AI enablement: Setting your firm up for success

1. A clearly defined, documented AI strategy and enablement process

AI has the potential to transform any aspect of a business. But unless your firm has a clear AI transformation strategy, your organization could end up with a different AI initiative in every department, making it difficult to effectively manage and employ your new technology.

Ease the rollout process by starting with an incremental strategy that focuses on quick wins. Share defined outcomes and use cases with your teams to keep them aligned. And ensure dedicated resources with AI experience and funding are at the helm of any initiative, as they can train teams and help them feel more comfortable using the technology.

2. A secure modern technology infrastructure

A baseline technology infrastructure and deployment strategy are critical to a successful AI rollout. If your AI tool isn’t able to access applications like Microsoft 365 or your DMS, it can’t pull the data it needs to properly perform tasks, such as providing recommendations or summaries. Plus, if your firm has an aging technology infrastructure that requires heavy maintenance, your IT department might get overwhelmed by the addition of AI.

3. Sound data governance and management

No AI tool can deliver successful results without accurate data sets. That’s why your firm needs an active data governance and management strategy. To properly define a data strategy and actively manage data, you firm must address six key factors:

1. Data hygiene: Develop data quality standards, use data validation tools and rules, and establish data policies. 
2. Structured, organized data storage: The more organized and identifiable your data, the easier it is for AI to process it effectively and in the right context. 
3. Redundant, obsolete, and trivial (ROT) data removal: Use data de-duplication tools to remove redundancies and optimize storage so AI can quickly pull accurate and relevant data.  
4. Versioning: Manage data and document changes over time to improve data tracking and reduce errors. 
5. Naming: Establish a set of standard naming rules for data elements to promote consistency and accurate reporting. 
6. Tagging: Add structured metadata to key data points to support searchability and data management.

Addressing these six pillars of sound data governance will help your firm enable AI capabilities for the entire organization.

4. Security and access

As AI usage and capabilities expand, so do client and regulatory expectations. Your firm must ensure it can consistently meet these expectations.

Strong security and data access policies are critical to supporting evolving regulatory requirements and preventing privacy violations or cybersecurity incidents. Scalable, AI-powered compliance tools enforce these security policies to reduce risk and maintain trust. Consider the following questions to assess whether your firm is on right track towards securing your AI solutions and creating trust within your organization:

• What data can the AI access?
• Who is able to access outputs from the AI solution, and are those resources allowed to see the information the AI has processed?
• Is the solution able to access and process client-related information?
• Is the solution able to access sensitive company information? If not, how are we preventing the AI from accessing that information?
• Is our team aware of current and upcoming regulations regarding AI usage in our industry and markets? Do we have a playbook in place to address all regulatory risks?
• Do our resources know the policies and procedures regarding which data is allowed to be uploaded to the AI solution?
• Are there any local, national, or regional laws governing AI that we need to adhere to?

5. A culture of continuous improvement

To successfully adopt AI, your entire firm must first adopt a growth-ready mindset. The best way to create and nurture this mindset and culture is through executive leadership buy-in and effective change management. By articulating a clear vision for AI and creating excitement around it, leadership can reassure skeptical team members and exponentially raise the chances of a successful rollout.

6. Change management, training, and enablement

Your firm will need a playbook to properly train your users how to use AI. After all, AI tools are only as good as the data or requests they’re given. Create a change management plan and training program that focuses on key AI use cases, and give your teams training sessions and guides to boost adoption and confidence.

A culture of enthusiasm and open-mindedness around AI initiatives, paired with adequate training and resources, will encourage your teams to innovate with AI — cementing the technology’s ability to transform your firm.

The true potential of AI

To fully harness AI’s transformative power, firms need to go beyond excitement and aspirations — they need to establish a solid foundation for success. AI enablement hinges on strategic planning, robust infrastructure, well-managed data, rigorous security protocols, and a culture of trust and education. Firms that embrace these principles will not only unlock AI’s potential but also foster sustainable innovation. By addressing these core tenets, your firm can seamlessly integrate AI into its operations, drive efficiency, and create long-term competitive advantages.