Paul Michelman, editor-in-chief of MIT Sloan Management Review
Within the next five years, how will technology change the practice of management in a way we have not yet witnessed?
MIT Sloan Management Review posed this question to 15 of the world’s foremost experts on the intersection of technology and management who responded in a series of essays available in MIT SMR’s new Fall issue, published online today. The essays were commissioned to celebrate the launch of the magazine’s new Frontiers initiative. Appearing as part of both the print and digital editions, Frontiers explores how technology is reshaping the practice of management.
Professor of Information Technology, Director, The MIT Initiative on the Digital Economy
We’re in the early stages of a management revolution. The upheaval is based on our unprecedented ability to collect, measure and digitally record information about human and systems activities, particularly with the finely tuned data sets available through IoT. One of the hallmarks of this new era is the acceleration of data-driven decision making within businesses, which has tripled in just five years, according to a recent study I conducted with Kristina McElheren, a professor at University of Toronto.
Accompanying the progress anticipated in this increasingly digital age, however, will be thorny challenges and broader issues for society at large. This is particularly true as organizations begin to feed the large data sets available from IoT into systems that use machine-learning algorithms—at which point they will begin making predictions and decisions in an increasingly automated way, and at large scale.
Machine-learning and artificial intelligence (AI) technologies have advanced greatly in recent years; the implications range much further than the attention they get for winning competitions with “Go” champions and chess masters. The real significance of these technologies will be found in their ability to automate and augment complex decision making.
After nearly a decade of crisis, bailout and reform in the United States and the European Union, the financial system — both in those countries and globally — is remarkably similar to the one we had in 2006. Many financial reforms have been attempted since 2010, but the overall effects have been limited. Some big banks have struggled, but others have risen to take their place. Both before the 2008 global financial crisis and today, just over a dozen big banks dominate the world’s financial landscape. And yet the ground is shifting beneath the financial sector, and big banks could soon become a thing of the past.
Few officials privately express satisfaction with the progress of financial reform. In public, most of them are more polite, but the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, struck a chord recently when he called for a reevaluation of how much progress has been made on addressing the problem of financial institutions that are “too big to fail” (TBTF).
The acceleration of technology has led to remarkable benefits for business and the economy – but what about people earning middle- and base-level incomes?
Join MIT Sloan Experts’ (@mitsloanexperts) #FutureofWork Twitter chat with Erik Brynjolfsson (@erikbryn), director of the MIT Initiative on the Digital Economy, as he discusses how digital innovations can create a more inclusive, productive and sustainable future for all. Tim O’Reilly (@timoreilly), founder and CEO of O’Reilly Media, will host the chat and ask Erik questions that will help guide the conversation.
The chat will take place on Wednesday, April 13, from 7 p.m. to 8 p.m. EST.
How do you get involved? It’s simple! If you have a question or a response to one of Tim O’Reilly’s questions, just include “#FutureofWork” in your tweet.
The #FutureofWork Twitter chat will promote registration for the MIT Inclusive Innovation Competition, open from March 1 – June 1, 2016, which celebrates organizations that create economic opportunity in the digital era.