1. Learn more
The first step in implementation is to ensure that you and your teams have a good understanding of what AI is, what it can do, and what is needed for it to be successful.
2. Build a list
Consider where applying cognitive technologies would bring the most benefit to your organisation to improve systems or processes. Which of the three key technology types could offer the best support:
3. Think about risks
New technologies bring new risks. To progress with exploring AI and cognitive you will need to be aware of the associated risks, both internally and externally. One example to consider is regulations. There is currently little regulation that governs the use of AI in the workplace, however, that is likely to change.
4. Share ideas
Make sure you are talking to the rest of your organisations. The most successful AI and cognitive projects are those that enable people and AI to work effectively together. To make this happen, you need to consider the impact of the technology on people at an early stage and secure buy-in. Also, these technologies can be deployed around a business, so find out if other teams are already experimenting or would be interested in collaborating. This could reduce costs.
5. Put your ideas into practice
The best way to learn is by doing. Once you have identified a process that you think would benefit from AI and cognitive technology, test it. Start small, experiment, and then scale up. A pilot will allow you to rapidly evaluate the feasibility of solving a business problem with a selected AI or cognitive tool and draft the business case for the next stage.
| Top tip |
| Organisations often try to start AI and cognitive projects in the most complex and difficult areas. Actually, focusing on a relatively simple activity to start with can be a better approach. Look for a constrained business issue or activity that is repetitive, high volume and requires cognitive effort that can be “taught” or codified into rules. |
Find out more about AI and cognitive computing
Learn more about artificial intelligence and cognitive computing by completing ICAEW and Deloitte's eLearning module. This resource includes more details on these cognitive technologies and their implementation, including examples of how they are being used by finance teams and businesses.
AI and cognitive computing
This eLearning module outlines what cognitive computing technologies are most relevant to finance, alongside explaining common misconceptions about the technology and AI. It also covers the benefits, how to get started and includes case studies.
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