Business
How to manage transformational change successfully
Published
1 year agoon
By
admin
Adrian Odds, Marketing and Innovation Director, CDS
2020 accelerated change in the business landscape significantly. Many were already considering – or in the early stages of digital transformation projects, but the pandemic introduced a sense of national urgency and for some organisations, many years of planned transformation were squeezed into just a few short weeks.
Change can be more difficult for traditional organisations – particularly large enterprises which tend to operate in tightly controlled silos. Here, it can be hard to build consensus around the need for change, but it can equally be hard to then build and maintain momentum, without destabilising operating units and creating a multi-speed organisation. When change is rapid, as it was in the early months of 2020, it’s just as important to watch out for the dreaded law of unintended digital consequences. Rapid improvements in one business process or part of the customer experience can cause significant challenges up and down the value chain that might result in unexpected cost, poor customer or employee experience and negative sentiment.
Many digital change programmes stall when faced with these challenges, and it can be tempting to think it’s easier to stay exactly where you are, but this can cause more problems and leave businesses trailing behind forward-thinking competitors.
The good news is there’s help available, and organisations don’t need to go it alone. Working with the right partner can itself be transformational, particularly when they are focused on enabling your strategic change and aligned with you on improving outcomes, whether that be improved public services, increased customer engagement, or more efficient business processes. With the right guidance, companies can make informed decisions and deliver the right intended outcomes. Therefore, some key advice follows…
- Know thyself

Adrian Odds
Modern organisations must work for everyone, not just the majority, and that means putting accessibility and inclusivity at the heart of any change. According to the ONS, 10% of UK citizens are ‘internet non-users’ (never having used it or not in the last 3 months). While this number has halved since 2011, it still represents 5.3m people, who are not being served by your snazzy new digital engagement strategy…
Employees are also critical to the success of your digital transformation. Gartner’s view of ‘Total Experience’ draws a direct relationship between employee experience, customer experience and organisational success. If your teams are not enabled, and engaged, your transformation is at risk.
Anecdotally and somewhat reassuringly, we are finding that every new digital programme our agency is being asked to support is starting with a robust Discovery phase, one that embraces both mainstream, and hard to reach audiences. Clearly lessons have been learnt and we must build our new digital worlds for everyone.
- Expect the unexpected
What makes change so complex is that it doesn’t happen in one place, but across the whole business, and often all at once. Therefore, leaders run the risk of creating unintended consequences – by altering one thing it can often impact another area of the business.
So, it is important to take into consideration the relationship between all aspects of implementing a shift – people, technology, customer experience, operations, communication, ecommerce, finance – It’s all connected.
By mapping out a clear plan, objectives and outcomes, organisations can be prepared for all scenarios and build consensus around the purpose and reasons for the change – which doesn’t have to impact timing or budget.
- Ensure the right digital platforms are in place
Technology sits at the core of every business. But legacy systems – which no longer support updates – and disconnected tech which lacks integration can make employees jobs much harder and consequently, can lead to bad employee and customer experience.
A change to an organisation’s technology can be difficult and expensive but working with the right partner and insight, can help you to make sound decisions, ease the burden and save costs. Whether it’s cloud migration or legacy application and systems transformation, the key to successful change comes from planning and refinement. Once foundations are in place, organisations can move at a pace that’s right for them – adapting one part of their ecosystem at a time, in a planned and thoughtful way.
- Optimise your operations
Businesses – particularly large organisations – rely heavily on procedures. Therefore, this can be slow and difficult to alter. But when faced with customer issues or new regulations, such as quality or security standards, operational transformation is crucial.
There are many ways to do this effectively, which have a positive effect on efficiency and employee productivity. Operational process mapping can help companies detect practices which could be improved, identifying bottlenecks in workflows and other manual tasks which can be automated.
Again, planning here and user engagement are critical to success. Efficiency improvements can feel intimidating when imposed on employees, but when created collaboratively, perhaps using no or low-code technology solutions, can feel empowering and transformational.
- Focus on experience
Improving human experience should be at the heart of everything a business sets out to do. Whether that’s putting a digital experience platform strategy in place or conducting behavioural insight, research, and analysis to help roll out a new scheme, a user-centred approach is crucial to success.
Organisations need to engage with their audience, find out what they are thinking or what they are looking for in a new service, and adjust business plans accordingly.
A company which understands its customers’ needs and ensures these are taken care of in all areas – from front end user experience to communication delivery – will excel in their market.
- It’s not just digital
If you need to reach every household in the country with a piece of critical or regulatory communications, there are still precious few ways that can be done – and none of them digital. And there are plenty of situations where physical or print engagement is the right method to build engagement and drive action – whether that be signage, letters, leaflets, or maps.
But when you simply don’t have the resources to manage this internally, business process outsourcing is the perfect answer. Solutions can include print management, marketing print, data management, transactional print and mail and hybrid mail, where traditional print drivers are replaced with a direct link to a secure manufacturing site, enabling your remote teams to serve customers without access to office printers. All these strategies ensure you are constantly engaging with your target audience in the right way for them, and clearly communicating any changes being made.
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Transformational change doesn’t have to be complex, and complex change doesn’t have to be hard. By starting early, assessing all areas of the business and the needs of your stakeholders, and making sure the right digital resources are in place, success is guaranteed.
Business
In-platform solutions are only a short-term enhancement, but bespoke AI is the future
Published
15 hours agoon
September 27, 2023By
editorial
By Damien Bennett, Global Director, Principal Consultant, Incubeta
If you haven’t heard anyone talking about artificial intelligence (AI) yet, then where have you been? Conversations about AI and its advantages to society have been a key talking point over recent months, with advances being made in the generative AI race and ChatGPT opening a whole plethora of possibilities. Many have highlighted the advantages of AI, but notably it’s ability to create human-like content.
But these discussions have only scratched the surface of what AI is capable of doing. It is for far more than just essay writing, adding Eminem to your rave and photoshopping dogs into pictures.
In marketing, we have been using AI for years, for everything from analyzing customer behaviors to predicting market changes. It’s enabled us to segment customers, forecast sales and provide personalized recommendations, having a huge impact on how our industry works.
It is even, for the more savvy marketers of the world, becoming a key tool in maximizing budget efficiency – which is apt, considering over 70% of CMOs believe they lack sufficient budget to fully execute their 2023 strategy.
Now, as AI becomes more intelligent, the number of efficiencies it can unlock continues to rise. Not only can it help brands get the most out of their available resources and identify any areas of waste, but it can also help highlight new opportunities for growth and maximize the impact of your budget allocation.
The trick, however, is to veer away from the norm of using in-platform solutions with a one-size-fits-all approach and create your own, bespoke solutions that are tailored to your business needs.
Pitfalls of in-platform solutions
In-platform solutions aren’t by any means a bad thing. In fact, built-in AI tools have become increasingly popular, owing to their ease of integration, user-friendly interfaces and minimal set up requirements. They come pre-packaged with the platform, offering the user the ability to leverage AI technologies without the need for in-depth technical expertise or the upfront cost of building a solution from scratch.
However, the streamlined and accessible nature of in-platform AI solutions comes at the expense of complexity and customization. They are designed to serve a broad user base, but for the most part are built using narrow AI solutions with predefined features and workflows.
This makes them great for assisting with common AI tasks, but they lack the flexibility to tailor functionality towards unique business requirements or innovative use cases, limiting the potential efficiencies and cost savings that can be unlocked. Additionally, if a business’ competitors are using the same platform, they are probably using the same AI solution, meaning any strategic advantage gained from these will be reduced.
Bespoke AI solutions, on the other hand, may carry a higher initial investment – but can offer a significantly more attractive ROI over a short amount of time.
Why customized and adapted AI is the key
The difference between bespoke AI and in-platform solutions is similar to that between home cooked food and a microwave meal. Yes, it is more time consuming to prepare, and yes it likely carries more of an upfront cost, but the end result is going to be far more appealing and will carry more long-term value (financially… not nutritionally).
That’s because bespoke solutions, by nature, will have been tailored to address your brands specific needs and challenges. These custom-built tools allow for much greater efficiencies by streamlining workflows across different channels, automating more complex tasks, and providing deeper, more relevant insights.
The increased level of optimization can significantly improve productivity and reduce operational costs over time, offering a higher ROI. The increased flexibility of bespoke AI also allows brands to implement innovative use cases that can significantly differentiate them from their competitors.
The data analyzed can be specifically chosen to match business requirements, as can the outputs of the AI tool, providing a significant advantage when understanding and acting on the insights provided.
Additionally, these tools are, by nature, more scalable. They can be updated, upgraded and expanded as needs change, ensuring they continue delivering value as the business grows. They can also be designed to integrate with any existing IT infrastructure, from CRM systems and databases to marketing platforms and sales tools – leading to more efficient and effective decision-making.
Managing finances with AI
It’s no secret that AI in marketing automation has, and will continue to, revolutionize the way marketing is done. It has a bright, if slightly terrifying, future and can help CMOs to unlock new efficiencies, maximize the impact of their budgets and increase their ROI. And as this technology becomes more advanced, its impact will only increase.
But we already know that…and so does everyone else.
So, in order for businesses to make themselves stand out from the crowd , they must look to fully adopt the power of AI. Creating a customized and unique AI solution could be the way to set yourself apart from your competitors. A bespoke AI tool can provide brands and businesses with features unique to them and their business needs. As a result, companies will benefit from more useful data and better results to make more data-driven decisions for their business. Ultimately, this will help brands to maintain a competitive edge over their competitors, deliver ROI and most importantly optimize their budgets.
Business
Exploring the Transformative Potential and Ethical Challenges of AI in Wealth Management
Published
2 days agoon
September 26, 2023By
adminNuno Godinho, Group CEO of Industrial Thought Group
In recent years, the advent of AI has sparked both excitement and scrutiny within the Wealth Management industry. The technology’s capabilities, including but certainly not limited to generative AI algorithms like ChatGPT, offer a new dimension to data analysis, market prediction, and portfolio management. However, while it presents a promising avenue for enhancing decision-making and elevating client interaction, AI also carries inherent challenges that demand careful consideration.
Benefits of AI in Wealth Management:
In a world where CX is key, AI enables wealth managers to provide personalised advice, improved portfolio performance, real-time insights, and convenient access to information and support. Previously it has been impossible for advisors to deliver hyper-personalisation at scale; now, AI-driven customisation lets them tailor investment strategies and recommendations to their clients’ unique financial goals, risk tolerance, and investment horizon.
AI algorithms can also analyse vast amounts of data to identify trends and opportunities, resulting in potentially higher returns on investments. And, more widespread use of automation will gradually reduce the cost of wealth management services, meaning higher-quality investment advice at a lower price. This is critical as firms fight to stay relevant for modern investors disillusioned by traditional advisory firms and private banks.
Relationship-wise, there are many other advantages. AI-driven data analytics make it easier to gain a deeper understanding of an investor’s needs, preferences, and behaviours, all of which help to build long-term relationships. Through predictive analytics, firms can differentiate their service and proactively identify new investment opportunities, such as emerging market trends or underperforming assets. At the same time, chatbots and virtual assistants facilitate constant communication to answer queries and increase engagement. By strategically integrating AI technology into their operations, firms have the power to optimise top and bottom lines, strengthen client connections and position themselves for long-term growth.
Navigating the Ethical and Practical Challenges:
While AI holds remarkable potential, major obstacles must be overcome. With AI’s reliance on large amounts of data, ensuring client data confidentiality, managing consent, and complying with global data protection regulations like GDPR are significant challenges. Another issue is algorithmic bias – as AI learns from data, it may inadvertently perpetuate inequalities or biases present in the training datasets used. Vigilance is necessary to ensure that AI systems don’t amplify these issues. A key concern is the absence of standard governance, leading to a lack of accountability and transparency. Black-box algorithms can make decisions without providing clear explanations for their reasoning, making it difficult for clients and regulators to understand and trust AI-driven outcomes. Overall, the responsibility for AI-generated recommendations remains complex, requiring collaborative efforts to establish robust regulatory frameworks.
Striving for Data Integrity and Reliability:
The efficacy of AI-driven solutions hinges on the quality of training dataset they are supplied with and rely upon. Therefore, ensuring accurate, unbiased, and comprehensive datasets is paramount to generating trustworthy insights. The absence of standardised data sharing can lead to skewed results, ultimately impacting the quality of AI-generated advice. Transparency in data usage, validation, and generation reasoning will be pivotal to cultivating client trust and minimising systemic risks, which ties back to the absence of standard governance, as the output from AI-generated advice will only be as good as the data sets provided. We need to understand the “lineage” of all data used and generated by the algorithms. Until the industry can come to some accord on how we plan to use all of our respective data, it will be prone to various biases and fragmented advice, which will lead to liability and reliability issues down the line. It’s worthwhile wondering whether we can see the industry opening up in an age of data equals value.
The Role of Collaborative Partnerships:
Amidst these challenges, collaborative partnerships emerge as a potent avenue. Established wealth management firms can harness the expertise of FinTech AI companies to augment their capabilities while mitigating the risks associated with AI adoption. A symbiotic relationship, where innovative AI solutions are developed by trusted partners, helps safeguard against potential pitfalls and aligns with the pursuit of ethical, data-driven decision-making.
Looking Ahead: Striking a Balance for Sustainable Progress:
As we journey into the AI-powered future of wealth management, it’s evident that a balanced approach is essential. The integration of AI has the potential to expedite the transition to wealth management 4.0, revolutionising personalised client experiences and advisory services. However, this progress must be underpinned by clear ethical guidelines, data integrity, and collaborative partnerships. Striking this equilibrium promises not only a more informed, efficient, and personalised industry but also one that upholds the principles of transparency, accountability, and client trust.
In conclusion, AI’s impact on the wealth and asset management landscape is profound, offering unparalleled insights and opportunities. While navigating challenges will be crucial, a collective effort to harness AI’s power while ensuring its responsible application will pave the way for a resilient, future-forward industry.
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