The Role of Generative AI in Strategy and Project Portfolio Management
In today’s rapidly evolving business landscape, organizations are continually seeking innovative ways to gain a competitive edge. One such solution that has emerged is Generative Artificial Intelligence (GenAI), a powerful technology that holds immense potential in the realms of strategy, project, and portfolio management. In this article, we will explore the role of Generative AI in these areas and highlight insights provided in the Gartner® research report on the subject.
Understanding Generative AI
Generative AI refers to a branch of artificial intelligence technologies that are designed to autonomously create new content, data, or solutions based on patterns and examples from existing data.
Unlike traditional AI systems that are task-specific and rely on predefined rules or algorithms, Gen AI models are trained on large datasets and can generate novel outputs based on learned patterns and relationships within the data.
This technology leverages advanced algorithms and machine learning techniques to understand and mimic human-like creativity.
Generative AI in Strategy Portfolio Management
In today’s rapidly evolving business landscape, staying ahead of the competition requires innovative approaches to strategy development and objective setting. The main challenge of any investment company is to go through lots of data and cut through information to make clear looking objectives and forward-looking decisions. Now, imagine a technology that can access the data deeper and help see through the market dimensions to create a better experience and more profits.
GenAI is already helping organizations overcome the stored data structure of investment teams, frictions around uploading and tagging documents, and challenges related to quality control and compliance by streamlining processes and making the user experience more intuitive.
In Strategy and Portfolio management, the identification of strategic directions, proper strategic pillars, KPIs, and supporting initiatives is key to connecting the corporate strategic vision to realistic execution intents. Generative AI provides an incredible potential to create contextually relevant content derived from market trends, industrial sector analysis, and other crucial factors, helping to seamlessly integrate data from diverse sources.
Perspective of Gartner on Generative AI
The renowned research and advisory firm, Gartner, provides valuable insights into the adoption and impact of Generative AI.
According to Gartner, “Generative AI provides new and disruptive opportunities to increase revenue, reduce costs, improve productivity and better manage risk. In the near future, it will become a competitive advantage and differentiator.”1 “Gartner splits the opportunities into three categories:
- Revenue opportunities
- Cost and productivity opportunities
- Risk opportunities
We think generative AI has emerged as a transformative technology with significant implications in strategy development and portfolio management. By leveraging the power of advanced algorithms and machine learning, organizations can harness the creativity and predictive capabilities of Generative AI to make informed decisions, optimize financial/non-financial resource allocation, and drive better outcomes.
According to Gartner,
“by investing in GenAI for the SPM life cycle, strategic portfolio leaders can achieve unprecedented gains in productivity and augmentation for these positions and their current responsibilities. GenAI investments in the SPM life cycle will open up significant capacity for portfolio, program, project and resource managers, as well as the team members assigned to execute program, project and product delivery. The result will be a shift in responsibilities and better use of their skills, knowledge and time.”2
To us, GenAI is already helping organizations overcome siloed structure of investment teams, frictions around uploading and tagging documents, and challenges related to quality control and compliance by streamlining processes and making the user experience more intuitive. As organizations continue to embrace digital transformation, integrating Generative AI into their strategic and portfolio management processes can be a game-changer, enabling them to stay ahead in a dynamic and competitive landscape.
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Credits
1 Gartner Insights, Gartner Experts Answer the Top Generative AI Questions for Your Enterprise, https://www.gartner.com/en/topics/generative-ai . GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
2 Gratner, The Impact of Generative AI on Strategic Portfolio Leaders, 8 November 2023, Daniel Stang, Kevin Rose, Siddhanth Dubey.
3 How Asset Managers Can Transform with Generative AI
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