6 Steps To Gain Buy-In For AI Technology At Your Company
Gaining buy-in for new technology is a necessary step in the growth of your business. But the quest for artificial intelligence (AI) technology, specifically, can sometimes be puzzling for some internal stakeholders to grasp.
There are several reasons why it is difficult to get acceptance for AI in the mortgage industry:
- Not everyone understands the technology.
- There are a huge number of emerging solutions on the market.
- The technology is complicated.
- Many stakeholders are still catching their breath from digitizing their mortgage business.
However, the case for AI is more convincing every day.
According to a recent report published by Forbes and sponsored by Roostify, 59% of executives say that AI technologies will help them reduce operating costs and deliver personalized customer experiences.
To gain buy-in from the C-suite, IT leaders need to be able to articulate the benefits of AI in terms that speak to executives’ needs. They then need to prove that AI can help align departments and solve key organizational challenges.
Identify key stakeholders
To support the adoption of AI technology at your organization, define who exactly in your organization has a role to play in the success of the project.
Rather than focusing solely on the budget holder, you should consider anyone who will interact with the technology. That may include other IT professionals who will need to integrate the new solution with existing technology, managers of teams who will use the solutions, and anyone who may benefit from its use.
Understand stakeholder needs
Everyone involved in the project will have different needs.
For instance, the budget holder will want to know how the investment will impact the organization’s short- and long-term financial position and performance. On the other hand, end-users will want to know how the technology will impact their day-to-day operations.
Meanwhile, members of the C-suite will likely wish to know how the new AI solution will improve the company’s position in the marketplace. Once you’ve identified the stakeholders and developed an understanding of their needs, you can create an argument for why and how AI will benefit them.
Engage stakeholders early in the process
Once you’ve developed an understanding of stakeholder needs, it may be helpful to pause and take a temperature reading. Is there anyone opposed to the use of AI?
If so, skeptical personnel might become a bigger barrier than anticipated. From there, you might have to re-explain AI costs and benefits, or otherwise re-gain buy-in midway through the process.
Provide a clear explanation of the project and its benefits
As you develop your argument for adopting AI technology, you’ll want to make sure that you have a clear understanding of the technology's benefits, as well as its limitations. You don’t want to oversell the solution.
Finding supporting data and use cases for your solution can help you establish a more convincing argument. Case studies are particularly useful for helping leadership see what kind of results they can expect. It may also be helpful to explain what happens if AI is not adopted — this could provide a clear distinction between success and failure due to inaction.
Listen to stakeholder feedback and reach an agreement
Clear lines of communication are essential for any successful IT project.
Listen to the feedback you get from stakeholders and take time to consider their concerns. Then, continue to meet with stakeholders as you iron out the details. As noted by the Project Management Institute, participation from stakeholders can serve as a key driver of action. Keep the AI project front and center, and continue to explain its benefits.
Continue to provide reports and make improvements
Once you’ve reached an agreement and have implemented the new AI technology, continue to keep stakeholders in the loop. By showcasing your results, you’ll assure the stakeholders that they made the right decision by listening to you.
AI technology is unique in that it can help lenders to continuously improve their operations. Regular reports can show the long-term impact of the new solution.
Roostify understands the digital mortgage experience from start to finish. To learn more, reach out to our team.