Designed for success: How a centralised approach can help you get more value from artificial intelligence
27 Apr 2020 12:08 pm by Mark Dunn
Artificial Intelligence (AI) and Machine Learning (ML) have developed and improved dramatically over the past decade and promise to become even more critical for driving innovation and insight for businesses worldwide in the near future. Currently, however, many companies struggle with maximising the value of AI and ML investments. Establishing an AI Centre of Excellence (CoE) has proven to be a crucial first step enabling companies to perform cross-functional collaborations. But what does a CoE entail and how can it enhance the performance of your company?
Prepare for AI excellence
The potential of AI to transform enterprise fortunes also means that a clear commitment, including the necessary financial and human resources, has to be made in order to maximise your chance of success. An AI CoE constitutes a centralised approach to tackle the responsibilities, duties, the decision-making process to support machine learning or predictive analytics projects. While a CoE must be customised to organisational needs, certain best practice examples highlight essential, globally applicable principles.
Recently, finance industry heavyweight JP Morgan announced that it will expand its operations into AI and ML by launching its second Machine Learning Centre of Excellence¹. After successfully launching the first centre in New York in 2018, the bank seeks to accelerate the applicability and use of AI technology outside of the U.S. with the launch of a new London-based research centre.
Increasingly, financial institutions and other industries have started to understand the significant importance AI will have on their portfolio. The establishment of an AI CoE enables organisations to perform cross-functional collaborations and streamline their use of Artificial Intelligence and Machine Learning. AI is already revolutionising our world by introducing comprehensive methods of quantifying and analysing ever more complex datasets.
Components of an AI CoE
Instant success is a rarity when it comes to transformative technology. This holds true for AI as well. A Centre of Excellence to support AI initiatives will not prevent mistakes, but it is a crucial first step for limiting such errors and accelerating the pace at which your AI efforts deliver measurable value.
We identified a number of principles that are important for the successful establishment of a CoE.
- Secure executive sponsorship
- Set a clear vision and scope
- Establish a governance framework for responsible AI
- Drive innovation by engaging the right people across the business
- Set up clear structures and relationships
- Devolve data architecture design to the CoE
- Maintain a high profile and communicate success
Download our checklist for establishing a CoE to learn more about each of these principles and how they work together to deliver value.
AI focused Centres of Excellence are proving their worth day by day, and they are here to stay. By supporting businesses in analysing AI opportunities more effectively and contextualising them within the organisation, companies can streamline and enhance AI deployment across the business, leading to more positive business outcomes.
Take the next steps:
- Take a closer look at our checklist for creating an AI Centre of Excellence .
- Experience how Nexis® Data as a Service (DaaS) can enhance your data-driven operation to develop your organisation’s full potential.
1. JP Morgan expands dive into machine learning with new London research centre, The Trade News.