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CIS8004 Enterprise Planning and Implementation, University of Southern Queensland, Australia

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Question 1: Making reasonable assumptions, outline the high-level strategy of the organisation to incorporate Al & Machine Learning

Answer: The Artificial Intelligent (AI) has become one of the most important aspects of the technological industry. On the other hand, Machine Learning is mainly an application, based on Artificial Intelligence, which gives a system a unique capability to automatically manage, learn and improve itself with the help of previous user experiences (Ransbotham et al., 2017). The work is mainly done with the help of some explicit programs. Implementing artificial intelligence along with machine learning is vital for any organization that plans to lay out a high level strategy.

The high level strategy of an insurance company like Insureit Limited mainly revolves around some aspects like increment in the company revenue, cost saving, bringing new and innovative policies, enhancing the business processes and above all laying the foundation for a strong customer relationship. Insureit Limited will have to ensure that in order to follow the high level strategy they have to socialize to a great extent in order to enhance the customer relationship. This can be done with the help of AI and machine learning. Using Artificial Intelligence, the organization can build a central conversational interface that will be available 24X7 to address the needs of the clients. Along with this, machine learning will ensure that the customer interactions are properly monitored for future improvements (Brundage et al., 2018). In this regards, if the organization can make use of a dedicated AI suite, it will drastically enhance the experience of the clients along with increasing profitability for the organization.

Question 2: Consider the motivation of the Business provide with justifications for applying Al & Machine Learning to its processes

Answer: In the previous occasions, Insureit Limited was using very primitive methods of technology for carrying out multiple processes. This was largely turning out to be a disadvantage for the organization in the growing competitive market. As an insurance company, the organization was not able to satisfy the clients and as a result the upcoming projection hinted at the fact that the insurance company was constantly loosing customers. It was increasingly important for the organization to invest heavily in modern technological imprints like Artificial Intelligence and machine learning (Davenport and Ronanki, 2018).

The primary specialization of Insureit Limited is that they are one of the largest motor vehicle insurance companies and as a result, they had different segments of customers that fall under the same category. In this regards, the use of Artificial intelligence along with machine learning becomes crucial. With the implementation of these modern technologies, the clients can be grouped under multiple categories and sub categories (Davenport and Ronanki, 2018). The implementation of AI and machine language will make sure that every client is given recommendations only based on the preference. This in turn will also mean that the organization will be able to identify the necessities of the clients in a very small time frame and provide them with the necessary assistance. This will help in developing a strong customer base and a strong customer base will result in rising revenues along with bringing newer potential customers to the brand. Lastly, the machine learning will also drastically help in reducing the stress level of the employees.

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Question 3: Using a Business Model Canvas, outline how the company's Customer Relationship and Partnerships will change through the project. Consider the resources and Benefits.

Answer: Motor Vehicle Insurance Company: Insureit Limited

Customer Relationship

  • The organization should possess a strong customer relationship
  • Having a strong customer relationship is almost five times more beneficial for the organization (Davenport and Ronanki, 2018)
  • Target audiences should be given an upper hand

Customer Experience

  • AI is considered as one of the most powerful business tool
  • AI will help the organization build a strong data management and customer relationship interface

Predicted charm

  • Data can be collected from the clients using machine learning
  • It will help the organization come up with algorithm generated recommendations to the clients

Personalizing context

  • AI and machine learning will help the clients personalize their content (Klosowski and Gola, 2016)
  • The organization can provide the option to maximize the amount of personal content in company account of the clients
  • It will help induce data driven insights

 

Social analytics

  • The communication will be transparent and fruitful
  • The organization can also enhance their brand awareness

Real time recommendations

  • It will provide smart customer interactions(Müller and Bostrom, 2016)
  • The AI along with machine learning will predict the preferable insurance type that the client wants to purchase
  • It will boost the purchase decision to the clients.

 

Question 4: Assess the Values and Value Chains of the organisation, and discuss how the project will support these.

Answer: The value chain analysis is one of the most important tools that are being used by many organizations around the world. Since the competition in the global marketplace is increasing in a drastic manner, to ensure success, a business must provide the customers the best possible product in minimal prices (Malhotra, 2018). A value chain contains a full cache of activities that include designing of the product, production, marketing and providing after sales service for the product. As such for an insurance company like Insureit Limited, the value chain starts at the point when a new insurance policy is created. The process consists of all the middle layers from when the policy is created till the time the policy is handed over to the customers.

Insureit Limited has taken an initiative to pour massive amount of investments in the field of technology. In such case the introduction of Artificial intelligence and machine learning touts to be very essential for improvement in the value chain network (Jordan and Mitchell, 2015). Multiple organizations are continuously adopting the Artificial Intelligence in their value chains. In the value chain network, the primary areas where AI is been implemented are information technology, marketing campaigns, customer service, financing as well as accounting. For example, Insureit being a motor vehicle insurance provider uses machine learning along with AI to help understand the customer approaches and the client's requirements. As such using these modern technological tools, the value chain of the organization is expected to remain sustainable.

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Question 5: Consider the capabilities of the organisation, and at a high level, identify which capabilities need to change during the Project.

Answer: The term organizational capability can be defined as the capability of the organization to successfully manage resources as well as employees. It also states the effectiveness of the organization for gaining a competitive advantage over the rivals (Aziz and Dowling, 2018). The main focal point of an organizational capability is that it should address the demands of the customers. For Insureit Limited the main focus should be to uniquely identify the capabilities along with improving the brand image that will help the organization improve the overall business.

In order to acquire the positive effectiveness of both AI as well as Machine Learning, organization is required to change organizational capabilities. For making changes Insureit Limited needs to follow some approaches those are stated below:

I. They need to meet and exceed expectation in all the different measures

II. They need to handle the organizational changes staying within the organization

III. They need to expect the probable changes along with engaging on it

IV. They should allow employees to seek changes regarding the section of their job

V. There should be a common language for the changes that are going to take place within the organization

VI. There should be a standardised change management policy

VII. The proposed budget for the technological inclusions like AI and machine learning should be done appropriately and in context with the change management

VIII. There should be a change management included at the start of every project

IX. With an inclusion of AI there should be a more feasible project management along with improvement of the processes

X. The impacts of the inclusion of AI and machine language should be measured appropriately

Question 6: Define the current state and future state, the outcomes of the project and plan (at a milestone level) the initiative. Consider also the Risks involved.

Answer: The primary plan of the project was the inclusion of technology for carrying out the tasks more effectively. Insureit Limited proposed the idea for the inclusion of artificial intelligence as well as machine learning in order to keep the customer base satisfied. In the present scenario, the organization is having a lacklustre customer relationship program. For this reason they have planned to incorporate AI guided personal assistance tools for successful and interactive communications with the clients in the future. Using the help of machine learning Insureit Limited hopes to give the clients a lifetime prediction of values. The outcome of the project is expected to be dramatic as it will help the employees of the organization eliminate the burden of manual data entry. Adding to this, the project will make sure that all the product recommendations to the clients are appropriate. It will also help the organization in dealing with financial analysis.

The project plans to re-capture the clients that the organization lost due to lack of innovations. As such the organization hopes to increase its market share by 5% within the first year of implication. Along these lines, Insureit Limited should avoid the risks that may be involved in the project such a failing budget and risks of losing important codes or data. If all theses can be addressed the company should manage to recover successfully.

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