Six CIOs/CTOs/CDOs from India, Sri Lanka, Uganda, Nigeria and Ecuador delve into satisfaction working with consultants for Gen AI:
As businesses increasingly explore the transformative potential of Artificial Intelligence and Machine Learning (AI/ML), consultants are playing a crucial role in guiding these complex projects. While not a panacea, consultants offer valuable resources and expertise, helping companies navigate the intricacies of this rapidly evolving technology. However, a recent survey reveals that while companies value consultant contributions, satisfaction levels indicate there’s still room for improvement.
Real-World Applications and Measured Satisfaction
Carlos Cordova of a leading insurance company utilizes consultants like EY and SoftConsulting across various insurance domains, with a primary focus on enhancing customer experience within the commercial sector. AI/ML is also being deployed in both front and back-office solutions, and Cordova plans to expand its use to processes and regulatory reporting. Despite the potential, Cordova’s satisfaction with consultant performance hovers around a 7 out of 10. He acknowledges the nascent nature of the AI/ML landscape, suggesting that consultants, like the industry itself, are still on a learning curve. “We appreciate their continuous effort to improve and deliver value,” he notes, “and we are confident that as the industry matures, the quality of these services will continue to improve.”
Diamond Trust Bank in Uganda, under CIO Manav Mengi, engages consultants for three key AI/ML initiatives: real-time fraud detection, back-office automation (including reconciliation, document management, IT security enhancements, and chatbots for customer service), and integrating predictive models into decision support systems for forecasting trends like cross-selling, upselling, and customer churn. Mengi’s satisfaction rating mirrors Cordova’s, landing between a 6 and 7 out of 10. He cites challenges related to understanding local banking regulations and compliance requirements as factors that occasionally impact outcomes, despite consultants’ technical expertise.
The Regulatory Tightrope: A Nigerian Perspective
In Nigeria’s highly regulated insurance and finance sectors, navigating the complexities of bodies like the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), and the Nigeria Data Protection Regulation (NDPR) is paramount. Isaiah Etuk, Chief Digital Officer at Capital Express Life Insurance, Nigeria, emphasizes the importance of clearly defining the scope of work and access levels for third-party consultants.
Etuk highlights key areas where consultants are invaluable: data engineering and governance, NDPR compliance, and improving data quality for underwriting and claims processing – all areas where in-house expertise is often lacking. Consultants also play a crucial role in developing and optimizing AI/ML models for fraud detection, customer analytics, and risk evaluation, as well as providing regulatory and compliance advisory services, facilitating collaboration with NAICOM. However, like his counterparts, Etuk’s satisfaction rating averages around a 5 or 6. He observes strong technical skills and domain expertise but sees opportunities for improvement in project execution and alignment with evolving regulatory guidelines.
The Verdict
Across the board, the average satisfaction rating for consultant competence and delivery from these three participants is 6.3 out of 10. While the potential of AI/ML and the need for consultant expertise are clear, the current satisfaction levels suggest a gap between expectation and delivery. As the technology matures and consultants gain more experience, this score is likely to improve. The message is clear: consultants have a significant opportunity to refine their approach, deepen their understanding of industry-specific nuances and regulations, and enhance project execution to fully capitalize on the burgeoning demand for AI/ML expertise.
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