Start now and prototype
As Thomas Edison said: “I have not failed. I’ve just found 10,000 ways that won’t work.”
Here at Mudano, we couldn’t agree more. That is not to say that we advocate failure, far from it, but rather that by taking a different approach to risk, those ‘failures’ will ultimately allow you to learn and to scale.
If approach to risk is pre-understood in the planning stages of a transformation programme. Or better yet, run as a series of experiments rather than an immediate roll out, then success is infinitely more likely.
An iterative approach to Machine Learning transformation projects
This approach is especially true when it comes to Machine Learning (ML) and Artificial Intelligence (AI) – topics that have been increasing in their reach and application across the financial services industry over the past few years.
Machine Learning is a tool which lends itself well to rapid iteration by its very nature. However it can often be misunderstood and therefore under utilised as a way to scale, economise and the the realisation of the value it data within an organization.
We see data innovation labs as a fundamental part in unlocking the value of data, taking action by helping to rapidly deliver a measurable step-change in value for our clients.
Investing in Innovation Labs
When it comes to ML and AI, some organisations are so worried about making mistakes that they stick to traditional approaches to analytics. These can deliver solid results but are rarely transformational. We want our clients to achieve 10x returns on their investment in advanced analytics, and to achieve remarkable returns such as these, we know that you need to mix an iterative development process with a little risk. Here’s how we do it:
Our core value
At Mudano, we believe that the best way to help our clients achieve extraordinary outcomes is to guide them towards solutions that most data consultancies don’t think of.
This approach is grounded in one of our company values: “Start now and prototype”. This means that across every aspect of our organisation we take a fast, iterative approach to finding solutions for our clients. By starting quickly, we want to move towards a positive outcome for clients from minute one of a project. For us, there’s no time to waste.
Many consultancies squander time and budget strategising on whiteboards and in Powerpoint, rather than rolling up their sleeves, building prototypes and iterating in order to learn from real-world experience. An iterative approach allows us to learn fast, scale quickly and accelerate towards realising greater value for clients.
Embracing (a little) risk
This approach is not without risk. Of course, we do all we can to prepare for the unexpected, but there’s always a chance that we could be blindsided by an element of a project that might have been anticipated had we planned for a little while longer. This can create bumps in the road.
However, we believe it’s better to be on the road coming up against a bump or two than stuck in the garage. Without risk, there’s little reward. But whilst risk is necessary, it should be approached in a controlled manner, which is where our iterative development process steps in.
Our Data Innovation Labs
Our “start now and prototype” mantra is demonstrated by the Data Innovation Labs that we setup in our clients’ offices. These combine our data expertise and technologies with an organisation’s business expertise, technical knowledge and architecture blueprints.
A Lab is run by a cross-functional team of Mudano specialists and can be scaled horizontally, running multiple experiment lanes in parallel. In addition to the delivery roles, a layer of enabling roles, including a Lab manager and architect, ensure the effective operation of the Lab.
Once underway, our team iterates, learns from the Lab’s findings and improves the process. This way of developing data-driven products allows our clients to prototype and test new ideas and converge upon positive outcomes much faster than with traditional delivery patterns. This approach realises tangible business value from an organisation’s data, all on their own terms.
The benefits of our Data Innovation Labs
Here are the key benefits of Data Innovation Labs that reflect our core business values:
- Start small and prove value before scaling investment
When we conduct our Data Innovation Labs, they are rapid and more cost-effective than large technology change programmes. Labs allow us to make evidence-based decisions, giving our clients visibility over where they should be investing their capital.
- Prototype your strategy
Our Innovation Labs offer an alternative to long-term linear programmes. They can be used by organisations of all shapes and sizes so they quickly learn what works for them.
- Change perceptions of what is possible
Our clients tell us that our Labs have provided their entire organisations with an example of a new way to work. Our Labs can inspire other business areas with the possibilities of the “start now and prototype” approach.
Iterate to accumulate
We believe that you learn by doing. And, for us, this begins at the first minute we start working with a client. It’s especially true for complex data analytics projects, such as ML and AI.
Our approach makes incorporating these types of projects into your organisation simple and iterative. What can seem a daunting proposition is broken down into a step by step process that any organisation can employ, and our Data Innovation Labs are designed specifically to overcome organisational challenges of all shapes and sizes.
If you’d like to explore how we might be able to help your organisation, please drop us a line.