing Gen AI at the heart of a company’s strategic plan, with endorsement from senior leaders all the way to the tech talent who put it all together.

Having top management endorse Gen AI adoption means related projects are fast-tracked, resource requests come with top-level pre-approval, and everyone in the organisation is working together towards the same goal. It removes countless organisational barriers before they have been erected and has helped us become recognised as an early Gen AI leader in our industry.

Factors for success

Whilst buy-in from leadership drives adoption, there are also other factors that help determine if Gen AI can become a competitive advantage for an organisation. An organisation’s technology, digital, and data platforms must be robust, up to date, and ready for the challenge. Legacy technology systems or a lack of scalability and flexibility can quickly derail a Gen AI strategy.