Dec 7, 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?
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(Photo credit: Joshua Gans photographed by JOHN HRYNIUK PHOTOGRAPHY)