Version: 1.1.0 | Last Updated: 2025-06-12

Step 1: AI Strategy & Plan

📊 Progress: Step 1 of 4 ⏱️ Estimated Time: 1 hour

Executive Summary

In this foundational step, you’ll develop a strategic AI roadmap for IFS that aligns technology initiatives with business outcomes. By identifying high-impact use cases and establishing clear success metrics, you’ll create the blueprint for a successful AI transformation journey.

Home > AI Ready Challenge > Step 1 - AI Strategy & Plan

This section is part of the IFS AI Ready Challenge. Here you’ll define business outcomes, identify AI use cases, and plan the AI adoption phases (Strategy & Plan).

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    A[🚀 Start] --> B[📝 Step 1 Strategy & Plan]
    B -->|Current| C[📋 Step 2 Requirements]
    C --> D[🏗️ Step 3 Foundations]
    D --> E[📊 Step 4 Presentation]
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🧭 Why Strategic Planning is Critical

Proper AI strategy is the foundation of successful AI transformation. Organizations that skip strategic planning face:

  • 87% project failure rate without clear business alignment
  • 4-6x higher costs from reactive implementation and rework
  • Misaligned AI investments that don’t deliver business value
  • Stakeholder resistance due to unclear value proposition
  • Compliance and ethical risks from unplanned AI deployment

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🎯 Strategic Success Framework

Success Factor With Structured Strategy Without Strategic Planning
Business Alignment Clear ROI and value delivery Technology-driven initiatives with unclear value
Stakeholder Buy-in Unified vision and commitment Fragmented support and resistance
Resource Allocation Prioritized, efficient investment Scattered resources, competing priorities
Risk Management Proactive identification and mitigation Reactive firefighting and compliance issues
Success Measurement Clear metrics and tracking Ambiguous outcomes and accountability

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Prerequisites

Before starting this step, gather:

  • Key stakeholders (1-2 hour workshop session)
  • Basic business context (current goals, major challenges)
  • Simple current state overview (what technology exists today)
  • Understanding of IFS priorities (what matters most to leadership)
  • Executive alignment (sponsor understands the goal)

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Objective

Define IFS’s AI strategy by identifying key business outcomes, selecting high-impact AI use cases, and establishing success metrics.

Activities

  • Review the Innovate Financial Services Customer Story.
  • As a team:
    1. List Top 3 Business Outcomes for IFS’s AI adoption (e.g., fraud reduction, customer experience, cost optimization).
    2. Identify Key AI Use Cases that deliver those outcomes.
    3. Map each use case to CAF AI phases Strategy and Plan activities. 4. Define Success Metrics and KPIs to measure AI impact.

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Guidance

Reference: CAF AI Strategy and Plan

  • Focus on outcomes: what business value will AI deliver?
  • Prioritize use cases by feasibility, impact, and alignment to IFS goals.
  • Ensure metrics are measurable (e.g., % reduction, CPS improvement).
  • Take into consideration risk management, compliance, and responsible AI principles.
  • Call out internal and external use cases, and how they align with IFS’s strategic goals.

Example Use Case Table:

Business Outcome AI Use Case CAF Phase Success Metric
Reduce fraudulent loans Anomaly detection model Strategy, Plan 10% fraud drop
False-positive <5%
Improve customer NPS Personalized chatbot Strategy, Plan +15 NPS points

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Success Criteria ✅

By the end of this step, you should have:

  • ✓ Defined 3 business outcomes with clear descriptions
  • ✓ Identified 3 AI use cases mapped to those outcomes
  • ✓ Established 3 success metrics for each use case
  • ✓ A brief AI Strategy & Plan summary statement

To successfully complete this step, ensure all items above are documented in your deliverable.

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References & Supporting Evidence

The statistics and claims used in this document are based on the following industry research and reports:

AI Project Success & Strategic Alignment

Business Strategy & Planning

Additional Resources

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