Unlock the Value of Artificial Intelligence
Calculating Project Value,
Nontraditional Project Management,
Categories: Agile, Benefits Realization, Best Practices, Calculating Project Value, Change Management, Complexity, Innovation, Leadership, Leadership, Nontraditional Project Management, Portfolio Management, Program Management, Project Delivery, Project Planning, Project Requirements, Roundtable, Strategy
By Peter Tarhanidis
Artificial intelligence is no longer a tool we’ll use on projects in the future. Right now, many organizations are formalizing the use of advanced data analytics from innovative technologies, algorithms and AI visualization techniques into strategic projects.
The maturity of advanced data analytics is creating an opportunity for organizations to unlock value. The McKinsey Global Institute estimates AI’s global economic impact could climb to US$13 trillion by 2030.
As an example, in the healthcare industry, Allied Market Research reports rising demand for data analytics solutions due to the growth in data from electronic health records, among other factors. The global healthcare analytics market was valued at US$16.9 billion in 2017, and the report forecasts it to reach US$67.8 billion by 2025.
The Evolution of AI Maturity
Everyday examples of these solutions range from simple automated dashboards, remote check deposit, Siri-like assistants, ride-sharing apps, Facebook, Instagram, autopilot and autonomous cars.
Tips on Successful Transformation
As a project leader, take these steps to avoid key pitfalls:
Please comment below on what approaches you have taken to enable advanced data analytics in your role or in your organization.
Business Transformation in Disguise
By Jess Tayel
In the quest to uplift capabilities, better serve customers, improve the bottom line or acquire market share, organizations rely on a mix of projects and programs.
Some projects are scored as critical and complex. Some organizations have a clear and defined scoring system of what is critical and what is not, while others settle for a subjective measure.
But even after you’ve determined a project is critical, there’s more to consider.
Is it Change or Transformation?
When it comes to big, critical projects, ask yourself: Are you delivering a change initiative or a business transformation initiative?
Why is this distinction important? Because they both have different characteristics that dictate how they should be brought to life.
Change initiatives execute a defined set of projects or initiatives that may or may not impact how things work across the entire organization. Examples include introducing a new payroll system, moving into a centralized shared services model or executing an office move.
Business transformation, however, is a portfolio of initiatives that have a high level of interdependencies, leading to change across the organization. They’re focused not just on execution but also on reinventing and discovering a new or a revised business model. That model is based on a significant business outcome that will determine the future of the organization.
With that in mind, business transformation is more unpredictable and iterative, and it’s about a substantial change in mindset and ways of doing business. The “how” may not be as defined as it is in change initiatives, which means you need to try different methods and be more experimental.
Set Your Organization up for Success
Because of these distinctions, business transformation should never start with finding a solution, i.e., bring in this technology, hire this firm, change model X to Y. It should instead focus on the following:
You may say that these questions can be part of the initiation phase. But in my 20 years of experience around the globe, I have rarely seen the above steps executed diligently from a customer centricity point of view before teams start to dig for a solution.
That said, time spent clearly articulating those elements is well spent and directly contributes to the success of the transformation, while reducing rework and change fatigue. It’s like spending time to sharpen your saw before starting to cut the tree.
In my next post, I will talk more about what is required from the leadership and internal transformation teams to facilitate and create success.
Feel free to comment below and send feedback; I would love to hear about your experiences with business transformation
By Ramiro Rodrigues
Recently, an acquaintance pointed out to me that the projects environment is susceptible to chaos. In his view, all it takes is a lack of effective leadership. If leaders aren’t constantly focused on solving the problems that occur in an environment of resistance and change, chaos will take place. After 20 years of professional work on corporate projects, I couldn’t disagree.
Obviously, the forces that pave the path to chaos in projects are not exact, but rather derived from human factors. Without adequate leadership, distinct interests, personalities and priorities will drive any corporate enterprise to disorder and, consequently, failure.
But if chaos has already taken hold, is there a way to reverse it?
In order to determine an effective solution, you’ll need to research and analyze the environment. Here, I present a practical and relevant framework for projects in this situation:
Step 1: Investigate carefully and critically all the variables that are exerting power in the project. These could include the political context, governance, financial and operational applications, organizational models, skills and the human characteristics of those involved.
Step 2: Based on these investigations, develop a list of items that are bringing negative interferences to the success of the project and seek to prioritize them with the support of the project sponsor. Consider all the layers of issues that are creating turmoil on the project.
Step 3: With the list in your hands, develop a proposal of actions aimed at the effective recovery of the items. The tip here is that one should be attentive so that the proposed actions to recover the specific items do not divert at any time from the ultimate goals of the project.
Step 4: Validate whether the project sponsor is truly engaged and committed to making the proposed recovery plan viable. Without their engagement, the effort will be worthless.
Step 5: Execute the recovery plan as a parallel project, albeit one related to the original project. In this stage, it is important to implement best practices of project management, such as status meetings with the analysis of obtained results and clear communication with those involved.
It’s obvious this process will require more effort from the leadership, but if the sponsoring organization is committed and interested in project recovery, the investment is justified. And in this context, the project manager will have a great opportunity to demonstrate his or her resilience and ability to overcome challenges.
Have you turned around a project in chaos? Share your experiences below.
by Cyndee Miller
The rogue monkey gets the banana. Researchers first made the discovery in the late 1970s, but the lesson remains for project leaders looking to keep pace with disruption.
Let’s peel this one back: In Jamil Qureshi’s opening keynote at PMI EMEA Congress in Dublin, Ireland, he told the tale of one monkey that chose not to believe the evidence put forth by its monkey colleagues that came before. It questioned the bias of its environment, adjusted its mindset—and was rewarded for its defiance. Seeing any parallels?
“I cannot tell you the value of a rogue monkey in your organization,” said Mr. Qureshi, a psychologist and performance coach. “Every single thing worth having on this earth has come from rogue monkey thinking.”
The greatest inhibitor to human performance, Mr. Qureshi said, is a steadfast adherence to our belief systems. (We all have them. Trust me, you’re no magical exception.) “We prove ourselves right even when we’re wrong, and that’s the problem.”
We must be willing to change the way we think. It’s the foundation of our decision-making process. “We think, we feel and then we act,” he said.
Hold off on the grand gestures, though.
“Proving ourselves as leaders is not about doing something dramatic. It’s about doing something a little bit more, more consistently,” said Mr. Qureshi. True leaders look inward, find what they already do well—and do more of it.
None of this will go very far without proper motivation, however. We’re drawn toward our most dominant thoughts, he says. And if those thoughts sound like “don’t fail” …? Um, we’re in trouble—our subconscious will only hear “fail.”
“People who are truly disruptive are motivated by what they seek to achieve, not by what they seek to avoid,” he said.
That’s how you move teams “from transactional to transformational.” The really bold ideas come from making the connection between two previously unconnected things. Look at PayPal, Spotify or Skype. “It took someone outside the sectors to give us what we wanted,” said Mr. Qureshi. Too often, companies and project teams are bad at being different—but the future demands it. “The only way to stay future relevant and future literate is to think about what the customer is valuing all the time, not what we wish to sell.”
So, are you ready to go rogue?
By Peter Tarhanidis, MBA, Ph.D.
In project management, your presence as a leader is vital to your success. But how do you begin to refine this skill set? Start by considering what kind of presence you convey, and how that presence impacts your influence with teams.
Underlying a leader’s presence are sets of behaviors and actions directed toward team members in various situations. A leader must distinguish between the two prevailing behavioral approaches. In the task approach, leaders accomplish their goals by setting structures, organizing work, and defining roles and responsibilities. The relationship approach, on the other hand, employs behaviors to help teams feel at ease within a variety of situations.
In other words: Is the leader driven to treat team members as valued individuals and attend to their needs, or do they see team members as a means to achieving a goal? This approach will affect a leader and their team’s performance.
Project managers are constantly combining these two approaches to influence teams and attain a goal. Clearly, there are certain behaviors that emerge in one’s presence which increase one’s influence over teams. Examples include humility, honesty, confidence, composure and emotional intelligence. But the truth is, influencing teams takes a great deal of time and energy. There is only a certain amount of time and energy one dedicates in every moment. For many project managers this creates a challenge: What can a leader do to be present in every moment?
The opportunity does exist for leaders to train themselves to be present. By applying a certain regimen of actions, a leader can apply a thoughtful approach to increasing their presence. Dedicating yourself to increasing your energy and presence will result in positively influencing teams. Below is a list of four actions to help unleash one’s performance through increased energy, focus and presence:
Let me know how you unleash your performance. Please share your top behavior picks, why they define your presence, and how you successfully increased your influence with teams!