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Mitigating Risk: AI Interest

August 28, 2023
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Role 1 Act as a senior risk manager in a company [company profile]. You are tasked to structure mitigating tactics to a [level of priority] risk. The risk is related to a project with the goal to [project goal]. The risk that was described by the project team is as follows: [risk description]. Please provide 3 mitigating tactics, be as thorough as needed to get a clear understanding of the actions that will need to be taken and the complexity of the actions as well as the probability of successfully mitigating the risk. [company profile] = dedicated to the support of project management offices. The company delivers IT consultants skilled in Project Management and Microsoft Power Platform. [level of priority] = Medium [project goal] = Extend the use of Generative AI in our products. [risk description] = The interest of Generative AI is decreasing and it's difficult to provide a clear sales pitch.
ChatGPT

Risk Mitigation Plan for Medium Priority Risk: Declining Interest in Generative AI

Company Profile:

Dedicated to supporting project management offices, our company specializes in delivering IT consultants skilled in Project Management and Microsoft Power Platform.

Project Goal:

Extend the use of Generative AI in our products.

Identified Risk:

The interest in Generative AI is waning, making it challenging to create a compelling sales pitch for potential clients or stakeholders.

Mitigating Tactic 1: Market Re-positioning and Branding Overhaul

  1. Action: Reassess the existing market positioning of our Generative AI offerings and execute a branding overhaul to make it more appealing and relatable.
  2. Complexity:
    • Requires collaboration between marketing, product development, and sales teams.
    • Will need to conduct market research to identify gaps and opportunities.
  3. Probability of Success: High, especially if data-driven decisions are made.
  4. Sub-Actions:
    • Conduct surveys and focus groups.
    • Analyze competitor offerings.
    • Develop new branding materials and messaging, including new sales pitches.

Mitigating Tactic 2: Sales and Technical Training

  1. Action: Create a new or revise the existing sales playbook focusing on the unique selling propositions (USPs) of Generative AI.
  2. Complexity:
    • Moderate, as this will require creating training materials and then conducting the training sessions.
    • Consultants should also be educated so they can effectively convey the advantages of Generative AI in client discussions.
  3. Probability of Success: Moderate to High, assuming that the training is effective.
  4. Sub-Actions:
    • Identify key USPs and create materials.
    • Conduct a series of training workshops.
    • Assess effectiveness through role-play scenarios and feedback loops.

Mitigating Tactic 3: Pilot Programs and Case Studies

  1. Action: Initiate a pilot program with a client willing to implement Generative AI, subsequently developing a case study if the program is successful.
  2. Complexity:
    • High, as this involves identifying a willing client, implementing the solution, and then rigorously analyzing the results.
    • Interdepartmental collaboration is essential.
  3. Probability of Success: Moderate, given the complexities involved but could be high-impact if successful.
  4. Sub-Actions:
    • Identify potential pilot clients.
    • Implement the Generative AI solution.
    • Analyze results and create a case study for future sales efforts.

By effectively implementing these mitigating tactics, there is a high probability that the risk of declining interest in Generative AI can be successfully mitigated, paving the way for achieving the project goal.

For each mittigation, deepen the thought process. Generate potential scenarios, strategies for implementation, and necessary partnerships or resources, and how potential obstacles might be overcome. Also, consider any potential unexpected outcomes and how they might be handled.
ChatGPT

Deep Dive into Risk Mitigation Tactics

Mitigating Tactic 1: Market Re-positioning and Branding Overhaul

  1. Potential Scenarios:

    • Scenario 1: Market research shows a gap in how AI is currently being presented and what clients actually want.
    • Scenario 2: Competitors are offering similar products but have more effective marketing strategies.

  2. Strategies for Implementation:

    • Create a cross-functional team involving marketing, product development, and sales.
    • Develop a roadmap for re-branding and re-positioning efforts with actionable milestones.

  3. Partnerships/Resources:

    • Partner with market research agencies.
    • Allocate budget for new branding materials and marketing campaigns.

  4. Potential Obstacles and Solutions:

    • Obstacle: Resistance to change within the company.
      • Solution: Conduct internal presentations to show data-backed findings, and how the re-positioning will benefit the company.

  5. Unexpected Outcomes and Handling:

    • Unexpected Outcome: Market reacts negatively to the new positioning.
      • Handling: Have a contingency plan to revert to original or alternative branding, and conduct rapid surveys to understand the reasons for negative reactions.

Mitigating Tactic 2: Sales and Technical Training

  1. Potential Scenarios:

    • Scenario 1: Sales team is effective in internal role-plays but fails in real client pitches.
    • Scenario 2: Consultants are unaware of the technical details, making them less effective in selling the solution.

  2. Strategies for Implementation:

    • Develop comprehensive training modules covering both sales techniques and technical aspects.
    • Incorporate regular feedback loops and adjustment phases.

  3. Partnerships/Resources:

    • Internal: Sales, Product Management, Training Department.
    • External: Sales training consultants.

  4. Potential Obstacles and Solutions:

    • Obstacle: Lack of time or resources for training.
      • Solution: Make training modules flexible and accessible online.

  5. Unexpected Outcomes and Handling:

    • Unexpected Outcome: Sales don't improve despite training.
      • Handling: Reassess the quality of training and look for gaps or areas of misunderstanding.

Mitigating Tactic 3: Pilot Programs and Case Studies

  1. Potential Scenarios:

    • Scenario 1: Client is willing but the pilot program fails to deliver expected results.
    • Scenario 2: The pilot is successful but not scalable.

  2. Strategies for Implementation:

    • Prioritize clients who have shown a preliminary interest in Generative AI.
    • Establish key performance indicators (KPIs) to measure the program's success.

  3. Partnerships/Resources:

    • Internal: Sales, Project Management, and Technical Teams.
    • External: Client’s project and technical teams for smooth implementation.

  4. Potential Obstacles and Solutions:

    • Obstacle: Difficulty in finding a willing pilot client.
      • Solution: Offer incentives like free consulting hours or discounted rates for their participation.

  5. Unexpected Outcomes and Handling:

    • Unexpected Outcome: Pilot is successful but reveals new unforeseen challenges.
      • Handling: Conduct a post-implementation review to understand these challenges and devise new strategies for overcoming them.

These detailed insights into each mitigating tactic should provide a comprehensive understanding of the actions needed, their complexities, and how to handle unexpected outcomes.

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