Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

GBO BLOG

AI in Change Management

Change-Management-GBO

The nature of business is fast paced and organisations change. Sometimes, they change really, really fast. It is something that can’t be avoided. As the saying goes: to be successful, you must be adaptable. And since change is something that most people fear, there needs to be a process with which you can implement it. A large part of it is in making employees understand it so that the tension is eased and a smooth process is created.

But as the story goes, Change Management is no easy task. The article ‘Managing Organizational Change’ at Inc. stated that: “Managing organizational change is the process of planning and implementing change in organizations in such a way as to minimize employee resistance and cost to the organization while simultaneously maximizing the effectiveness of the change effort.” There are factors from all over that can affect change in an environment.

AI offers companies new paradigms, and it will no doubt play a huge part in change management. The article “A.I. and Change Management – How to help a company embrace A.I. at Daisy Intelligence states that: AI is so impactful and important that once an organization embraces it, nothing less than wholesale changes are imminent with regards to how employees view the industry, the company, and long-term career paths as well their day-to-day job roles.”

In order to successfully to make the change, it is observed in the article that the goal is to “get key people on board with adopting AI and keep them tee’d and eager to embrace it for the tangible benefits to organisations and their careers.” Hence, it becomes important for senior management, executive leaders and directors to have an understanding of how to integrate AI into their procedures and then work on them. If they themselves are not proactive, employees throughout all levels will also misinterpret and mistrust what the intentions behind the AI and onboarding process is. In the end, the investment will not pay off.

AI also ironically, needs a human touch. The need is to get ‘soft components’ like employee culture, diversity/intercultural understanding, brand mystique, corporate reputation integrated into the platform. This is extremely important in sectors like retail, which simply cannot work without human interaction. This is a challenging task indeed, and senior management has to be committed beyond belief.

Before passing away in 2017, Stephen Hawking sated that recent advances in AI were “the biggest event in human history.” Its increased importance in modern times will mean that they will acquire an increased foothold in the daily processes or organisations—creating the urgent need to adapt them more often. So it’s up to them to rise up to the challenge.

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