Every business leader today is wondering how AI will trigger a new wave of disruption in their market segment; how can they stay ahead of their competitors? Hence, most of them have either invested, or are exploring projects to build new products leveraging #AI.
In my 30+ years in this industry, I’ve seen multiple disruption cycles. The early 90s were all about the Internet. It revolutionized the way we communicated, shared information, and did business. Next came the commoditization of mobile and smart phones. Mobile phones allowed us to stay connected on the go, which spawned new industries and business models. Then came cloud computing, which transformed the way we store, manage, and access data. And the latest disruption is AI; most businesses have to again refine their products and services or else will suffer the same fate as Blockbuster or Kodak.
In this article, I’ll share my experiences of leading large #transformations. We all know, change is hard and when the whole organization has to change, it can be scary and difficult. Many battle to fight as people dig into their own ways of doing things. I have many scars to prove. But it is equally rewarding and satisfying once you successfully adopt a change.
The most important phase of a large transformation program is the Initiation phase. This is the phase where you generate new ideas for the product, i.e., finding processes or problems to solve. There are multiple use cases as to how you can use AI. For example, to gain valuable insights, automate tedious tasks, or create personalized and tailored products/services.
Best practice: Do not rush this phase as this requires a lot of research, resources, and effort. Create multiple focus groups made up of a diverse set of key stakeholders, including customers, suppliers, partners, and internal teams. It is important that these stakeholders come from different backgrounds so you can gain distinct perspectives resulting in a multitude of possible solutions. Plus, these users become your change champions on the frontlines.
Once you have a few ideas, then the next step is to prioritize them and select ideas that you are going to implement.
Best practice: It is critical that you understand your strengths and limitations. Do not start projects that you do not intend or could complete.
And then comes the most important phase, Execution. This is the phase where teams start to design and build out ideas. The below sections dive deeper into important aspects of successfully delivering a project. These activities become even more critical when delivering a large and complex transformative program:
Step#1: Develop a clear plan, meaning having clarity on your goals, objectives, timelines, milestones, and resources required to complete the project.
Best practice: must appoint an effective project manager, a person who can promote team-work, collaboration, and, most importantly, keep the team on track. Assemble the right team, make sure everyone understands the plan and their role. As Jim Collin would say, it is not enough to have the right people on your team. What is more important is to have the right people in the right roles.
Step#2: Use an iterative approach to development, with frequent testing and feedback cycles. This approach can help you identify and address issues early in the development process, reducing the risk of costly delays and rework.
Best practice: Make sure that you continue to engage and solicit feedback and insights from stakeholders identified in the initiation phase. This will improve the likelihood that the product meets your goals and objectives.
Step#3: Manage risks: Identify and manage risks throughout the project, including technical, financial, and market risks. Develop contingency plans to address potential risks and make sure that the project stays on track.
Best practice: Prioritize risks and focus on risks that have a high likelihood of occurring and have a high impact on the project outcome.
Step#4: Monitor progress: Track all activities throughout the project and adjust the plan as needed.
Best practice: Use metrics and KPIs to measure progress and make sure that the project is meeting its objectives.
Step#5: Communicate effectively: Communicate regularly and effectively with stakeholders, including team members, customers, partners, and investors. Provide regular updates on progress, issues, and milestones, and be responsive to feedback and concerns.
Best practice: Tailor your message and communication style according to your audience’s needs. Use clear and concise language that is easy to understand, i.e. avoid jargon..
In conclusion, if leveraged correctly, AI has the potential to revolutionize your business. However, it’s important to approach your transformation effort with caution and follow best practices. Encourage creative thinking, risk-taking, and experimentation. Celebrate successes and learn from failures.