Companies rely on successful delivery of projects to remain competitive. As a company board member, how do you identify the real risks affecting the projects that you tender and deliver?
Recent headlines around companies who have been unsuccessful in delivering projects are adding up, creating reputational damage and legal friction. At worst, companies go into administration. Some lose significant shareholder value, some are sold, and others move away from high risk project revenue.
Boards rely on candid reporting from senior management to ensure they are delivering value to stakeholders. A fundamental problem with this approach is that business forecasts are inherently optimistic and based on the inside view. Imagine you are a board member and could be provided with the AI’s objective view. Now imagine that view has a high degree of probability of the project outcome. If this view were significantly different to the reporting coming from management, what would this allow you to do that you are unable to currently do?
We think most board members know the answer to this question, as their role is to provide governance for the company, set the culture, and hold the management to account.
The adoption of AI can make a quantum improvement to the management of your company’s project risk – through new technologies, such as Octant AI.