Webinar
Building Stakeholder Confidence: Reduce Risk and Optimize ROI Through Successful Proof of Concepts
This webinar examines how a well-executed ‘Proof of Concept’ enables companies to demonstrate early successes, to secure buy-in from key stakeholders. In today’s tech-driven landscape, it is critical to ensure stakeholders are bought-into every decision, to ensure a successful implementation and long-term ROI.
Overview
Our esteemed panelists, Trista Miller, Managing Director of Global Service Delivery at American Airlines, and John Thompson, Chief Revenue Officer at IGT Solutions, explored the fundamentals of a successful Proof of Concept (POC) in this insightful webinar. The session emphasized on the importance of securing stakeholder confidence in building a successful POC. It also highlighted how showcasing the potential benefits during the POC phase instills confidence in the solution's ability to deliver results. By mitigating financial and operational risks, a well-executed POC sets the foundation for long-term ROI.Key Takeaways
For Businesses
- Addressing the Issue: Building stakeholder confidence often begins by clearly highlighting the existing challenges or inefficiencies. This approach is key because, before stakeholders can embrace a new solution, they must first recognize that a problem exists.
- Fear of the Unknown: Leaders often face challenges in securing stakeholder confidence due to a "fear of the unknown." Stakeholders need to feel assured that the project they are supporting is a reliable investment that delivers both customer experience improvements and financial ROI. Addressing both stated and unstated needs is essential to build this confidence.
- Leverage Existing Providers First: Start by engaging with your current providers, as they already understand your business operations and customer interactions. They can offer valuable insights that align with your business.
- Prepare External Providers for Success:
If engaging new providers, ensure they have the necessary context and support to deliver competitive solutions. Failing to provide this setup can result in misaligned proposals and project failure. - Track Data and Unexpected Outcomes:
It's important to track both predefined KPIs and other standard metrics during the POC. Often, unexpected positive outcomes emerge, and having robust data tracking ensures these insights aren’t missed. - Focus on Small, Controlled Tests:
Adopt a "crawl, walk, run" approach. Start small with focused tests, learn from the results, and iterate quickly before scaling. This allows for faster adjustments and minimizes risks during early stages. - Non-Negotiables - A successful POC must have a clearly defined goal and stay focused on testing a specific solution without trying to address too much at once. Consistent data tracking is essential to measure progress and identify successes or challenges. Equally important is frequent check-in with stakeholders to maintain their confidence and ensure continuous buy-in.
For Solution Providers
- Consensus-building: There are increasing number of decision-makers in high-impact projects that requires a consensus-building approach. It’s important to clearly communicate the risks, value, and expected outcomes of the project, as different stakeholders may have varying perspectives.
- Stakeholder Involvement: Include all relevant stakeholders, even those not typically involved, such as procurement teams. Their input is essential for setting success criteria and measuring outcomes effectively.
- Defining Success Metrics: Establish clear internal success measurements and communicate them to potential providers. Ensure providers understand how the POC will be evaluated and the expected impact on areas like customer experience or operational efficiency.
- Embrace Challenge: Solution providers play a crucial role in the Proof of Concept (POC) process by leveraging their data and industry insights to help clients focus on the right success metrics and challenges. It’s important to recognize that clients will seek input from other providers.
- Proactively Initiate: Solution providers should actively identify opportunities for improvement within the client’s business and propose POCs to address them. Rather than waiting for the client to initiate ideas, providers can leverage their unique data insights and past successes to suggest solutions. Even if the proposal isn’t immediately prioritized, taking a proactive approach strengthens the partnership and demonstrates value.
