Defining your “why” can seem daunting at first. Determining what success looks like for yourself and various stakeholders can be tricky if alignment with stakeholders isn’t established early. However, with a set of simple, repeatable steps, determining the value you’ll receive from data, AI or any other technology project is a straightforward process.
The first step in successfully driving initial value is identifying use cases and business goals that align with your organization’s larger goals. Many, if not most, financial institutions want to optimize operational efficiency, improve risk management and compliance and increase revenue. A clear understanding of the specific use cases, whether it be these or others, provides insight into the real-world applications of the project.
