Jeanne Ross, Director & Principal Research Scientist at the MIT Sloan School’s CISR
From Information Management
Given the hype around artificial intelligence, you might be worried that you’re missing the boat if you haven’t yet invested in cognitive computing applications in your business. Don’t panic! Consumer products, vehicles, and equipment with embedded intelligence are generating lots of excitement. However, business applications of AI are still in the early stages.
Research at MIT Sloan’s Center for Information Systems Research (CISR) suggests that small experiments in cognitive computing may help you tap the significant opportunities AI offers. But it’s easy to invest huge amounts of cash and time in failed experiments so you will want to carefully target your investments.
The biggest impact from cognitive computing applications is expected to come from automation of many existing jobs. We expect computers to do—faster and cheaper—many tasks now performed by humans. Progress thus far, however, suggests that we have significant obstacles to overcome in our efforts to replace human intelligence with computer intelligence. Despite some notable exceptions, we expect the displacement of human labor to proceed incrementally.
The business challenge is to determine which applications your company is ready to cash in on while resisting the lure of tackling processes that you can’t cost-effectively teach machines to do well. We have studied the opportunities and risks of business applications of cognitive computing and identified several lessons. These lessons offer suggestions for positioning your firm to capitalize on the potential benefits of cognitive computing and avoid the pitfalls.
MIT Sloan Visiting Lecturer Irving Wladawsky-Berger
From The Wall Street Journal
The future of work is a prime interest of the MIT Initiative on the Digital Economy, started in 2013 by researchers Erik Brynjolfsson and Andy McAfee. To help come up with answers to questions about the impact of automation on jobs and the effects of digital innovation, the group launched the MIT Inclusive Innovation Challenge last year, inviting organizations around the world to compete in the realm of improving the economic opportunities of middle- and base-level workers.
More than $1 million in prizes went to winners of the 2017 competition in Boston last month in four categories: Job creation and income growth, skills development and matching, technology access, and financial inclusion. Awards were funded with support from Google.org, The Joyce Foundation, software firm ISN, and ISN President and CEO Joseph Eastin.
MIT Sloan’s David Schmittlein appeared on CEO Global Foresight to discuss how the United States is leading world innovation in life sciences, information technology, and energy.
The segment was recently made available as an 8-minute podcast on the Innovation Gamechangers podcast, available on iTunes.
Dean Schmittlein also discusses innovation clusters and how the MIT community encourages a culture of collaboration and action learning. The program also includes interviews DARPA director Arati Prabhakar and Carl Dietrich, an MIT alumnus and CEO of flying car company Terrafugia.
As the U.S. and Europe teeter on the edge of a devastating double-dip recession, India’s economic boom—once considered a bright spot in an otherwise bleak global financial landscape—is also showing signs of weakness.
The International Monetary Fund recently cut its growth projection for India, warning that the country was perilously close to double-digit inflation. (In the past fiscal year, India’s economy grew 8.5%; before the financial crisis, its growth exceeded 9% for three straight years.) The IMF cited “a drag from renewed global uncertainty” as the main reason for the revision, but that is letting India off easy.
I’ve sat through the first two two sessions at the MIT Sloan CIO Symposium, expecting to hear all about the wonderful opportunities doing digital business.
Was I wrong! The sessions, entitled 1) “Opportunities in the Digital Business World” and 2) “What every CIO should Know about the Future impact of Digital Business,” focused on security, risk, privacy and how to manage infinite oceans of data were the dominant topic. We heard words like “headaches” and “hacker.”
Certainly, no one has corned the market for a playbook that explains how CIOs deal with vast amounts of data, all that threatens it and how to exploit it.