I recently had the privilege of presenting online at the Business Analytics and Decision Sciences Conclave to a group of enthusiastic MBA students. The session, titled “From Data to Decision: AI Assistance in the Agile Workplace,” focused on how AI and analytics are revolutionizing the workplace and how students can prepare for these changes.
Key Takeaways from the Session
Data Literacy
One of the core ideas we discussed was the importance of data literacy. In today’s data-rich world, it’s not enough to simply collect data; we must understand and interpret it effectively. I used the analogy of looking for lost keys under a streetlight to illustrate how we often focus on easily accessible data, even though the true insights might lie in harder-to-reach places. This highlights the need to measure what truly matters, rather than what is easy to quantify.
Deep Analytics
We also explored the concept of deep analytics. It’s crucial to go beyond surface-level data and understand the context and intricacies behind the numbers. For example, understanding the difference between correlation and causation can prevent misleading conclusions. I emphasized the importance of domain expertise in providing context to data and avoiding biases in AI-based decision making.
Practical Examples
To make these ideas more tangible, I shared practical examples from the pharmaceutical industry:
- Follow-up Email Campaigns: We discussed why data literacy is important for new channel activations and how AI can help launch and optimize follow-up email campaigns by incentivizing the right behavior, monitoring customer satisfaction, and adjusting campaign content based on performance. The Rule of 80 – 80 – 40 was highlighted as a guideline to ensure campaign effectiveness.
- Next Best Action (NBA) Solutions: I showcased how AI can determine the next best actions for the field force by analyzing customer preferences, transaction history, and available content. This approach helps in personalizing interactions and driving better outcomes.
Agility
The session also covered the importance of agility in today’s fast-paced business environment. AI plays a crucial role in speeding up decision-making processes by providing actionable insights, enabling rapid hypothesis testing, and offering predictive analytics. Embracing agility allows businesses to adapt quickly to market changes and stay competitive.
Preparing for the Future To conclude the session, I offered practical tips for students on how to prepare for the future workplace. I also recommended three impactful books for those interested in diving deeper into these topics:
- “How to Lie with Statistics” by Darrell Huff
- “Weapons of Math Destruction” by Cathy O’Neil
- “Data Science for Business” by Foster Provost and Tom Fawcett
The session was an enriching experience, and I’m excited to continue the conversation on how we can better leverage AI and analytics to drive operational resilience and innovation.
Feel free to check out the attached presentation slides for a more detailed look at the session.
