Programme rEvolution: AI and Analytics in transformation programmes - hype or hope?
Financial services industry is going through a period of profound change and disruption. Programme management leaders in charge of transformation are increasingly relying on AI and analytics to make decisions, measure performance or optimise delivery portfolio. Can leaders fully trust these insights, or are there crucial factors that technology simply cannot capture?
Should transformation programmes leverage Netflix approach?
Let’s take an example from our daily life. Whether we know it or not, we share data about our favourite TV series, or brand of washing powder, with the likes of Netflix and Amazon. The algorithms these companies use, collect and analyse your data to make recommendations about what to watch next or what product you may be interested in buying next.
The reason they do this is to deliver the best outcome for you, which in case of Netflix is finding the most interesting series to watch without wasting much time to find it. These algorithms help you get the most out of your membership by giving you better user experience and value for money.
What if employees’ emails, instant message communications, meetings, systems usage was analysed by our employers to make recommendations about how the company can get the best out of you, and, therefore, the best outcome for the clients, or perhaps, to support in the delivery transformation programmes?
Isn’t the use of AI and analytics platforms just a modern way of spying on programme teams?
A tier 1 bank recently installed and quickly removed “spyware” from their employees computers designed to monitor productivity as it sparked privacy concerns. In an article on Bloomberg, the Information Commissioner’s Office stated:
“If organizations wish to monitor their employees, they should be clear about its purpose and that it brings real benefits,” the data-protection authority said. “Organizations also need to make employees aware of the nature, extent and reasons for any monitoring.”
“Of 140 financial institutions surveyed by NICE Actimize, 76% of respondents said they expect monitoring and surveillance will increase over the next three years. Almost 20% said those measures would apply to all employees. “Clearly this reflects the investments that financial institutions are making now, or will be making in the future,” Wooten said.
Is this the inevitable future? Should we move with the datification times and drop our concerns or reservations and allow our employers to analyse our data to enable better delivery of programmes?
So does AI and Analytics bring hope or hype to transformation programmes?
In our next Programme rEvolution event, titled “AI and Analytics in transformation programmes - hype or hope?”, we will be exploring two technologies which assist with programme delivery and we will be discussing the associated benefits and challenges of both.
The event will be fully virtual, and held on 22 October between 8:30am - 10:30am. We will be sending invites out in September, however, if you are interested in attending, please email uk_programmerevolution@pwc.com.