3 minute read 17 Jan 2022
Young man sitting at table in empty conference room

How AIOps is proactively helping organizations stay relevant

Authors
Paul Sussex

EY Americas Digital and Financial Services Cloud Leader

Technology Transformation and Cloud leader. Over 25 years of experience in the financial services industry. Expertise in business-led, technology-enabled transformation.

Carl Freeman

Managing Director, Financial Services, Ernst & Young LLP

Over 20 years of experience advising financial institutions. Leads their technology assessment, risk identification and mitigation planning for large transformations.

3 minute read 17 Jan 2022

Show resources

  • How AIOps is proactivey helping organizations stay relevant (pdf)

AI in ITOps can truly integrate services, transforming the technology landscape through IT modernization and NextGen operating models.

In brief
  • To avoid the risk of data loss, financial loss and reputational loss, legacy IT infrastructure must be modernized to support the volume of data now available.
  • AI can help organizations adapt to the trends that the pandemic has created, in particular, a move toward digital tools and technology.
  • The benefits of AIOps range from improved resiliency and cost optimization to increased efficiencies and better transparency.

A need to support digital transformation without creating a new and more expensive “IT legacy” is a multi-dimensional challenge that many organizations struggle to sort through and COVID-19 has further altered and compounded it. As a result, the rules of business are being redefined at an unprecedented pace; this disruption is not short-term and will have lasting systemic impacts. Organizations must adapt and transform to handle the additional challenges of today’s working climate. EY conducted a Physical Return and Work Reimagined (PRWR) survey in June 2020 revealing that COVID-19 had a transformational impact on employees and business. The responses provide a snapshot of the key trends the pandemic has brought to various industries.

This revelation has presented us with a chance as much as a challenge: a chance to segue from a growth economy to a value-based economy marked by prioritizing long-term value and the needs of organizations.

Application of advanced technologies such as artificial intelligence (AI) offers the potential to drive market differentiation and market focus, and it is immensely valuable in helping companies adapt to these trends. AI has achieved widespread adoption among large organizations and new FinTech companies across the global financial service industry.

AI for IT Operations (AIOps)

The pandemic has unequivocally silenced any remaining doubts about the necessity of digital transformation to business longevity. In fact, its impacts continue to accelerate seismic changes and dramatic investment reshaping organizations and their operations.

Organization leaders are already working on enhancing their operating models to account for these challenges by having businesses turn to technology to gain insights into the data. Because many IT-operations decisions hinge upon the ability to analyze data and recognize patterns, there is an impetus to enable operational Intelligence capabilities and the implementation of in-house or third-party AIOps tools can be useful, even when applied to narrowly focused domains.

But a pragmatic approach is needed. Investments and improvements must be made on how we do business today to incorporate AI that drives ITOps automation. An examination of the key challenges and potential solutions are further discussed in our report How AIOps is proactively helping organizations stay relevant (pdf).

Market leaders will transform, others will transition

The benefits of AIOps can result in significant improvements across the business. For example, improved resiliency due to reporting that informs priorities based on established thresholds. Cost optimization will also be positively impacted because, across organizations, AIOps is found to increase leanness and product differentiation.

The organization's strategy will also benefit due, among other aspects, to improvements in real-time business operations. As could operational excellence and overall service delivery due to the focus on efficiencies that is enabled by AIOps.

The ultimate goal is to advance the organization’s processes, culture and technology through innovation.

Summary

Organizations can continue to rely on rules-based approaches to operations management but not for long. Investments and improvements need to be made on how we do business today to incorporate AI that drives ITOps automation.

About this article

Authors
Paul Sussex

EY Americas Digital and Financial Services Cloud Leader

Technology Transformation and Cloud leader. Over 25 years of experience in the financial services industry. Expertise in business-led, technology-enabled transformation.

Carl Freeman

Managing Director, Financial Services, Ernst & Young LLP

Over 20 years of experience advising financial institutions. Leads their technology assessment, risk identification and mitigation planning for large transformations.