Tag Archive for: Technology

A year ago we published an article introducing DELTA AI, Projecting’s sister company focused on AI. Since then, the DELTA team have been busy talking to potential clients about AI. In Projecting Group we like to use initial client meetings to understand their needs (as we discussed in a recent DELTA AI article). However, clients often want us to lead with relevant use cases, as a good way to spark the conversation. There are many interesting use cases in the market, but most consultancies don’t go beyond the well-known offerings of the big well-funded players. One of DELTA AI’s strengths is that we have taken the time to investigate and understand the offerings of lesser known / earlier stage companies. This is where much of the innovation is taking place, as 89% of the AI ecosystem in the U.K. consists of startups with 50 or fewer employees (according to this Forbes article).

We see 3 main ways AI can help companies:

What is AI?

(See also this video from an event earlier in the year. It is in Spanish, but if you turn on the automatic English subtitles you will see a good example of the power of AI).

Over the last year, we’ve met many Projecting current or potential clients keen to talk about AI. This is already resulting in projects with an AI component.

A good example of this is the work we are doing with a company in the Wealth industry. The client asked Projecting to help them transform their Operating Model. In the first phase, working with a DELTA AI expert, we identified 3 main ways to apply AI to obtain quick wins. For the first opportunity, we are currently reviewing off-the-shelf tools. For the other two opportunities, we are developing business cases for building customised bots.

The DELTA AI team continue to focus on expanding knowledge and expertise in AI. We hold regular sessions across the teams to ensure the Projecting team are aware of the latest use cases identified. So, if you are interested in AI, feel free to contact anyone in the DELTA AI or Projecting teams. We’re always happy to have a chat.

We recently posted a link to a news article about the rate of IT project failures. There have been some very high profile, and some less high profile, IT project failures and outages in the past couple of years.

IT projects and programmes, large and small, are often both complex and complicated. Particularly when they involve the migration of data from existing systems to new systems. If you have worked on this type of project, then we aren’t telling you anything new.

We thought it might be useful to talk about why these projects can be difficult and how you might increase the likelihood of success.

The Challenges

The level of difficulty in these projects is driven by the:

  • Number of existing systems, the connectivity between systems, and external interfaces;
  • Functionality of the new system(s), any customisation, and the regulatory requirements;
  • Amount of data to be migrated, the structure of the data (clients, accounts, funds, stocks, etc.), and the data quality;
  • Number of system users, internal subject matter expertise, and internal project experience.

And that is only part of the delivery challenge. There will usually be an overlay of cost constraints, time constraints, and, sometimes, political constraints. It may be a multi-national project, it may span different divisions or businesses, and it can be across time zones. All of which increase the time, cost, and complexity.

Changes to any one of the things in the list above can, and will, affect everything else.

So, what can you do about it?

The core aspects of project management – governance, plans, risk logs, dependency tracking, etc. – are all important for a successful project but we would like to be more specific than that. These are our top tips based on experience:

  • Look before you leap. Everyone wants to get in to the action, but you must not skip detailed planning. We know it is laborious, uses lots of resources, and it can feel as if you are getting nowhere, but if you look at every component in detail you are much less likely to come a cropper later.
  • Mobilise properly. If you start the project with the wrong mix of skills and experience, it is difficult to recover, and you will lose both time and momentum. In your planning, make sure you understand who you need and when.
  • Map it out. Whether it is the system components, interfaces, or data migration, map it out. The more you understand about how everything is connected, the easier it will be to manage the project, keep it joined up, and assess the impact of any changes.
  • Never stop testing. It can be the easiest corner to cut, often backed by the implicit assumptions that “everything will be fine” or “we can fix it afterwards”. As recent press coverage shows, these assumptions are not necessarily correct. Test the functionality, interfaces, migrated data, systems access, volume, overnight processes, and everything else. You need to be confident.
  • Reconcile everything. It is one of the hardest things to do but it is critical. Reconcile your existing systems before your start, reconcile at every stage of the project, reconcile when you are testing migration, reconcile when you go live, reconcile across new systems and interfaces. Reconcile clients and accounts, reconcile financial amounts, reconcile static data. You need to know that everything is right.
  • Make good decisions. At each stage of the project making good decisions is key. Everyone will have worked hard to determine scope, timescales, and budgets. There may be good reason to change something but don’t do it without considering the evidence and expertise available to you. Quick decisions, sometimes forced by political pressure, almost always cause future problems.

This is a wide-ranging and multi-faceted subject to cover in a very short article. Every one of these projects have complexities and nuances that you could never conceive of at the outset but will be expected to manage when they arise, against a backdrop of time, cost and political pressure.

There is no magic solution but if you focus on detailing and mapping everything up front, making sure you test and reconcile everything as thoroughly as you can, and making open and honest decisions as you go through, you will increase your chances of success.

You can probably tell that we enjoy this stuff. If we can help, or you just want to pick our brains, feel free to get in touch.