Enterprise Planning, University Of Southern Queensland, Australia
CIS8004 - Enterprise Planning and Implementation
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Assignment 1: Planning
Analysis/Planning In this professional business report, you must at least cover the following points adequately:
1. Making reasonable assumptions, outline the high-level strategy of the organisation to incorporate AI & 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.
2. Consider the motivation of the Business provide with justifications for applying AI & 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.
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
- 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
- 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
- Data can be collected from the clients using machine learning
- It will help the organization come up with algorithm generated recommendations to the clients
- 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
- 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.
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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.
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
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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Assignment 2: Implementation
Introduction: According to the assessment details provided the company chosen for the particular assignment is Insureit limited. And over the past 10 years, the company has under invested in its innovation and has mainly heritage structures and procedures as a consequence. After the approval of the analysis or planning provided and in following to the analysis or planning, this section withholds the implementation aspects of the project (Resmini and Rosati, 2012). In this section of the assignment various topics will covered like the customer journey, information architecture, technology architecture, work breakdowns and work package decomposition, and the impact of the implementations in the organization.
1. Define the customer journey, considering some of the key persona's of the project stakeholders.
Answer: The client trip or the customer journey is the full amount of interactions that clients encounter when communicating with your business and brand. The client trip or the customer journey records the complete experience of being a client rather than looking at just a portion of a transaction or experience (Resmini and Rosati, 2012). The client trip or the customer journey must be thought as a blueprint that details how a client becomes conscious of your product, how they interact with the company's brand. In this case the machine learning will guarantee proper monitoring of client relationships for potential progress (Polonski, 2015). The company, Insureit Limited, will have to guarantee that the firm will be communicating frequently to improve the client connection and client trip in order to pursue the elevated level of approach.
The customers communicate with different touch points, like website, ad and blog of the company. And if the company can learn and know about the customer mindset then it will be able to map out the touch points easily (Polonski, 2015). The touch points include the social media, customer service team, feedback survey and website. In this case the company Insureit Limited must create a proper customer journey map to their customers better and promote their product in the best way possible to the various customers.
In this case the main stakeholders are the customer and thus, the company must give its best to achieve successful customer relationship. By making an effective customer journey map the company would be able to know the concerns of their stakeholder in a clear cut way (Basten et al., 2018). Moreover, it will also all help the company to create a new customer base, refocus the company's inbound perspectives and also allow the company to create a customer focused mentality within the organisation.
2. Describe and justify an Information Architecture;
Answer: The Information Architecture concentrates on efficiently and sustainably managing, structuring and marking the contents. Its objective is to assist clientele in finding data and completing assignments that are essential. There are various components of IA, which are Navigating system, search systems, labeling systems, organisation plan and structures. The navigation systems allows the user to move and browse through various information. The labeling system is meant by the process of representation of the information to the users. Search system allows the users to look for the required data and information (Fitzpatrick, 2016). And organization structures and schemes allow the user to structure and categorize the information. Thus, the IA is an essential tool and it must be introduced and implemented by the company for the benefits of its users.
The organisation was unable to meet the customers and, as a consequence, the upcoming forecast indicated that the insurance business was losing clients continuously. Thus, it is a vital aspect that the company Insureit Limited introduces IA to its customers and also enhances its outdated systems in order to maintain sustainability in the market (Sitohang, Latief and Riantini, 2019). Additionally, the company must start investing strongly in contemporary technological impressions like artificial intelligence and machine learning which would be progressively essential for the organisation.
3. Describe and justify a Technology architecture;
Answer: The technology architecture combines with the implementation elements from application architecture with parts of innovation portraying parts of software and equipment. The parts of technology architecture are usually purchased on the marketplace and can be mounted and installed to form the technological facilities of the enterprise. The Technology architecture offers a much more tangible perspective of how to implement and deploy application parts. Moreover, it allows for previous study of the migration issues that may occur between the various stages of the IS development route. It also guarantees that the parts of the supplied application job and also confirms support for the necessary company inclusion (Sitohang, Latief and Riantini, 2019). Also, technology architecture focuses on operational and location issues associated to IS leadership skills, hardware place, and locations where the various IS components are being used. The company Insureit Limited must try and apply technology architecture to initiate success in its various fields of operation.
4. Describe and justify the governance and methodologies you will apply in the project
Answer: The insurance firm Insureit Limited's high-level approach focuses primarily on certain elements such as increased company income, price savings, introducing fresh and creative strategies, improving business procedures and, above all, setting the basis for a powerful client partnership (Basten et al., 2018). Investing strongly in contemporary technological impressions such as artificial intelligence and machine learning is becoming progressively essential for the organisation Insureit Limited. The project's main strategy was to include technology to accomplish the duties more efficiently. The various strategies or methods applied in the project are:
I. Critical Chain Project Management (CCPM): The technique of Critical Chain Project Management relies on the timing of a project, evaluating advancement, decreasing projections of length, estimating outputs, informing closure of operation, and setting goals. CCPM approach is used by managers to prioritize critical funds (Basten et al., 2018). This method will be effectively used by Insureit Limited.
II. Critical Path Method (CPM): The CPM project management methodology was created by management experts over a half left-century ago to help highlight routine tasks that teams cannot start until others are finished. The Critical Path Method is used to prioritize the operations of a project, reallocate team positions, assess hazards, and share funds as appropriate.CPM executives create task chains that rely on each other (Ali, 2016). These sequential things are the critical route of a team. This method is also considered in the project.
III. Agile: Agile design is closely combined with periodic feedback meetings depending on short shipping periods. The job climate should support the ongoing and intensive cooperation with co-workers and customers in order to be Agile in a system. The strong interaction enables periodic reviews allowing you to alter the development of the product during each run. Then the stakeholders will go through each phase and suggest changes appropriately.
IV. Six Sigma: In this approach various defects of a company could be efficiently removed and can also help a company like Insureit Limited to improve and enhance its process. The principle of the following method is applied in both the fields of the development of product and management of project. Utilization of Six Sigma emphasizes the requirement to reduce defects, bugs, and errors until the time the factors are ineffective to the processes of the project. The main objective or goal in this following method is to provide or deliver defect-free, consistent, well-organized final merchandise and services. The method of Six Sigma utilizes various steps like improve, analyze, measure, control and define (Ali, 2016). The company Insureit Limited can implement this method in an extensive way to reduce defects and errors within the organization.
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5. Complete a Work breakdowns and work package decomposition;
Answer: 1. Work Breakdown Structure: The purpose of WBS or work breakdown structure is to reduce the complex activities in the process of the collections of various tasks. In this case the tasks must have the characteristics of undependability and measurability along with certain defined limits to the task (Kasemsap, 2018). This tool is very important for every project managers as it allows the manager to oversee the tasks in a proficient way. This tool must be utilized by the project manager of Insureit Limited to reduce the complexity of various activities within the organization.
2. Work Package Decomposition: Work package decomposition is said to be a lowest level of a Work Breakdown Structure. The work package is known to decompose into certain relative activities for the process making the schedule of the project (Bhatt et al., 2016). The chart provided below can be followed by the company Insureit Limited to initiate their operations with the customers in a smoother way.
6. Outline the Critical Success Factors for the Project
Answer: There are various critical success factors for the project, the critical success factors are also known as the key result areas. It refers to operations that are needed to be finished at a high performance level in order to attain the project's objectives (Zheng et al., 2017). A transparent Critical Success Factors enables the project team explain the needs that are to be worked on first or need unique attention, enabling individuals to operate together to attain the primary goals of the project. The critical success factors for this company Insureit Limited are:
I. Cost reduction: To be more competitive in the market the company must reduces costs of their services. Cost reduction can be interpreted as a continuous reduction in the unit price of products generated and facilities supplied by the business without compromising the quality of the services and the products.
II. Risk Management: The company's official must identify and managers the project risks. The evaluation, identification, and prioritization of risks come under the process of Risk management.
III. Relationship Building: Insureit Limited must from a proper sales and marketing team to enhance the customer's relation with the company. Building relationships is the method of construction personal links. This is a basic company ability that underpins reputation, influences, concludes agreements and maintains company interactions
IV. Customer Satisfaction: The Company will ensure that their customer gets proper satisfaction from the products of the company. Moreover, the customer services team will take the charge of attracting high amount of customers to the company.
7. Discuss the impact of the implementation on the organisation, focusing on the changes required in the ICT unit. Consider Change Management strategies.
Answer: There are various challenges that are to be faced by the company while implementation of the ICT for the development of various processes in the organization. The significant challenges for regarding the implementation of the ICT unit are sustainability and scale, Lack of proper knowledge, funding, Changing norms and roles, and introducing the change of pace (Zheng et al., 2017). The impact of implementation will be mainly on the positive side and some of them in the negative side.
The positive side of the implementation is that the process can reduce cost of the services of the company, will reduce various risks in the projects, will provide proper customers satisfaction, and the products will be more reliable to the customers. Moreover, the process of implementation will help the company's customer service team to build up good customer relationship. The company Insureit Limited can implement various change management strategies to deal with the human resources like the initiatives proposed, exercising the authority, shifting the burden change with the organization and recruiting the best employees (Scheer, 2012). Also the company can redefine the cultural values considering its as a process of change management.
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Conclusion: In conclusion it can be alleged that if the company follows the various processes mentioned above the company can become very much prosperous and successful in the market. The management of the company must try and recruit efficient employees in the company to enhance the work culture in the company. The marketing management team must follows the guidelines provided regarding the customer relations to improve the company's relations with its customers. The officials of Insureit Limited must see deeply in the matters of customer's satisfaction and also follow the Work Package Decomposition model that is provided to simplify the processes of the company with the customers.
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