Analyzing the future – Thomas Davenport

Fellow, MIT Center for Digital Business, Tom Davenport

From BizEd Magazine

The rise of data analytics is one of the hallmarks of 21st-century business. By the turn of the century, companies had been accumulating data in various transaction systems for several decades, and many desired to analyze the data to make better decisions. Their interest intensified in the early 2000s as they saw the great success of online firms from Silicon Valley, many of which were highly analytical.

In fact, during the mid-2000s, I conducted research showing that some companies were “competing on analytics”— that is, emphasizing their analytical capabilities as a key element of their strategies—and that those companies tended to outperform other firms in their industries. Information about analytics even made it into popular culture, especially through books such as Moneyball, which was also a successful movie. Both depicted the way the Oakland A’s of California built a winning baseball team through targeted data analysis.

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A 2019 forecast for data-driven business: from AI to ethics – Tom Davenport

Fellow, MIT Center for Digital Business, Tom Davenport

From Forbes

It should come as no surprise that 2018 continued to mark another year in the progression of data adoption in business.  Companies are pushing forward with efforts to become increasingly data-driven.  Firms are investing in transformation initiatives to establish a “data culture” within their organizations.  Early adopters are focused on data-driven business innovation.

As we look ahead to 2019, we reflect on a year of accomplishments and emerging areas of focus – from AI through Ethics (listed alphabetically)

  • AI/Machine Learning—AI continued to grow in popularity over the past year, becoming well-institutionalized within many large enterprises. We argued in a previous post, however, that too many companies employed AI pilots and prototypes, and not enough firms had implemented production deployments. As with analytics, the use of AI is increasingly being democratized through automated machine learning (AutoML). Several contributors to KD Nuggets’ review of AI and ML trends for 2019 suggested that AutoML would become more popular over the next year. It will make machine learning models easier to create for business analyst types, as well as dramatically increasing the productivity of data scientists—that is, if they can be persuaded to use it. We also predict that deep learning, which has been the fastest-growing and most popular AI technology over the past several years, will continue to advance in power and prevalence for several years. However, we also expect that deep learning will increasingly be augmented by other approaches to AI. NYU professor Gary Marcus has argued, and we agree, that artificial general intelligence—or even generally useful AI—will have to employ various techniques beyond deep learning in order to be successful.

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Join the #MITSloanExperts “What’s Your Digital Business Model?: Six Questions to Help You Build the Next-Generation Enterprise” Twitter chat, June 13

What’s Your Digital Business Model?: Six Questions to Help You Build the Next-Generation Enterprise by Stephanie Woerner and Peter Weill

MIT Sloan’s Stephanie Woerner and Chirag Kulkarni, CMO of Medly, a digital pharmacy in NYC, and writer for Forbes, Fortune, and Entrepreneur, will discuss Woerner’s new book, What’s Your Digital Business Model?: Six Questions to Help You Build the Next-Generation Enterprise, during a Twitter chat on June 13th at 1 p.m. EDT.

Stephanie Woerner is a Research Scientist at the MIT Sloan Center for Information Systems Research. She studies how companies manage organizational change caused by the digitization of the economy. Her research centers on enterprise digitization and the associated governance and strategy implications. In previous National Science Foundation-funded work, she studied distributed work teams and their use of multiple media, electronic communication technologies, and coordination mechanisms to get work done. She was also project manager for the 5-year grant.

Woerner will discuss her work with host Chirag Kulkarni, the Chief Marketing Officer of Medly, a digital pharmacy in NYC that has embraced digital innovation by integrating the pharmacy experience for patients, doctors, and insurance companies. Previously, he’s helped companies like Expedia, LinkedIn, and Alexa increase their revenue online through digital marketing. Forbes named him one of the top 25 marketers. He frequently speaks at organizations like Infosys, Accenture, and IIT about digital marketing.

Join us on Twitter on June 13 at 1 p.m. ET, follow along using #MITSloanExperts, and potentially win a free copy of What’s Your Digital Business Model?: Six Questions to Help You Build the Next-Generation Enterprise.

MIT Sloan Experts Twitter Chat: #OnDemandMIT – Andrew McAfee

Andrew McAfee, Co-Director of the Initiative on the Digital Economy

Andrew McAfee, Co-Director of the Initiative on the Digital Economy

How are digital and mobile platforms changing the way that the global economy and labor market are structured?

Join our MIT Sloan Experts (@mitsloanexperts) Twitter chat with Andrew McAfee (@amcafee), principal research scientist at the MIT Center for Digital Business, as he discusses the on-demand economy and the way that digital and mobile-oriented platforms are helping to connect consumers to the goods they seek.

The chat will take place on Thursday, March 3, from 7 p.m. to 8 p.m. MIT Sloan Experts will host the chat.

How do you get involved? It’s simple! If you have a question or a response to one of MIT Sloan Experts’ questions, just include “#OnDemandMIT” in your tweet.

The #OnDemandMIT Twitter chat is a precursor to the On-Demand Economy Conference on March 15 at the MIT Media Lab in Cambridge, Mass. The conference gathers the leading thinkers at the intersection of technology and labor from academia, business, and policy with the goal of proactively answering questions about the impact of the on-demand economy on workers, companies and the labor market as a whole.

MIT Conference on the digital economy, London pre-show — David Verrill

David Verrill, Executive Director, MIT Center for Digital Business

David Verrill, Executive Director, MIT Center for Digital Business

David Verrill, executive director of the MIT Center for Digital Business sits down with Dave Vellante and Stu Miniman from theCube for the pre-show to the MIT Conference on the Digital Economy: The Second Machine Age to discuss the MIT Initiative on the Digital Economy.

MIT Initiative on the Digital Economy: http://mitsloan.mit.edu/ide/

On April 10, 2015, the MIT Digital Economy Conference: The Second Machine Age, led by Erik Brynjolfsson, director of the Initiative on the Digital Economy, and Andrew McAfee, co-director of the Initiative on the Digital Economy, featured a series of discussions that highlight MIT’s role in both understanding and shaping our increasingly digital world.

David Verrill is the Executive Director of the MIT Center for Digital Business.