Allowing AI to thrive: Why the correct culture is critical

Allowing AI to thrive: Why the correct culture is critical

Lydia Coyle
by Lydia Coyle

Success happens in organisations whose culture embraces innovation, promotes an experimental, fail-fast mindset and harnesses the creative flair of its people. But it’s not easy to foster this environment. Financial targets don’t lend themselves to technology investments that might not see an immediate return; performance targets don’t tend to reward “failures”; and governance processes don’t make it easy to liberate projects from the bounds of bureaucracy or allow them to proceed at pace.

Without a strong culture the notion of incremental, iterative development is unworkable. The entire organisation must be enabled to trial new technology in a controlled manner by defining the phases of innovative change, pegging specific outputs to each phase and introducing regular goal-oriented checkpoints to control progression through the project.

The right culture ensures that:

These ideas and policies can be formalised within an overarching innovation framework, set at the top of the organisation. By defining the bounds of each development phase, streamlining governance steps and building the right capabilities internally, organisational expectations will be set appropriately and everyone will be empowered to effect change.

This, coupled with an investment to train the entire organisation in data science, cloud technologies and customer-driven value propositions will give people the knowledge, tools and environment that allow AI projects to thrive, but also the rigour required to take a service, product or process live within a bank.

Read our whitepaper “Navigating AI Financial Services” for more information and for the Woodhurst Blueprint© for building Artificial Intelligence capabilities

Download this free insight to find out:

Enter your details below and the white paper will be emailed to you shortly.

[hubspot type=form portal=5739650 id=8a45e757-b328-4780-bd84-269c74a79493]

discuss this with us & find more insights on

Want to learn more?

let's talk