“Four self-reflections for leaders that make a case for why they need to consider adopting AI, ML and advanced analytics.
(1) The power and the limitations of tacit knowledge – In comes a pillar of advanced analytics that uses machine learning for predictive modeling.
(2) Cognitive challenges in processing multi-dimensional spaces – These algorithms fall in the descriptive analytics pillar, a branch of machine learning that generates business value by exploring and identifying interesting patterns in your hyper-dimensional data
(3) Our weakness in counter-factual thinking – Overcoming this requires embracing causal analytics, a pillar that is most often missed out by the industry ‘ladder of analytics’ frameworks
(4) Our challenges in combinatorial thinking – Combinatorial thinking, which is encompassed in the prescriptive analytics pillar of advanced analytics, can provide answers.
- In short, advanced analytics, machine learning and AI are arguably the most powerful general-purpose technologies invented since the advent of modern computing. Extracting value from these is an imperative for business and society. It requires a deeper understanding and self-reflection among leaders of human strengths and frailties in contrast to that of modern, software based, machines and algorithms.”
Knowledge at Wharton