AI-ML to study business-public policy issues
The Hyderabad-based Indian School of Business (ISB) and Microsoft India have formed a partnership to take forward their shared vision for an AI-empowered India.
Through the creation of the AI Digital Lab, the two organisations will collaborate in research which will use Artificial Intelligence (AI) and Machine Learning (ML) to study issues that are relevant for business and public policy.
In addition, the partnership will also jointly introduce a new executive programme titled “Leading Business Transformation in the Age of AI” in October 2019 which will equip business leaders with tools and strategies to transform their respective organisations to AI-driven organisations.
The rapid development of AI implies that the ability of business leaders to creatively use AI to improve business decisions and enhance productivity will become a very important precursor for businesses to stay competitive and be successful.
AI-readiness is therefore an important skill that business leaders should acquire sooner than later.
According to a recent Microsoft and IDC Asia/Pacific study, “Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI”, lack of a coherent AI-strategy is among the top three challenges that Indian business leaders face while trying to accelerate the growth of their respective businesses.
“Business Schools are attempting to redefine management education by making it more future-ready and relevant for opportunities and challenges that businesses will face in the future,” said Professor Rajendra Srivastava, Dean, Indian School of Business and the Novartis Professor of Marketing Strategy and Innovation.
“Transforming organisations guided by Artificial Intelligence and augmented by frameworks integrating analytics with human behavior and management issues will be an important imperative for business leaders.
“Our collaboration with Microsoft India will enable us to use AI to understand new phenomena that are relevant for business as well as policy and subsequently disseminate the knowledge to business leaders who will need to transform their businesses through artificial intelligence to compete effectively,” he said on 23 August 2019 in Hyderabad.
“AI is a gamechanger to drive new business models and transform today’s businesses and workplaces. With this coming together of ISB and Microsoft, it is a unique opportunity to increase the innovation with AI in business. Our new partnership with ISB will empower business leaders to increase their tech intensity and do more with AI,” elaborated Anant Maheshwari, President, Microsoft India.
“By augmenting decision making and fostering collaboration between humans and machines, AI will soon emerge as an important tool that will drive the competitive advantage of businesses,” added Professor Anand Nandkumar, Associate Dean, Indian School of Business (ISB).
“It will also enable social science researchers to derive new insights from data and explore phenomena that were hitherto unexplored. For faculty members at ISB, this collaboration hence presents a very exciting opportunity to produce research that is very unique and impactful.
“This collaboration is also a big boost to our aspiration to equip business leaders to transform their respective organisations into AI-driven organisations,” underlined Nandkumar, who is leading ISB’s collaboration with Microsoft.
“We believe the power of collaboration and joint research endeavors among the industry, academia and data scientists will be key to drive breakthrough advances in AI. We look forward to the AI Digital Lab at ISB Hyderabad emerging as a worldwide reference point in AI research,” said Dr. Rohini Srivathsa, National Technology Officer, Microsoft India.
Leading Business Transformation in the Age of AI
Artificial Intelligence (AI) spans every major industry and is likely to dramatically transform industries. With better algorithms and large amounts of data, AI has the potential to perhaps outperform human decision making. Performance differentials between firms on account of their proficiency with AI will likely intensify over the coming years and will shake up most industries.
The winners will likely to be firms that can quickly adopt it – not just the technology but effective use of it in all aspects of their businesses to aid or substitute human decision making. In order to do so, managers and executives, however, need to develop a basic understanding of the technology to imagine its utility in their respective contexts apart from developing strategies to adopt and benefit from AI.
ISB’s executive programme, titled “Leading Business Transformation in the Age of AI” in collaboration with Microsoft will enable C-suite executives to come up with a coherent strategy to transform their respective organisations into AI-driven organisations.
The 3-day non-technical programme provides executive-level insights and practical, actionable guidance to build an end-to-end AI strategy. It will focus on managing the impact of AI on company strategy, culture and responsibility. fiinews.com