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How do you work with stakeholders in AI projects?

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Artificial intelligence (AI) is transforming the financial services industry, from enhancing customer experience to automating processes and detecting fraud. But how do you work with stakeholders in AI projects, especially when they have different expectations, goals and levels of understanding? In this article, we will share some tips and best practices to help you communicate, collaborate and deliver value with your AI stakeholders.

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1 Identify your stakeholders

The first step is to identify who are your key stakeholders in your AI project, and what are their roles, responsibilities and interests. Stakeholders can include internal and external parties, such as business users, managers, customers, regulators, vendors and partners. You need to understand their pain points, needs, expectations and preferences, as well as their level of awareness and knowledge about AI. You can use tools such as stakeholder maps, personas and interviews to gather this information and prioritize your stakeholders.

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2 Establish clear goals and metrics

The next step is to establish clear and realistic goals and metrics for your AI project, and align them with your stakeholders' objectives and values. You need to define what problem you are trying to solve, what value you are creating, how you will measure success and what risks you need to mitigate. You also need to communicate these goals and metrics to your stakeholders, and get their feedback and buy-in. You can use tools such as SMART goals, OKRs and KPIs to set and track your goals and metrics.

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Gus Bekdash

Top Voice in strategy & AI. Turn Ideas into Results: v CTO, Chief Architect & Strategist focused on growth ? $Billion+ solutions ? AI Expert ? Executive ? Author ? Consultant
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Think like Eisenhower when considering your automation and AI strategy. Start with the right beachheads. Your metrics should measure 3 quantities: feasibility, value and adjacency to other promising “beachead” use cases. Using these metrics, start by selecting an entire business process (region) to automate. Then repeat to select individual use cases within that region. Don't prioritize pain points or sporadic high-ROI cases. Start with feasible, high value and synergistic use cases. The big payoff of automation comes when you chain adjacent use cases together and fully automate a process, not when you implement spectacular but scattered use cases. This is how Eisenhower managed to liberate enough land quickly so he can liberate the rest.

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3 Communicate effectively and frequently

The third step is to communicate effectively and frequently with your stakeholders throughout the AI project lifecycle, from planning to deployment and maintenance. You need to use appropriate channels, formats and languages to convey your messages, and tailor them to your stakeholders' level of understanding and interest. You also need to listen to your stakeholders' feedback, concerns and suggestions, and address them promptly and transparently. You can use tools such as newsletters, dashboards, demos and meetings to communicate with your stakeholders.

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4 Collaborate and co-create

The fourth step is to collaborate and co-create with your stakeholders in your AI project, and involve them in key decisions and activities. You need to leverage your stakeholders' expertise, insights and perspectives, and invite them to contribute to your data collection, analysis, design, testing and validation. You also need to foster a culture of trust, respect and openness, and encourage your stakeholders to share their ideas, opinions and feedback. You can use tools such as workshops, surveys, prototypes and pilots to collaborate and co-create with your stakeholders.

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Gus Bekdash

Top Voice in strategy & AI. Turn Ideas into Results: v CTO, Chief Architect & Strategist focused on growth ? $Billion+ solutions ? AI Expert ? Executive ? Author ? Consultant
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Are you the expert in AI and automation? Then you must lead. The burden of managing innovation is mainly on you. Think of the other stakeholders as partners and clients. Successful group innovation requires that each party makes decisions in their area of expertise. Your job is to stimulate fresh thinking and guide toward decisions that fit within a larger plan. I have seen too many AI projects veer towards infeasible or invaluable solutions because decision-making was not set up properly. let's say you want to adopt the Eisenhower strategy I explained above. Make sure you ask questions and present options that are consistent with that strategy. That is how you stimulate synergistic decision making from all stakeholders.

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5 Educate and empower

The fifth step is to educate and empower your stakeholders in your AI project, and help them understand, use and benefit from your AI solution. You need to provide your stakeholders with relevant and accessible information, training and support, and explain how your AI solution works, what it can and cannot do, and how it complies with ethical and regulatory standards. You also need to empower your stakeholders to take ownership, responsibility and action, and enable them to leverage your AI solution to achieve their goals. You can use tools such as tutorials, guides, videos and webinars to educate and empower your stakeholders.

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Lior Kornblum

CEO & Founder at AIforAll | I help organizations leverage AI through strategic consultation and hands-on training ?? | Technion Lecturer | @Google Mentor | Former GM at Global AI Startup | Top AI Voice on LinkedIn ??
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During my time managing an AI startup focused on predicting financial assets, I learned that stakeholders, regardless of their background, really want to learn more. We used AI to try and predict where markets might go next, a complex and often misunderstood area. Many stakeholders were curious but unsure about AI. So, we broke things down into simple terms and provided easy-to-understand resources, also daily reports about our results and types of methods that were used. We turned complex AI predictions into straightforward insights. This clear communication helped build trust, turning potential doubts into genuine interest and authentic engagement.

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6 Deliver value and impact

The sixth step is to deliver value and impact with your AI project, and demonstrate how your AI solution solves your stakeholders' problem, creates value for them and improves their outcomes. You need to measure and report your AI project's performance, results and benefits, and compare them with your goals and metrics. You also need to celebrate and acknowledge your AI project's achievements, and recognize and appreciate your stakeholders' contributions and support. You can use tools such as reports, testimonials, case studies and awards to deliver value and impact with your AI project.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you work with stakeholders in AI projects?

1

2

3

4

5

6

7

1 Identify your stakeholders

2 Establish clear goals and metrics

3 Communicate effectively and frequently

4 Collaborate and co-create

5 Educate and empower

6 Deliver value and impact

7 Here’s what else to consider

Financial Technology

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How do you work with stakeholders in AI projects?

1

2

3

4

5

6

7

1 Identify your stakeholders

2 Establish clear goals and metrics

3 Communicate effectively and frequently

4 Collaborate and co-create

5 Educate and empower

6 Deliver value and impact

7 Here’s what else to consider

Financial Technology

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