Bridging the AI divide: How companies can implement the technology effectively

Businesses are eager to harness the power of generative artificial intelligence (gen AI), but are they doing so successfully?

No, suggested a global study released by IT consultancy SoftServe in June. It polled more than 750 company decision-makers involved in gen AI. Figures showed that a gap exists between ambition and implementation.

Over half of respondents surveyed said they have established business goals for using gen AI, according to the study.

Yet just one in five (22 per cent) reported that their companies are effectively using gen AI.

Among different industries, retail was the most likely to harness generative AI and train models on owned data, while financial services and insurance encountered the biggest challenges, the study showed.

Bridging the divide

To implement AI effectively, businesses need to have a clear understanding of its potential and develop long-term plans to integrate it across their businesses, said Dipen Mehta, SoftServe’s executive vice-president for Financial Services in Asia-Pacific.

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US-based SoftServe, which was founded in Ukraine over 30 years ago, helps companies tap new technologies. Its areas of expertise include digital engineering, data and analytics, cloud, and AI/ML (machine learning).

“Companies (should) focus on high-impact areas where AI can deliver the most value, leveraging existing AI/ML tools and platforms, and adopting a phased approach to implementation,” said Mehta.

The data that is fed to AI models must also be accurate, he added. “Ensuring data quality is crucial, as clean and relevant data can prevent costly mistakes.”

Mehta also stressed the importance of safety, governance, and regulatory compliance in the development of AI systems. He advocates the use of testing frameworks such as the toolkit developed by the AI Verify Foundation.

SoftServe is a member of the AI Verify Foundation, which was set up by the Infocommunications Media Development Authority of Singapore (IMDA) in 2023 to tackle pressing issues in AI.

“Establishing frameworks that incorporate transparency, risk management, and accountability can help organisations effectively navigate the evolving landscape of AI regulations, while fostering trust and credibility with stakeholders,” he said.

The impact of AI

Industries like finance are already seeing disruption from gen AI through the automation of routine tasks, enhanced data analytics, and more informed decision-making, according to Mehta. He noted that this impact is likely to accelerate over the next five to 10 years.

“As with every major technological advancement – from the industrial revolution to the digital age – jobs have changed, and new jobs have been invented,” he observed. With gen AI, job transformation can accelerate further, he said, reshaping industries at an unprecedented rate.

SoftServe aims to help companies leverage the technology to “enhance customer experiences, streamline operations, and ensure compliance with regulatory requirements”, said Mehta. 

The company plans to demonstrate its AI solutions for the financial services industry at the Singapore FinTech Festival, happening from 6 to 8 Nov at the Singapore Expo.

One example is its digital concierge, an AI-powered virtual assistant designed to handle customer inquiries in multiple languages around the clock. According to Mehta, the system could reduce operational costs by up to 40 per cent over three years and improve response times by 50 per cent.

This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.

For more stories, go to https://bt.sg/sff2024