Implementation

AI - implementation illusion
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AI – the implementation illusion

AI – The implementation illusion

For over 25 years the Financial Services industry has been constantly innovating.  From the emergence of CRMs, online submissions, automation, integrations and digital client journeys to the rapid advancement of AI and the growing complexity of technology stacks.

Today, the choice of AI and tech is overwhelming with boundaries increasingly blurred between CRMs, Planning tools, emerging Digital Advice and AI tools.  Adviser Firms are also starting to experiment with the new breed of low-code and no-code apps adding further tech layers but also giving them potential to reshape their tech futures.

It’s an exciting time and we all know AI is providing great opportunities to save time, create efficiencies and redesign workflows.  However, having recently delivered an innovative project involving some cutting-edge tech, the paradox is that Digital and AI implementation actually requires more upfront planning than previously to achieve successful outcomes.

Why?  Traditionally proposition and project implementation is based on a golden triangle of

👉 People 👉 Technology 👉 Workflows:

People: People are the innovators, the creators and the managers.  It’s easy to forget that even the most automated systems today still require people to manage them, create new features, make key decisions, test and actually implement, code or no code.

Technology: Without technology we would be back to pen and paper which seems ludicrous until you remember this all relies on internet connections and electricity.  Such is the growing demand and digital imprint that data centres are being built under water and in space as natural coolants.

Workflows:  People and technology can run for a period of time with no workflows, but without even basic workflows, growth and change are greatly restricted.  One of the biggest implementation dependencies for any project are workflows as these govern the implementation and crucially the buy-in from people using them.

However, with the advent of AI, other factors are also critical:

👉 Data 👉 Pilot 👉 DPIAs 👉 IT

Data:  From standard implementations to agentic AI, your data is truly  your ‘Gold’ and clean data the key to tech success.  This is one of the biggest challenges today and something most firms are still trying to resolve before fully adopting AI.

Pilot: Pilot and Test & Learn phases are now standard implementation stages allowing firms to trial different suppliers and check the reality of workflow disruption.

DPIA: Data Protection Impact Assessments have rapidly become a crucial part of planning and tech adoption.  ‘Where, Why, How, What and When’ are all key questions that Risk Assessors need answering for new tech before projects start.  All too often the checks come in after contracts have been signed, for example, the British Army, currently under investigation for their use of Chinese 3D Printers to build weapons.

IT: In line with Risk and Governance, your IT team is also now a gate-keeper for new tech as the risk of Cybersecurity increases in line with AI developments.  Gone are the free-for-all tech days, a structured approach to introducing tech is critical.

Implementation (without the illusion)

There’s a lot to consider and in this current era it’s clear innovation is no longer just a tech project. It’s a design decision and a cultural change that needs to be implemented and bedded in.

Firms that succeed will be those who take the time to plan upfront before they implement and automate to ultimately create more time for clients and sustainable growth.

  • Designing how technology fits their operating model
  • Understanding data flows, risk and governance
  • Managing workflow impact and people change
  • Monitoring outcomes through meaningful MI

Without this, AI and automation simply add noise to already busy environments in opposition to the actual drivers.

At Mint Blue Consulting, we provide a pragmatic project approach to help firms innovate successfully. For more information please contact [email protected]

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Implementation rules!

Implementation rules!

Reflecting on the first quarter of this year, it’s been one of the busiest I can remember with numerous industry events and AI dominating the conversations.  In just two examples, our live Change Curve Podcast at the Octo ProgPlan 25 event explored why people are not embracing AI, while at the Owen James WealthTech Matters event I hosted a session discussing ‘Addressing integration challenges for operational excellence’.

What is apparent from all the conversations across the industry is that the level of confusion around tech and AI, particularly around system selection.  We’re seeing the largest surge of new start-ups I’ve seen in my career with the strongest starting to pull away from the pack and a huge amount of choice in a very fast-paced environment, reflected in the Woven Advice Market Map monthly updates. 

One of the key concerns from Adviser firms is around new system longevity and the reality is no-one has a crystal ball.   Investment in any tech always has an element of risk, for example, in 1975 both Betamax and VHS videos were released and the public watched as VHS ultimately won the mass market battle although Betamax continued to be produced until 2002.  Back in 2000 when I was involved in my first major tech implementation, the firm selected a start-up CRM which was replaced 5 years later followed by another replacement 4 years later following acquisition.  The tech world is currently moving so fast we’re all running to catch up and who knows what will be on offer in a few years time.

Fortunately most of the new tech coming to market allows users the option to trial first or be an early adopter before buying. This is great as this gives a breathing space to assess the impact the this will have on the existing tech stack and proposition and gives the suppliers the chance to sensibly refine their own propositions.  On the flip side it’s also giving skewed system usage figures as many firms are quietly retaining their existing tech which is also evolving, while simultaneously trialing new systems.  This means the longevity question will continue to play out.

System selection however is only the first stage of the puzzle as once selected, implementation becomes key.  This applies to any technology implementation whether Platform, CRM or new AI tech, reflected in Woven Advice’s recent White Paper on ‘Platform Switching Eats Strategy for Breakfast’ with it’s great opening phrase: “implementation eats strategy for breakfast” couldn’t be a more fitting description of the sheer effort required for advisers to move clients from one platform to another. As soon as the platform strategy is agreed for another three or more years, comes the daunting reality of strategy execution – and this is where the real challenge begins.’

Implementation is the practical child of proposition design and system selection and often results in friction when the reality doesn’t match the original dream.  Even the very latest technology still needs planning and assessment against the current tech stack and processes with the added complexities of AI considerations which is leading to delivery delays. 

For example, if you’re adopting meeting notes – how does that fit in with your current processes and technology? Is your data clean enough to support the new tech or is this a mini project before anything can be adopted? (Data is another current headache, but that’s for another time).  If these key questions are not considered upfront then any plan will quickly grind to a halt or fall over when it comes to rolling out and bedding in. 

This is where implementation pilots are invaluable and something I always recommend.  Like software trials, a Pilot is easier to manage and identify any blockers early on with a small group upfront.  It also pays dividends later on when adopting change as ultimately that success is driven largely by the people handling the end result.

Ultimately the planning processes required today are not dissimilar to what we’ve used over the past 25 years, but the software market explosion over the past 2-3 years has brought Operations quite rightly to the forefront of the implementation process.  It’s great to see but it’s a wide remit for Operations people with increased complexities and the potential impacts across data, systems and legals. Taking time to prepare, review and plan any new and /or enhanced tech implementations now will pay off over the coming years when deciding to stick or switch in the future.

Resources:

Helen runs a range of operational and change management projects with consultancy to support growing and / or changing businesses, tailored to requirements.  For more information please contact [email protected].

about

Mint Blue Consulting is based on a vision to provide experienced business project management, consultancy and soft skills training for large and small companies who only require project management assistance from time to time, whether this is 1 day, a bank of days, or on a longer part-time basis. Primarily operating within Financial Services we look to help businesses grow and develop.

[email protected]

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