EY's innovative AI Labs bring EU and US closer
EY's recently-launched AI Labs offer clients access to game-changing capabilities in big data, AI, smart automation, VR/AR and advanced analytics.
AI and smart automation present endless opportunities for organisations to solve complex issues in their respective industries, explains Paul Pierotti, EY Ireland Data & Analytics Partner.
By adopting these technologies and embedding them in their operational models, organisations will find themselves at the forefront of positive industry and societal change.
“We have many clients in Ireland and Europe who are very excited at the opportunity that Analytics and AI gives them, but they are struggling to quantify it, to shape and design it, and to build a path for how we actually realise the value.”
To facilitate this transformation, EY has recently launched AI Labs — a unique centre of excellence offering clients access to game-changing capabilities in big data, AI, smart automation, VR/AR and advanced analytics.
EY Ireland’s expanding data analytics and technology consulting team, encompassing 220 people, will run and manage AI Labs to deploy a set of advanced technology client solutions and highly specialised client services.
Paul brings 25 years of experience applying data-led insights to improve business performance and customer outcomes. His role as Partner in EY Ireland’s Data Analytics & Emerging Technology Practice includes defining and delivering large analytics-enabled business cases covering revenue growth, digital service transformation, supply chain and manufacturing, fraud and non-compliance and credit management.
Prior to joining EY, he was a Managing Director for a multinational technology and consulting organisation, where his roles encompassed leading various Health, Life Sciences and Government Analytics client projects across Europe.
“By taking the necessary measures to adopt these technologies Irish organisations will be set on a new path of digital optimisation and success. AI Labs at EY epitomises the value we place on innovation as a firm as reflected in the ongoing expansion of our vibrant technology consulting business.”
To ensure AI Labs is supported with the advanced research, skills and insights it needs to thrive, EY has entered into a four-year strategic collaboration with the ADAPT Centre — the world-leading Science Foundation Ireland Research Centre for AI-driven digital content technology.
The collaboration will facilitate the application of advanced technology and research initiatives that address real-world industry challenges. In addition, the collaboration will allow EY the opportunity to invest in research initiatives that align with its digital strategy, and will be focused on initial use cases in data governance, customer content & engagement, intelligent supply chain and manufacturing, and sustainability.
“We’ve brought together the best of global AI demonstrators to help clients get a better and more specific understanding of its potential. We have already run a number of sessions for clients around how they can transform their customer experience and — critically for Ireland — around cell and gene therapy and the implications that has for supply chains. We are also working with agriculture and food & drink companies as they think about B2B sales, and how they can digitise it without losing the secret sauce that they get from their sales force,” he adds.
“EY are positioning the AI Labs as a European hub which can link in for life sciences and other sectors — a bridge where we can bring together leaders of American multinationals in Dublin and Cork to make sure whatever is being designed fits their specific needs. It is increasingly important that we have that face to face, whiteboard enabled type approach.
“We really need that diversity of requirements fed in to these global solutions, key insights for local markets and local cultures and capabilities. We very much see our AI Labs as a place to bring Europe together and link in to America.”
All this linking in, however, has to be done safely — a top priority for EY.
The board of any company plays an important role in overseeing and supporting how that organisation enhances its cybersecurity controls and practices in a world where threat levels are on the rise.
The ransomware threats and attacks of recent years make cyber risk more real and imminent, says Puneet Kukreja, head of EY Ireland Cyber Security.
“Boards are acutely aware of the increased threat level and the risks associated with cybercrime. Almost two-thirds of respondents to the EY EMEIA Board Barometer 2022 said that digital transformation and cybersecurity had increased in importance during 2021. Cyberattacks are increasing in velocity and voracity, and boards should adopt an ‘assume breached’ mindset to cyber.”
The rise in vulnerability among some organisations resulted from the mass shift to remote working during the pandemic, with the speed and urgency of the event having led to a lessening of cybersecurity controls in many cases. More than half of the respondents to the EY Ireland Global Information Security Survey 2021 flagged that it was just a matter of time until they suffered a major breach that could have been avoided had they invested more wisely in cybersecurity.
“The role of the board is evolving, especially to keep up with the new normal after the pandemic. An action-oriented approach can help the board to create a culture of cybersecurity in the organisation whereby they can take everyone along in cybersecurity preparedness.”
With remote and hybrid work being the new normal, continuous assessments and improvement of cybersecurity controls and practices across the organisation should be the focus of the board.
“For this, boards can mandate organisation-wide continuous training and education around cyber threats, accompanied with a cyber awareness programme. An eye on internal control framework and cybersecurity monitoring procedures is the need of the hour as well.”
Only 30% of survey respondents felt that their executive management fully understood the value and needs of the cyber security teams, compared to 42% globally.
Relationships between senior leadership and cyber teams are underdeveloped, with over two-thirds saying that their teams are sometimes consulted too late or even not at all when their organisations make strategic decisions.
In America, the word ‘cyber’ is very well known, bolstered by a real understanding of the societal impact of hacks and attacks that happen, Mr Kukreja explains.
Similarly, in the developed economies of Asia there is a parallel awareness amongst large companies, particularly in highly developed financial centres like Singapore.
“When you move into Europe and Ireland, there is an understanding of GDPR, privacy and digital — but an awareness of cyber as a concept and its true risks is fairly nascent, with a general view prevailing that Ireland is ‘too far away and why would anyone bother with us?’
“This is a view that has formed partly because Ireland has not had ‘a burning platform’ — large breaches that have seriously impacted upon society such as communication systems shut down, infrastructure chaos and disrupted energy supplies. There is an awareness of cyber security in business — but as to what business leaders are doing about it often remains to be seen.”
Cybersecurity activity should not be seen as purely defensive, Mr Kukreja suggests.
“Boards can play a pivotal role in articulating criticality of data and infrastructure, and advise on what really needs to be protected from a business point of view.”
A company’s ability to adjust and strengthen its cyber resilience will position it for a more secure future. A key action that boards can take is to bring cybersecurity-related skills and experience into the boardroom by appointing non-executive directors with previous experience in technology-related roles.
“Cybersecurity can therefore act as a strategic enabler of growth by supporting the organisation to retain the trust of customers and employees, fully exploit digital tools, and do business with confidence.”
The role of the board is assuming greater importance as cybersecurity risks and threats grow, and must now play a more constructive role in advising on post-incident response plan and on managing it from a business continuity perspective.
“The reality is that even the best-prepared organisations can fall victim to cyber breaches. Boards must therefore ensure that there is an incident response plan in place to facilitate a quick and effective response when required.”
Learn more at www.ey.com/cybersecurity
