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.
By Ramiro Rodrigues
Is risk management just an exercise in paranoia?
That’s the question I’m often asked. I like to respond by saying there are both negative and positive risks.
A risk is a situation in which it cannot be certain whether a specific result will happen. That potential cannot be discounted. Thus, any risk hypothesis—whether for small or large risks—is subject to some sort of management strategy. While we often think of negative risks, positive risks present opportunities for organizational or project gains.
Risk management strategies can be applied to our daily lives. Take, for example, my own experience.
A few years ago, I was invited to hold a workshop on project management best practices for a service company. Concerned about the event, I decided to invite a colleague whom I trust to share the work (strategy: share) and increase the chances of the workshop being successful (strategy: improve). When checking his schedule, my colleague realized that he would be returning from a trip at 6 a.m. on the day of the workshop, which was scheduled to start at 9 a.m. Even knowing that flight delays are more common than we would like, we decided to take the risk (strategy: accept).
In the weeks leading up to the event the preparation flowed well. We met with the client and tested the presentation dozens of times (strategy: explore), but the possible flight delay did not leave my mind. For this reason, I studied not only my part of the presentation, but also that of my colleague (strategy: eliminate).
When the day arrived, I woke at 6 a.m. to find two messages from my colleague on my phone. The first one said, "I've landed?” This gave me a sigh of relief. The second said, "I'm really ill. I'm going to a hospital.” I called my colleague and verified the illness.
What a great irony! All my fears arising from my colleague's risk of a delayed flight were realized, but not because of that event.
Some changes were necessary. First, I had to substitute the car journey with a taxi (strategy: transfer). Second, I had to remove specific parts from the presentation to reduce the impact of my colleague’s absence (strategy: mitigate). Even without doing so through a documented plan, I had used all of the recognized risk response strategies.
For me, it became clear that the great gain from risk management is in the exercise of thinking beforehand and being able to choose the best options available.
The outcome of the workshop? I imagine it would have been better if my colleague had been able to attend. But judging from the applause and words of praise, I believe that it was a success.
by Ramiro Rodrigues
Consider the following situation: You have worked a long time in your company and developed a certain level of expertise in their operations. You are familiar with the processes, tools and people.
One day, a consultant, hired by the board, arrives at your desk and lets you know that they are there to lead a review of the company's processes. As such, they will need some information about the way you work. It doesn't take long for you to realize that the consultant's job is to change your familiar operational format.
This scenario illustrates my main point: Every project is a change.
Organizations have an established understanding that standing still could be fatal to the survival of the business. They need to innovate and be faster than the competition. This is what motivates them to invest resources in pursuing these goals. Thus, the basis of every project is the facilitation of a change that will shift them from point "A" to point "B", which is, theoretically, more advantageous.
Everything would be perfect if our human reasoning didn't, for the most part, take us in the opposite direction. Instinctively, people do not like to mess with what they already know. (Unless, of course, they’re in situations that are uncomfortable. Even in these cases, they have their reservations.)
Our nature instinctively seeks out security and stability, which often is possible only through various mistakes and persistence. "Projects" are at odds with these principles because they are associated with the uncertainties and fears that the changes will bring.
Knowing this, if the individual in charge of a project wishes to succeed in their mission, they must develop interpersonal skills — the capacity to communicate, negotiate and intervene. These skills are part of the arsenal of resources that a good professional needs in order to persuade those involved to commit to change.
It is not easy. For this reason, professionals who are adept at these projects have gained increasing appreciation in the corporate market. This is because they take on the responsibility for ensuring that the investments made are not lost and the failure statistics are not intensified.
But human instinct will resist. In this scenario, one of the possible strategies is to adopt Charles Darwin's evolutionist principle, which is wholly befitting to today’s frenzied corporate world. It is not the strongest species that survive, nor the most intelligent, but the one who can best adapt to change.
3 Tips to Enhance Your Leadership IQ
Reflections on the PM Life,
Human Aspects of PM,
Categories: Social Responsibility, Project Failure, Risk Management, Human Resources, Reflections on the PM Life, Best Practices, Human Aspects of PM, Project Planning, Facilitation, Project Delivery, Project Requirements, Roundtable, Strategy, Mentoring, Career Development, Stakeholder, Innovation, Change Management, Leadership, Lessons Learned, Program Management, Benefits Realization, Complexity, Ethics, Talent Management, Teams, Education, Communication
By Peter Tarhanidis
The boards I serve have common opportunities and challenges revolving around promoting a brand, balancing the operating budget and growing capital. Yet, while flawless leadership is expected, in actuality it is difficult to sustain.
As I reflected on why many organizations were challenged around execution, I realized that executives must improve their leadership intelligence around three key factors to enable success:
In my experience as a mentor and leadership coach, these tips can help align decision-making, leader accountability and stakeholder engagement to the needs of the customers, and improve the overall culture of the organization. As a result, the brand will come to life.
How have you improved your leadership intelligence?
Playing the Right Leadership Role
Reflections on the PM Life,
Human Aspects of PM,
Categories: Project Failure, Human Resources, Portfolio Management, Tools, Reflections on the PM Life, Best Practices, Human Aspects of PM, Project Planning, Facilitation, Project Delivery, Project Requirements, Roundtable, Strategy, Mentoring, Career Development, Stakeholder, Change Management, Leadership, Lessons Learned, Program Management, Complexity, New Practitioners, Talent Management, Teams, Education, Programs (PMO), Communication
By Peter Tarhanidis
It is not unusual for project leaders to fill a variety of leadership roles over the course of the many unique initiatives we take on.
As I transition from one client, program, employer or team to another, my personal challenge is to quickly work out the best leadership role to play in my new environment. Therefore, I find it helpful to have some knowledge of leadership theory and research.
Leaders must understand the role they fill in relation to staff and management. That typically falls into three categories, as defined by Henry Mintzberg, Cleghorn Professor of Management Studies at the Desautels Faculty of Management of McGill University, Montreal, Quebec, Canada:
Interpersonal: A leader who is either organizing the firm or a department, or acting as an intermediary. He or she is the figurehead, leader or liaison.
Informational: A leader that gathers, communicates and shares information with internal and external stakeholders. He or she is the mentor, disseminator, and spokesman.
Decisional: A leader that governs and has to make decisions, manage conflict and negotiate accords. He or she is the entrepreneur, disturbance handler, resource allocator and negotiator.
During one of my recent transitions, I thought I was a decisional leader, but I was expected to play an informational role. When I acted on information rather than sharing it and gaining consensus toward a common goal, my team was very confused. That’s why it’s so important to know the role you’re expected to fill.
When you start a new effort, how do you determine what role you’re expected to play? How has that contributed to your success?