Looking back and planning ahead: Learnings from our Customer Forum on AI, ML and the impact of Covid-19

I recently had the pleasure of hosting a Customer Forum with some of our valued clients. It was an opportunity to come together after a challenging few months to share experiences, and also to discuss the findings of a recent Refinitiv report into artificial intelligence (AI) and machine learning (ML) strategies.

 Here are my three key takeaways.

 1.    Covid-19 hasn’t changed AI and ML strategies – but has “fast-tracked” plans that were already in place

AI and ML strategies are a priority for clients, and rapid progress has been made this year in automation and digitization. One participant said that teams had been forced to “be bolder in our thinking and faster in our acceptance of different technologies”, and it is clear that many organizations are seeing the benefit of accelerated investment in areas that otherwise could have taken several years to update.

 2.    Although clients are looking to increase AI and ML, they still face barriers to adoption

Participants agreed with findings from the report that data availability and quality is a significant a barrier to adoption of AI and ML. They also raised other difficulties, such as the challenge of finding talent who can effectively interpret data. This reminds us that even with the highest-quality data, you need the right mindset, skills and methodology to extract value from it.

 3.    The role of data scientists is evolving

The report showed that data scientists are growing in number and influence as they become increasingly integrated into investment teams. Participants confirmed that this is true to their experience, and we discussed the possibility that increased automation and democratization of analytics tools could pave the way for “citizen data scientists” to emerge. This could then lead to true data scientists becoming increasingly specialized, dedicated to innovation and exploration.

Speaking with customers in this forum was enlightening, and to continue the conversation I would be interested to hear your perspectives on how AI and ML strategies, and the role of data scientists, are evolving.