Companies Can Make It Easier For CFOs To Succeed On AI Implementations

The key is committed collaboration, management experts say.

When the London Stock Exchange announced a next-level 10-year partnership with Microsoft back in December, 2022, the focus was on the exchange promising to spend at least $2.8 billion on cloud computing spending on the tech giant’s products.

Now that the partnership has had a year to jell, the alliance is also providing a blueprint to companies looking for a gateway to artificial intelligence deployment success. That blueprint, LSEG executives and other experts say is heavy on one key aspect – full partnerships on AI initiatives.

“The journey of the London Stock Exchange Group (LSEG) serves as a prime example of successful AI integration through collaboration,” stated Rachel Kennedy in The CFO in a January 8, 2024 commentary.

The key, said Premal Parekh, former CFO/FD and head of transformation & investments at LSEG, was focusing on internal and external partnerships that pushed the C-suite’s operation priorities to center stage.

“(The Exchange) focused on aligning business processes with technological advancements and reducing time spent on routine tasks, which often bog down finance teams,” Kennedy noted. “This was not a unilateral move but a concerted effort in close coordination with the IT department and various business units. They embarked on a series of workshops, training sessions, and pilot projects to understand the nuances of AI and its applicability to their specific functions.”

“By doing so, they were able to identify key areas where AI could deliver immediate value, such as predictive analytics for market trends and automation of repetitive financial processes,” she added.

Collaboration Inside and Out

The London Stock Exchange also had an external partnership with Microsoft in its back pocket.

The LSEG used that partnership to build on its existing AI capabilities to increase efficiency and productivity while leaning on its tech vendor’s expertise to add new AI and machine learning tools to build a data-driven powerhouse platform for the long run.

“AI is poised to unlock business models and transform industries, but Generative AI is only as good as the quality of the data it is trained on,” said Emily Prince, group head of analytics at LSEG. “It’s important to consider the risks associated with AI in financial services around the concept of AI hallucinations, which is mitigated by pinpoint accuracy. A strong commitment to data accuracy and auditability is fundamental.”

That’s one big area where the LSEG’s partnership with Microsoft pays dividends.

“At LSEG, we’re working with partners like Microsoft to apply Generative AI to transform the way customers gain insights from data and make their workflows more efficient,” Prince noted.

Through its 10-year strategic partnership with Microsoft, the exchange is gaining the following benefits, Prince noted.

• Transforming the way customers gain insights from data and make their workflows more efficient.
• Redefining data excellence to equip the industry with the right tools for the next generation of financial professionals.
• Empowering our customers to focus on creating unique insights bringing the transformational power of Generative AI
• Building an open, intelligent, and resilient ecosystem that will utilize Microsoft’s scalable cloud infrastructure.

“This will enable our customers to transact easily and securely using our trusted content and analytics, their data, and third-party data to generate insights for their clients and innovate across their products,” Prince added.

The LSEG’s immersion into data-driven AI strategies promises to change the way the exchange operates and should open up new and profitable business opportunities over the long haul.

In doing so, the London Stock Exchange is creating a blueprint for corporate AI deployment success. Internal and external collaborative partnerships can translate into increased efficiency and productivity for companies, along with a deeper understanding of what AI brings to the table for companies.

Going it alone, on the other hand, can easily leave those opportunities on the table, untouched, and with corporate artificial intelligence campaign strategies unfulfilled.

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