Impact Factors in AI Prioritization
Learn the key impact factors that guide AI prioritization and discover how to assess benefits, cluster workstreams, and target the initiatives that deliver the greatest results for your firm.
Impact factors are crucial in prioritizing which workstreams to transition into AI-driven processes. They help your firm clearly see where the most significant benefits lie, both internally and externally. When you grasp these factors well, choosing the right initiatives becomes much simpler, and the potential benefits much clearer.
1. People Involved
How broadly does the workstream affect your firm? It's all about perspective: impacting 5 people in a 10-person firm is significant, while the same number in a firm of 1,000 would be minimal. Always look at involvement as a proportion of your entire team.
Example:
• High Impact: Automating the annual performance review process impacting nearly everyone.
• Low Impact: A specialized audit tool used by just a handful of experts.
2. Client Value
Client value measures the direct benefits your clients receive, like quicker responses, fewer errors, or higher satisfaction. Consider how clearly clients will feel these benefits in their interactions with your firm.
Example:
• High Impact: AI-enhanced customer support significantly speeding up query resolution.
• Low Impact: Minor internal administrative improvements that don't directly affect clients.
3. Commercial Value
This factor looks at the direct revenue opportunities from a workstream. It's distinct from client value because something clients appreciate might not always be something they'll pay extra for.
Example:
• High Impact: Introducing premium, AI-driven financial insights your clients are willing to purchase.
• Low Impact: Internal process automation that's beneficial but doesn't create new revenue streams.
4. Efficiency Gains
Efficiency gains highlight productivity improvements like saving time, cutting costs, or reducing errors. High efficiency often directly boosts your bottom line.
Example:
• High Impact: Automating repetitive accounting tasks to significantly reduce labor hours.
• Low Impact: Slightly optimizing a rarely performed internal task.
5. Strategic Alignment
Strategic alignment ensures the workstream fits neatly into your firm’s long-term goals. Even if immediate gains aren’t obvious, strategically aligned workstreams are critical for sustained success.
Example:
• High Impact: Aligning with your strategic goal to become a digital-first accounting firm.
• Low Impact: Minor internal improvements unrelated to strategic priorities.
Relativity Matters
Always assess impact relative to your firm's context. A process that seems minor alone might become crucial when viewed alongside similar tasks.
For example, automating individual email sorting or meeting scheduling might look small-scale independently. However, combined into a broader "Administrative Automation" initiative, their collective impact on firm productivity can become significant.
Boosting Impact by Clustering Workstreams
Sometimes, individual workstreams score low on impact when evaluated alone. Consider bundling related processes into clusters—this reveals their combined strength, clearly highlighting the potential for substantial improvements. But don’t go overboard: the more complex the workstream, the lower it’s feasibility.
Practical Tip: Group related administrative or client-service tasks into clear categories. Clustering these tasks often highlights a much higher combined impact, simplifying the decision to transition them to AI-driven processes.
