Strategic advice to leverage new technologies
Technology is at the heart of nearly every enterprise, enabling new business models and strategies, and serving as the catalyst to industry convergence. Leveraging the right technology can improve business outcomes, providing intelligence and insights that help you make more informed and accurate decisions. From finding patterns in data through data science, to curating relevant insights with data analytics, to the predictive abilities and innumerable applications of AI, to solving challenging business problems with ML, NLP, and knowledge graphs, technology has brought decision-making to a more intelligent level. Keep pace with the technology trends, opportunities, applications, and real-world use cases that will move your organization closer to its transformation and business goals.
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In this Advisor, data and AI innovation strategist Bill Schmarzo introduces a collaborative, design-centric, human-empowered framework that can help organizations leverage AI to create new sources of customer, product, service, and operational value.
As examples from Southwest Airlines and Delta illustrate, there is a critical need for CIOs to address technical debt within mission-critical systems. Frequent Cutter contributor Myles Suer recently spoke with a group of CIOs about this need and the steps leaders can take to protect these systems. This Advisor shares some of those insights, emphasizing enterprise architecture’s role in eliminating tech debt.
Digital twins have been widely adopted by the aerospace and manufacturing industries, but their potential benefits in the mining industry are only starting to be realized. This Advisor presents a mining industry case study with a focus on data collection, integration, and storage challenges.
Competing factors come into play to determine our tolerance to AI hallucination. This Advisor stresses that understanding context is crucial to making informed decisions about strategically adopting and implementing emerging technologies and provides key takeaways that can help us balance the potential value of the opportunity with our risk tolerance.
As this Advisor explores, GenAI looks promising for providing advanced AI edge computing capabilities in space. Although still in experimental stages, applications from Booz Allen Hamilton and the European Space Agency demonstrate the possibilities of integrating GenAI capabilities directly on spacecraft by facilitating natural language–based data retrieval and analysis, improved data transmission efficiency, and real-time decision-making.
As AI systems advance and produce increasingly sophisticated and innovative output, the question of how to treat this output under IP law becomes more pressing. The characteristics of some AI systems, including the self-improving nature of certain AI models and the difficulties associated with attributing their outputs to human creators, challenge the existing framework and necessitate a thorough rethinking of what rules will result in the greatest social value.
In this issue of Amplify, we delve into the ways organizations are developing analytical capabilities that lead to valuable insights and create business value. We also explore the shift from being a data-driven organization to a data-centric one. The latter places data science at its core; data is a primary, permanent asset used as the starting point to determine organizational action. As we explore this shift, it becomes evident that organizations that exploit analytics (and data in general) tend to view it as more than a means to an end — they harness it to create a data-centric culture, establish synergies within and across functions, and deepen relationships with myriad stakeholders.
Bill Schmarzo opens the issue with a thought-provoking article about how companies can unleash business value and economic innovation through AI. Drawing on the seminal work of Adam Smith, Schmarzo explains that “the essence of economics is the creation, consumption, and distribution of wealth — or value” as a baseline for economic innovation. The author brilliantly balances his extensive industry experience and published works to highlight cultural empowerment as a way to foster an inclusive environment to demonstrate value. He identifies 10 critical characteristics of cultural empowerment in the context of leveraging AI and generative AI (GenAI) for economic innovation. Schmarzo also offers the “Thinking Like a Data Scientist” methodology to help business leaders maximize AI to create new sources of customer, product, service, and operational value. The article concludes with an example of integrating GenAI with the methodology to create an economic innovation force multiplier.