Managing Strategic Initiatives
Category: Strategic Initiatives / Program Management
What Was Broken
For AIG, transformational program management is a major activity. And it’s resource-heavy: more than 1,500 employees help manage project delivery, governance and administration.
Even with a typical annual investment of over $1 billion, transformation activity struggled to deliver sufficient value and alignment with corporate strategy. Worse, activities were often not proposed with a robust business case, nor given a chance to prove their value through trial. Funding decisions took significantly longer than acceptable, due to the difficulty of aligning stakeholders.
Collaboration on strategic initiatives was broken.
AIG took the strategic decision to create The Major Initiatives Office (MIO) and simultaneously deploy ThinkTank’s Collective Intelligence platform.
AIG knew the key issue was insight. The people in the field knew what was working and what wasn’t, but visibility into the projects wasn’t sufficient to assess impact and prioritize effort. The objective was to first tap deep into the organization’s knowledge and present leadership with a simple, comprehensive overview of all AIG’s projects, and map their value and alignment to overall strategy. The second was to create alignment amongst stakeholders on the best way forward.
The MIO deployed ThinkTank engaging all project teams in a few weeks. The MIO used ThinkTank to craft and deploy a series of collaborative, online templates to lead the teams through standard methods of inquiry, analysis, and decision-making in the hopes of enhancing insight, improving analysis and accelerating decision making.
The ThinkTank platform enabled MIO to leverage the collective intelligence of project stakeholders to assess projects with unprecedented speed and precision. The result was a transformative series of insights into a range of metrics, including mandatory compliance, value and alignment with overall strategy.
Further, in the first year, the use of ThinkTank accelerated the decision cycle on projects by 30% and enhanced ideation and stakeholder participation by 80%.
The process also ushered in major improvements to alignment on budgets, priorities, and plans.