Episode 36: Tom Davenport
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The A.I. Advantage: Using it For Strategic Advancement and Success
The buzz surrounding A.I. cognitive strategy, technology, data, and analytics has many companies excited, but what does a business do with the information available? In his book, The A.I. Advantage, Thomas Davenport offers a guide to using artificial intelligence in business.
Tom and Greg discuss how companies can leverage available technologies for their competitive advantage. Check out their discussion on IBM's Watson’s attempts to cure cancer, and learn how legacy companies integrate AI despite layers of approval and current processes.
You won't want to miss Tom's backstory, as he shares his journey from being a sociologist to an analyst. Finally, make sure to take notes on his views on A.I. ethics, including how to set up systems with human decision-makers and how academics can improve courses with A.I. tools, data, and analytics.
Episode Quotes:
Which is easier, teaching business skills to technical people or technical skills to business people?
“I don't think that either of them is particularly hard to teach. If the motivation is there, I think that's the key element. You run across many data scientists who couldn't care less about what business they're working in. What motivates them is fooling around with algorithms and finding the best fitting one, and so on. But, most of those algorithms are not going to get deployed successfully. Certainly, you have way too many business people who don't want to learn enough about technology. Now. I think every business succeeds based on its use of technology. Neither of them is that hard to learn. You gotta want it.”
How do you get the best data, and how do you make the most out of it?
“When I first got into this consulting firm, there was a strong focus on using data to make decisions. But in general, it became a very technical field, and people were only worried about what type of data warehouse to use and what software to use. And there was very little about what difference it made to the business. I think in general, and we're finding this a lot in AI and analytics, it's the people who can connect the numbers to the business —the analytics outcomes that are driving the success.”
Is there a way that business schools can reinvent themselves in terms of using data in their business model like admissions and curriculum?
“I have a book that I recently got called Big Data on Campus. Full of examples of schools that are starting to use analytics for things like admissions and fundraising. It works well for keeping students from leaving and identifying potential traders. Educationally, I think we probably need a new business model in business schools and maybe in general. Universities have gotten way too expensive for many people. And this idea that you learn everything you need to know in four years and then never have to go back to school is totally nutty.”
Show Links:
Guest's Profile:
Tom Davenport’s Profile at Deloitte
Tom Davenport on LinkedIn
Tom Davenport on Twitter
His Work:
The AI Advantage: How to Put the Artificial Intelligence Revolution to Work
Only Humans Need Apply: Winners and Losers in the Age of Smart Machines
Big Data at Work: Dispelling the Myths, Uncovering the Opportunities
Keeping Up with the Quants: Your Guide to Understanding and Using Analytics
Judgment Calls: Twelve Stories of Big Decisions and the Teams That Got Them Right
Competing on Analytics: Updated, with a New Introduction: The New Science of Winning
Thinking for a Living: How to Get Better Performances And Results from Knowledge Workers
Information Ecology: Mastering the Information and Knowledge Environment