Embracing Innovation in Legacy Enterprises

Legacy enterprises in various industries like healthcare and retail are likely to face the need for a significant overhaul to incorporate AI. For them to truly embrace AI in processes like underwriting or lending, the catalyst will be either a competitor threatening their market share or the threat of survival. Until then, they might rely on off-the-shelf solutions from big tech providers like Google Cloud, Azure, and Amazon. This reliance may result in them standing on 'stilts' built by these tech giants rather than on new, robust AI-enabled foundations. Consequently, these enterprises may progressively become more dependent on big tech solutions, impacting their innovation trajectory in the long run.