128. Business reality doesn’t match AI hype (yet)
Dec 07, 2022
There is plenty of hype about AI, but most organisations are still using old precesses to make decisions.
We are in the Between Times: "after AI's clear promise and before its transformational impact," as described in the book Power and Prediction: the disruptive economics of Artificial Intelligence.
In this episode, Professor Joshua Gans, one of the book's co-authors explains why organisations are not yet adapting the full power of AI and what will happen when they do.
Learning notes from this episode:
- Artificial Intelligence is a prediction machine, which supports decision making.
- Today businesses often use AI for one or two processes, but most decisions are still made by humans. Technology first companies and start-ups often have more AI-based decision making, because they do not have to replace legacy processes.
- Business leaders should not accept AI as just a black box. In fact, Professor Gans argues that business brains might be better equipped to question AI and its benefits, than the engineers who build the algorithms.
- Here are three questions business leaders should ask to understand an AI system:
- What is this AI predicting?
- How will that prediction affect decision making?
- What is the decision maker's tolerance for errors?
Listen here on Spotify
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(Photo credit: Joshua Gans photographed by JOHN HRYNIUK PHOTOGRAPHY)