For the majority of organizations, the question isn’t whether to upgrade from legacy technologies and tap into the benefits of Gen AI, but how to do so while remaining agile and limiting operational downtime. The efficiency and innovation made possible by centralized cloud platforms like Snowflake—and the foundation these efficiencies provide when it comes to transformative Gen AI capabilities—are simply too significant to ignore. But dependency on the wrong data stack can make this transition a daunting process, even for large-scale organizations with vast resources and talented internal data teams, while building the right GenAI functions can take resources and expertise that many organizations simply don’t have at their disposal.
According to Hakkoda’s 2024 State of Data Report, 45% of organizations were still deploying legacy data technology in 2023, with 42% of organizations citing modernizing their legacy data systems as a major challenge. Yet, despite the difficulties that come with modernization, only 15% of organizations believe they will be using legacy data technologies in 2025 and beyond, signaling that these companies are determined to tap into the benefits of the modern data stack this year, regardless of the challenges that transitioning entails.
Similarly, while only 42% organizations claimed to be deploying GenAI tools in 2023, that number is projected to rise to 85% in 2024. Given this, it’s unsurprising that 2 out of 3 orgs say GenAI will be “very” or “critically” important to organizational success by 2027. The power and efficiency of GenAI to sort and integrate vast amounts of data to then fuel automated decision making has absolutely game changing potential, and organizations know they’ll need to leverage that potential to get the most out of their data.
Let’s take a look at some of the key benefits and challenges of ditching legacy tech and embracing the powerful GenAI capabilities of a centralized data cloud platform. With these factors in mind, we’ll then take a look at how we helped a multinational investment firm harness the power of automation to not only optimize organizational efficiency, but also data security and compliance with complex industry regulations.
How Legacy Technology Holds Organizations Back, and How Gen AI Capabilities Propel Them Forward
Legacy technologies come with a whole host of issues that prevent organizations from harnessing the full potential of their data.
- Dated and obsolete functionality is commonplace among legacy technology, leading to costly operational failures and time lost due to dependence on third party servicing
- Interoperability issues prevent organizations from quickly and efficiently transferring data between different legacy platforms, making it difficult to stack the distinct capabilities of these different platforms
- Inconsistent compliance practices among legacy technology means that these platforms don’t always keep you covered when it comes to the industry regulations that your organization is beholden to
But especially with the right support, the GenAI capabilities of a centralized data cloud platform can not only eliminate these issues but also provide groundbreaking potential for automation and custom-built functions that address organizationally-specific needs.
As the name implies, a centralized cloud platform means that interoperability concerns are a thing of the past, and given just how robust the capabilities of a centralized cloud platform are, with limitless potential for building the functions that your organization needs, you simply won’t need to spread your data operations across multiple platforms anymore.
And with a centralized cloud platform, creating automated GenAI functions that are customized to your organizational needs and the regulatory demands of your industry is easier than ever, freeing up your team and your resources to do the important work they were always meant to do. Just as importantly, you won’t be beholden to third party developers when you need to quickly address a new need, as the functions you’ve built are always at your fingertips.
Innovation in Action: How Embracing Gen AI Can Improve Compliance, Boost Efficiency, and Significantly Reduce Costs
The customer, a multinational investment firm, chose Hakkoda as their data transformation partner because they wanted to end their reliance on outdated and inconvenient 3rd party applications while tapping into the transformative potential of GenAI. This transition wasn’t just about leaving behind inconsistent and increasingly obsolescent data tools that left the customer firm at the mercy of a host of 3rd party developers; it was also about tapping into the power of a centralized cloud platform to build functions that were specific to their needs, leveraging automation to improve efficiency.
Through Snowflake, Hakkoda worked with the multinational investment firm to build automation functions that not only drastically reduced reliance on 3rd party applications but also reduced manual oversight, enhanced data accuracy, and improved compliance with industry regulations. The result was KAI (Kinetic AI) for Document Management, a flexible knowledge sharing and document workflow tool that uses LLM technology to allow users to quickly and easily interact with vast and complex data repositories, using intuitive language queries. Through a convenient, centralized hub, the customer is now able to leverage this document management AI solution to retrieve and analyze data quickly and efficiently, completely transforming their internal data approach and drastically improving customer service in the process, all while maintaining compliance.
These improvements gave the multinational investment firm better data to work with, improving their business insights, and ultimately, the streamlined automation functions significantly reduced their review process costs. Without making the transition away from legacy technologies to a centralized cloud platform where GenAI capabilities such as KAI are made possible, none of these strides would have been possible, but with Hakkoda’s support, the customer was able to smoothly and efficiently modernize their data stack.
Leave Behind Legacy Tools and Embrace the Power of Document Management AI with Hakkōda
Across industries, organizations are determined to make 2024 the year of data modernization, leaving behind legacy technology to build the functions they need in a single, sophisticated cloud platform. Among organizations looking to modernize, 79% will reportedly need a moderate to large amount of outside help, and as the success story above shows, Hakkoda is here to help your organization join the modern data stack and build GenAI capabilities that fit your org’s unique needs.
With the expert support of Hakkoda and the powerful potential of a platform like the Snowflake AI Data Cloud, there’s never been a better time to modernize your data stack and begin deploying transformative GenAI solutions like KAI for Document Management.
Interested in learning more about the customer’s journey to revolutionize legal review and knowledge sharing workflows? Want to find out how similar solutions could help you tap into new operational efficiencies? Talk to one of our AI experts today.
The post Customer Success: How a Multinational Investment Firm Ditched Third Party Tooling and Embraced the Power of Document Management AI appeared first on Hakkoda.